Here is one last tax tip for First Time Home Buyers. If you purchase your home after January 1, 2009 and complete the sale by December 1, 2009, you may qualify for a new refundable, non-taxable credit of 10% of the purchase price of the new home not to exceed $8000. You will need to produce the closing statement for the housing showing that the deal was completed timely. To be considered a first time home buyer, you cannot have owned your own residence for at least three years. If you are married that applies to both of you even if only one of you has owned previously.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.