If you purchased a home in 2009 or early 2010, you may be eligible to claim the

First-Time Homebuyer Credit, whether you are a first-time homebuyer or a

long-time resident purchasing a new home.

Here are seven things from the Internal Revenue Service (IRS) you should know about

claiming the credit:

1.  You must buy -- or enter into a binding contract to buy -- a

principal residence located in the United States on or before April 30, 2010. If

you enter into a binding contract by April 30, 2010, you must close on the home

on or before June 30, 2010.

2.  To be considered a first-time homebuyer, you and your spouse -- if

you are married -- must not have jointly or separately owned another principal

residence during the three years prior to the date of purchase.

3.  To be considered a long-time resident homebuyer you and your spouse

-- if you are married -- must have lived in the same principal residence for any

consecutive five-year period during the eight-year period that ended on the date

the new home is purchased. Additionally, your settlement date must be after

November 6, 2009.

4.  The maximum credit for a first-time homebuyer is $8,000. The maximum

credit for a long-time resident homebuyer is $6,500.

5.  You must file a paper return and attach Form 5405, First-Time

Homebuyer Credit and Repayment of the Credit with additional documents to verify

the purchase. Therefore, if you claim the credit you will not be able to file

electronically.

6. New homebuyers must attach a copy of a properly executed settlement

statement used to complete such purchase. Buyers of a newly constructed home,

where a settlement statement is not available, must attach a copy of the dated

certificate of occupancy. Mobile home purchasers who are unable to get a

settlement statement must attach a copy of the retail sales contract.

7.  If you are a long-time resident claiming the credit, the IRS

recommends that you also attach any documentation covering the

five-consecutive-year period, including Form 1098, Mortgage Interest Statement

or substitute mortgage interest statements, property tax records or homeowner's

insurance records.

For more information about these rules including details about documentation

and other eligibility requirements visit href="http://www.IRS.gov/recovery">http://www.IRS.gov/recovery.

Links on IRS.gov:

First-Time Homebuyer Credit Information Center:  href="http://www.irs.gov/newsroom/article/0,,id=187935,00.html">http://www.irs.gov/newsroom/article/0,,id=187935,00.html