First-time homebuyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009 qualify for a tax credit of up to $8,000.
However, the $8,000 Home Buyer Tax Credit is subject to the following conditions.
The tax credit is for first-time homebuyers only.
For the tax credit program, the IRS defines a first-time homebuyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
The information on this page pertains to the American Recovery and Reinvestment Act of 2009 and can be found at http://www.federalhousingtaxcredit.com/2009/glance.php