The first-time home buyer credit is a tax credit that helps first-time homebuyers with the costs of purchasing a home. The credit is available to both single and married taxpayers who meet certain income and other requirements. The credit can be used to reduce your tax liability or to increase your refund.
The first-time home buyer credit was created in 2008 as part of the Housing and Economic Recovery Act. The credit was designed to help stimulate the housing market and to make it easier for first-time homebuyers to purchase a home. The credit has been extended several times since it was first created, and it is currently scheduled to expire at the end of 2023.