I'm sure you have heard about the $8,000 tax credit for those first time homebuyers. Are you eligible? How do you claim it? Here are a few tips to see if this tax credit is for you.

According to the National Association of Home Builders, you must have purchased a home from January 1 to December 1 of 2009. In order to be considered a first time homebuyer, you only need to have not owned a home in the last three years. The buyer must also "have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers."

To claim this credit, buyers must complete IRS Form 5405 to calculate the amount of the tax credit, and enter it on line 69 of the IRS 1040 income tax return. However, you can only claim this credit after once the purchase of the home is complete.

More information on the first-time home buyer tax credit can be found at www.federalhousingtaxcredit.com.