How to get a valuable first-time homebuyer credit Congress included an attractive tax credit in the economic-stimulus law, but the fine print is tricky. Here’s help to see if you qualify, and to determine whether to claim it this year or next. By The Wall Street Journal The recently enacted economic-stimulus law contains an unusually attractive new tax break for many homebuyers — if they can only figure out how it works. The new law sweetens a provision known as the "first-time homebuyer credit." In essence, if you meet certain qualifications, you may be eligible for a tax credit of as much as $8,000. You also have a choice of claiming the credit on your federal income-tax return for 2008 or 2009. A credit is typically more valuable than a deduction, since it eliminates your taxes on a dollar-for-dollar basis — and in this case, you may get it even if you don't owe any taxes. But Congress made the homebuyer-credit fine print so devilishly tricky that m
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