If you purchased a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit. Here are some things you should know about claiming the credit:

• You must 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.
• To be considered a first-time homebuyer, you (and your spouse) must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.
• To be considered a long-time resident homebuyer you (and your spouse) 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.
• The maximum credit for a first-time homebuyer is $8,000. The maximum credit for a long-time resident homebuyer is $6,500.
• 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.
• New homebuyers must attach a copy of a properly executed settlement statement used to complete such purchase.