The new first time Home Buyer (i.e. have not owned a primary residence for three years or more) is so much better than the $7500.00 credit in 2008.  If you qualify and close on a primary residence between Jan. 1, 2009 and Dec. 2, 2009, you will get $8000 that you do not have to pay back.    You can actually claim it on your 2008 tax return. 

It applies first to your 2008 taxes and if you do need the entire amount the difference is refunded to you.  If you have already filed your 2008 return, you can file an Amended Return for the refund.  The form to claim the refund is Form 5405.  This is immediate dollars to Buyers after they have closed on their homes.  A lot of Practioners and Taxpayers do not realize they can use it to offset 2008 taxes.  The media and real estate industry should be emphasizing this.

Also, the Hope college tuition credit has been expanded for 2009 to $2500.00 for all four years of college and the Adjusted Gross Income has been increased to $80,000 for Single filers and $160,000 for Married Filing Joint.  This is really a big one for parents that have too much income to qualify for financial aid and or the tax credit.

Buyers can deduct Sales Tax on new vehicles even if they do not itemize deductions.  They can add the tax to their Standard Deduction.   This applies to new cars, motor homes, light trucks and motorcycles purchased after 2/16/09 and before Jan. 1, 2010.  Sales tax paid on the first $49,500 of cost qualifies.  This phases out at higher income levels.