Everyone loves buying a house of their own. However, in these times of recession, it has really proved taxing to buy a simple house. In order to make things easier for first-time buyers, the government has passed an act that will enable lower income groups for buying first home.

You are probably wondering how you will be benefited from ‘The First Time Buyer Home Tax Credit’. In November 2009, a new act was passed; know as the Workers Homeownership and Business Assistance Act of 2009. This act expands and extends the first-time home buyer tax credit. This act was passed to give new incentives to the first-time buyers and to boost the housing economy. The following instructions will make it easier for you to take this credit:

1. First, find out whether you are eligible for this type of credit. You should be least 18 years of age and should not be dependent on anyone for your tax returns.

2. Next, the contract of the new house should be made before April 30, 2010 and the closing date for the contract is June 30, 2010.

3. Finally, your tax returns enable you to claim the tax credit. It will either raise your tax refunds or decrease your tax bills.