Last Minute Tax Options for Homebuyers

First time homebuyers represent a significant portion of single-family home sales. The American Recovery and Reinvestment Act of 2009 is intended to increase the impact of first-time homebuyers on both the real estate and home loan industries by making it easier for them to enter, or re-enter, since USA Today reports homebuyers who have not owned a primary residence in three years also qualify for the ?first-time? tax credit, the housing market this year. One way first-time homebuyers are being encouraged to settle down is through the expansion of tax credits. Qualifying taxpayers purchasing a home before December 1 may receive tax credit of 10 percent of the purchase price of their new home up to $8,000 (or $4,000 for married individuals filing separately). The credit can be claimed on th