First-Time Home Buyer 2008 Tax Credit at a Glance

The tax credit is available for first-time home buyers only.
The maximum credit amount is $7,500.

The credit is available for homes purchased on or after
April 9, 2008 and before Dec. 31, 2008.

Single taxpayers with incomes up to $75,000 and married couples
with incomes up to $150,000 qualify for the full tax credit.

The tax credit works like an interest-free loan and must be repaid
over a 15-year period. 

2008  & 2009  first time home buyer tax  forms & credits
  (please seek a qualified government or tax professional for details)

The 2009 American Recovery and Investment Act will give first time home buyers a $8000 tax credit that does not need to be payed back if the home buyer stays in the home for at  least 36 months , after the date of purchase. A first time home buyer (for the purpose of this credit) is an individual who has not owned a home in 3 years. Buyers have to purchase a home before Dec. 1  2009 to be eligible.

According to the  IRS wensite,  buyers can claim 10 % of the purchase price up to $8000. in credit or $4000.  credit each , if married individuals file separately.  There may also be credit opportunity here in an extended 2008 tax return.