First-time home buyers purchasing any kind of home—new or resale—areeligible for the tax credit. To qualify for the tax credit, a homepurchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is thedate when closing occurs and the title to the property transfers to thehome owner. A limited exception exists for certain contract for deedpurchases and installment sale purchases. See the IRS website for more detail.

However, the law also allows home sales occurring by June 30, 2010 toqualify, provided they are due to a binding sales contract in force onor before April 30, 2010.

Persons who are claimed as dependents by other taxpayers or who areunder age 18 are not qualified for the tax credit program.

Scott Jones is an account representative with First American Title & Escrow in The Woodlands. He writes for Lelda Will Properties and Will & Allen REALTORS(r), along with other industry-related websites. His website and contact information is at http://www.firstamericantitlethewoodlands.com.