Tax bonuses for first-time homeowners

Tax season is here again. In fact, it wraps up in about three weeks. This year Uncle Sam is offering first-time homeowners a nice break. It's a chance to take advantage of a major tax incentive. The current economy is tough. The housing market is down and mortgages are difficult. But, those who were able to buy their first home in 2008 are entitled to a bonus from Uncle Sam.

"They get a $7,500 credit," said National Tax Service Owner Thelma Hartley. "This is a loan, it's an interest free loan."

The loan has to be paid back to the government over a 15-year period, or when the home is sold.

"Oh some of them are ecstatic that they could even take advantage of it," said Hartley.

That could be a major budget booster for first-time buyers. Hartley has been doing returns for more than 30-years and says this year taxpayers are desperate for relief.

"This year has been real bad year for a lot of people," said Hartley. "And they're really needing this just for household expenses."

There's an even bigger bonus for those who buy their home in 2009, before December 1st.

"Once you close on a house you can get the credit of $8,000," said Hartley. "It does not have to be paid back if you live in the house for 36-months."

This credit is part of President Obama's $787 billion dollar stimulus package. Helping first-time buyers get into a home and stimulate the economy.

The tax deadline is quickly approaching. You have until April 15th to file.