$8,000 Tax Credit for FirstTime Homebuyers!

First-time homebuyers get a tax credit windfall if they buy before December 2009. Here are the flyers

$8000 Tax Refund First Time Home Buyers

$8000 Tax Credit

First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes. To qualify for the credit.

The purchase must be completed between Jan. 1, 2009 and Nov. 30, 2009.

Buyers may not have owned a home for the past three years to qualify as "A first time" buyer. No requirement for repayment: repayment is now required only if the home is sold within the first 3 years.

Buyers must make less than $75,000 for singles or $150,000 for couples. (Higher- income buyers may receive a partial credit.)

The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount.