Bon,

Most "Tax credit Incentive" questions can answered by referring to the following comprehensive website:
http://www.federalhousingtaxcredit.com/2009/faq.php

Good luck

Bonafidelati.........

You might wish to go over the information provided to the public by the IRS as they ultimately decide who gets what. The information is easy to read and very informative..

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

Tax form you would use... http://www.irs.gov/pub/irs-pdf/f5405.pdf

Expanded Tax Break Available for 2009 First-Time Homebuyers .. http://www.irs.gov/newsroom/article/0,,id=204672,00.html

Excellent Discussion and information on the Tax Credit ... http://activerain.com/blogsview/1094377/-8-000-first-time-ho…

Good luck, Dunes

The rule states it is for first time homeowners who purchase homes between January 1, 2009 and December 1, 2009 - it ends on November 30th. You may not have owned a home for the past 3 years. The tax credit is a MAXIMUM of $8000. Two factors play - the credit is equal to 10% of the purchase price of the house and there are income limitations - $75,000 for single people - $150,000 for married couples. LIke anything else, there are some exceptions - check with your local REALTOR for full information.