First time Home Buyer Tax Credit.

A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Following is a link to the official web site.

http://www.federalhousingtaxcredit.com/2009/index.html


The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return.

To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

How to claim the first time home buyer tax credit. The tax credit can be claimed on Line 69 of Form 1040.