The American Recovery and Reinvestment Act of 2009 includes a refundable tax credit of up to $8,000 for first-time homebuyers. Because previous legislation included a $7,500 tax credit that had to be paid back, the IRS form had information only on that tax credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main residence for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000 for singles, $150,000 for joint filers.

The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008.

For those taxpayers claiming the $7,500 credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.

For Additional IRS forms go to www.irs.gov/formspubs/index.html