Right now, the amount is $8,000. You must settle on your first home before Dec 1, 2009. There is a bill that is not yet passed that raises that to $15,000 and not just for 1st time home buyers, but like I said, that has not passed yet and there is no guarantee that it will. If you are a first time home buyer (haven't had a house in your name for at least 3 years) and you purchase a home, you can receive up to $8,000 as a tax credit. It's actually 1% of the purchase price of the home up to $8,000. If you are the only name on the deed and your home is at least $80,000 and you make $75,000 or less, you will get the full $8,000 refund. If you and your spouse are both on the deed and you make $150,000 or less, you will get the full $8,000 on an $80,000 or more home. If you make over those amounts, the refund will be pro-rated so you will still get a refund but just not $8,000. That's it in a nutshell, but if you'd like to discuss this further, feel free to contact me.