You may wish to review the information provided by the IRS for the public.
Expanded Tax Break Available for 2009 First-Time Homebuyers
Tax Form.... http://www.irs.gov/pub/irs-pdf/f5405.pdf
Good hunting, Dunes
Good answers below.
If you don't have an accountant and you'd like to speak with one, please let me know. I don't really like to give tax advice to people unless I can help it :) . If you need any help with a preapproval letter, contact me anytime. Thanks and good luck,
If neither of you has owned your principal residence in the last 3 years, you are most likely eligible to share the deduction. Remember that there are still income limits (75K for single persons/$150K for married couples).
Great question & answer section here: http://www.federalhousingtaxcredit.com/2009/faq.php