There are so many tax credits to take advantage of right now if you own a home or want to. Here we have compiled a summary to help you take full advantage. 
FIRST TIME HOMEBUYER
Amount of Credit: $8,000
You qualify if …
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You never owned a home
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You have not owned a home in the past 3 years
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You earned less than $125,000, or $225,000 for joint filers. (Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit.)
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You settle on your new home before June 30, 2010.
HOMEOWNER’S BUYING A NEW PRINIPAL HOME
Amount of Credit: $6,500
You qualify if…
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You lived in your last home for 5 of the last 8 years.
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You must not have a lapse in homeownership.
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You earned less than $125,000, or $225,000 for joint filers. (Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit.)
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You settle on your new home before June 30, 2010.
How do you file for the homebuyers tax credits? Form 5405
For more detailed information consult your tax adviser and visit www.irs.gov
HOME IMPROVEMENT PROJECTS
Amount of Credit – $1,500 (Some project offer higher credits. See below.)
Projects that qualify include…
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Windows
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Doors
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Insulation
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HVAC
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Roof
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Water Heaters
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Solar Panels and Water Heaters
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Fuel Cells
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Small Wind Systems
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Biomass Stoves
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Geothermal Heat Pumps
All improvements must meet certain Energy Star criteria and be placed in service from January 1, 2009 through December 31, 2010.
Improvements must be for taxpayer’s principal residence, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, and small wind energy systems where second homes and rentals qualify.
The maximum amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements is $1,500, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems which are not subject to this cap, and are in effect through 2016.
To qualify you must have a signed statement from the manufacturer certifying that the product qualifies for the tax credit. Many manufacturers provide these Certifications on their website. Be sure the product you are buying has the Manufacturer’s Certification and keep a copy for your records.
Improvements made in 2009 will be claimed on your 2009 taxes filed by April 15, 2010 on IRS Tax Form 5695 (2009 version). If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind energy systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters.
For more detailed information consult your tax adviser and visit http://www.energystar.gov/index.cfm?c=products.pr_tax_credits
