A Simple Take on the $8,000 credit for First-Time Homebuyers

The $8,000 credit is for First-Time Homebuyers or people who haven’t owned a home for three years.  The home will need to be your primary residence and you need to own it for three years or you will have to repay the credit.  IRS Form 5504 is what you need for the credit.  If you’ve already filed your 2008 taxes, you can have your employer stop deducting Federal taxes from your paycheck, up to $8,000!