WASHINGTON (MarketWatch) -- First-time home buyers can take immediate advantage of an $8,000 tax credit for homes purchased this year before Dec. 1, the Internal Revenue Service said Wednesday. Buyers can take the credit on either their 2008 or 2009 taxes. Forms are available on the IRS website or through IRS offices. The tax credit is available to first-time buyers with incomes under $75,000 for singles or $150,000 for couples. It covers 10% of the purchase price, up to a maximum of $8,000. Unlike last year's tax break, it does not need to be repaid if the buyer remains in the home, "The expansion of the first-time home buyer tax break as part of the president's recovery agenda gives money to taxpayers when they need it most, while also targeting an important group of buyers," said Treasury Secretary Tim Geithner.