I am going to wait until after this stimulus package is passed to file my taxes, because apparently this credit is being altered so that I never have to pay it back (As it stands it is essentially a $7,500 no interest loan that you have to pay back over 15 years, $500/yr in additional tax). The stimulus proposed that homes bought in 2009 would not have to pay it back but it isn't clear if that is the case for homes bought in 2009 but claimed on 2008 returns. So I am going to wait, I might have to claim it on my 2009. Boy, they're sure doing a heck of a job to make this confusing. The current stimulus proposal does double the amount and eliminate the repayment, but it's not a refundable credit, meaning that you only get back what you have due on your taxes. So, if you have a tax bill of say 4,000, that's what you get from the credit, not the full 15k or 10%. Not to mention that it'll take place from when the new bill is signed, so people closing on homes in the next week or two are in a major limbo with regards to the credit and filing their taxes.