Homebuyer Tax Credit Forms and Rules Now in Place.

Investors who retail their property can use the marketing of this $8000 first time home buyer credit.

First time buyers who purchase a home in 2009 can claim up to an $8k credit off their taxes for filing year 2008 (if house is bought before april 15) or 2009 filing year.

The credit is available to homebuyers who purchase a home before December 1 of this year.  In an effort to make the effects of the credit felt quickly in the economy, homebuyers can claim the credit either on their 2009 tax return or immediately on the 2008 return due in April.

The tax credit represents 10 percent of the purchase price of a home up to a maximum of $8,000 or $4,000 for married taxpayers filing separate returns.   The $7,500 credit that was authorized under earlier legislation last year was actually a 15 year loan; the new tax credit does not have to be repaid by the homeowner under ordinary circumstances.

The credit does have to be repaid if the homeowner sells the home in less than 36 months or if the home ceases to be his principal residence during that time.