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The First-Time Home Buyer Tax Credit : Use It By December 1, 2009 Or Lose It Posted: 17 Jul 2009 08:00 AM PDT The government's First-Time Home Buyer Tax Credit expires December 1, 2009. If you expect to use the program in conjunction with a home purchase, therefore, you may want to consider yourself officially "on the clock". Assuming a 60-day window between contract and closing, there are now 77 days left to find a home and go under contract for it. The First-Time Home Buyer Tax Credit refunds up to $8,000 at Tax Time for qualified home buyers. A few of the program's qualification criteria include: Home buyer must not have owned a primary residence in the past 36 months The home may not be purchased from a family member The household adjusted gross income must be below $95,000 for single tax filers and $170,000 for joint tax filers The tax credit itself is limited to $8,000 or 10% of the purchase price, whichever is less. Remember, though: The refund is a true tax credit -- not a deduction. This means that a taxpayer owing $8,000 to the IRS and claiming the $8,000 First-Time Home Buyer Tax Credit would owe the IRS nothing on April 15, 2010. The complete list of qualifying criteria is posted on the IRS website.

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