An effort to stimulate the economy and revive the housing market, Congress has passed legislation providing a tax credit of up to $8,000.

I have been selling real estate since 1986 and this is tax credit is certainly historical. What an opportunity for homeownership. Buyers are excited and we are too. Here’s a quick summary of what the tax credit includes:

• Applies to homes purchased between January 1, 2009 and December 1, 2009.
• First-time home buyer and anyone who has not owned a home for three or more years.
• Tax Credit does not have to be repaid.
• The tax credit is equal to 10% of the home purchase price up to $8,000 maximum.
• Applies to single taxpayer with a income up to $75,000 and married couples with an income up to $150,000.
• You may choose to claim you tax credit for the 2008 or 2009 tax year. If you have already filed for 2008, you can file an amendment.

For complete details of the tax credit click here and always consult your tax advisor.