FIRST TIME HOMEBUYER CREDIT ENDS DECEMBER 1, 2009

To qualify for this credit, the closing date for the home must take place after December 31, 2008 and before December 1, 2009.  If a taxpayer is building a home they must occupy the home between those dates.  The credit amoung is the lesser of 10% of the purchase price of the home or $8000.  The home must be occupied by the taxpayer for 36 months.  In addition, the taxpayer must not have owned a home in the United States for three years prior to taking the credit.  Selling or converting a home to rental property before the 36-month perior may subject the taxpayer to repayment of the credit.  The credit is not available for vacation homes or rental property.  In addition, this credit also has a phase-out range based on income.  You can find details on the IRS website  http://www.irs.gov/