There seems to be some clarity issues regarding the Tax Credit opportunity for 1^{st time buyers with the newly
passed housing reform bill. Here is a nice piece that may answer some questions.Essentially, if you qualify, a
1st time home buyer may choose to reduce their tax liability by up to $7500 with this one-time tax credit. That
means that if after entering all of your income and all of your deductions, your tax liability for the year is say
$18,000, you could reduce that down by $7,500 with the Tax Credit. Depending on what you have paid throughout
the year, you would then potentially get a refund or have to pay less with your return.  If they choose to do this,
they will be required to pay back the credit at a cost of at least 6.67% per year ($500). That means that after the
year of using the tax credit, an additional $500 would need to be added to their annual tax liability until the full
amount of the original tax credit is repaid.}

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