April 9, 2008, through June 30, 2009 mark the eligibility time span to qualify for the home purchase tax credit. Have not owned a house during the past three years, buying your home (primary residence), and close between 04/09/2008 and 06/30/2009, you may qualify for up to a $7,500 (up to 10 percent of the purchase price of the property) credit against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person).
    Purchase a house – new or resale within the designated time period – and the IRS will cut up to $7,500 off your tax bill for either this year or next. Example, if you're an eligible buyer of a home this year and you owe the IRS $4,500, your $7,500 tax credit could drop the amount you owe to $0.00 and give you a $3,000 refund. If your tax bill is less than the credit amount, you get the difference back from the Treasury.
    NOTE: This is a "refundable" tax credit. Unlike some past tax credit programs, you are required to "payback" the credit over 15 years. Starting in the second tax year after purchase, taxpayers are expected to make pro-rata repayments on their federal filings. $7,500 credit would require a payback of $500 a year. What, if you sell the house before the end of the repayment period? If there is no gain on the sale, you are not expected to pay the credit back from the proceeds. If you have a net gain, the “payback” cannot exceed the amount of your gain. 
Eligibility rules: 
   Did you sell your home more three years ago and now rent?
   Never owned a home before.
   Home purchased closed between 04/09/2008 and 06/30/2009.
   Your adjusted gross income does not exceeds $150,000 ($75,000 for singles), the credit maximum begins to phase down in increments.
   You cannot claim the credit if you are a nonresident alien, financed the property using a state or local housing agency tax-exempt bond mortgage, or do not plan to use the house as your principal residence. 
NOTE: Check with your CPA or tax advisor to find out if you qualify and how to submit your claim.