Yes, it’s tax day.

But for buyers, April 15 also signals the start of the final countdown for the Home Buyer Tax Credit.

There are only 15 days left to negotiate a price and complete a fully executed Purchase Contract for a property you intend to buy if you plan to qualify for the credit created by 2009′s Worker, Homeownership and Business Assistance Act.

To qualify, you must have a binding sales contract in place by April 30, 2010, and the home purchase must be completed by June 30, 2010.  If you have questions about the credit, there is a list of FAQs at www.federalhousingtaxcredit.com.

And, if you forgot about tax day, you might find this helpful: IRS Form 4868 -  Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

To be eligible for the credit, which was extended last year thanks to the Worker, Homeownership, and Business Assistance Act of 2009, buyers must be under contract for a home by April 30.

First-time buyers are eligible for up to $8,000 and “long-time resident” move-up buyers are eligible for up to $6,500.

For more information on the tax credit, go to IRS.gov or federalhousingtaxcredit.com

Remember, any escrow opened by the April 30 expiration date must also close by June 30, 2010.  Be sure to discuss this with your real estate professional and be vigilant about meeting escrow deadlines!

With the excitement of the holiday season behind us, we thought it would be a good time to take another look at a few highlights of the new Home Buyer Tax Credit.

If you’re a buyer, take note of two important dates:  to qualify for the new credit, you must have a binding sales contract in place by April 30, 2010, and the home purchase must be completed by June 30, 2010.

For first-time home buyers:

• A tax credit of up to $8,000 is available for first-time home buyers.
• A “first-time home buyer” is a buyer who has not owned a principal residence during the three-year period prior to the purchase.
• To receive the full credit, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• You cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members.
• Purchases of homes priced above $800,000 are not eligible for the tax credit.

For repeat buyers:

• A tax credit of up to $6,500 is available for repeat buyers.
• A repeat home buyer (“long-time resident”) is a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.
• To receive the full credit, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• You cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members.
• Purchases of homes priced above $800,000 are not eligible for the tax credit.

For a comprehensive list of Frequently Asked Questions about the income limits, how to claim the credit and how the credit applies to new construction homes, visit www.federalhousingtaxcredit.com.