Two impressive tax breaks come to a halt in December.

The First-Time Home Buyer's Credit

Established by the government's stimulus bill, this tax credit is worth $8,000. And, it's scheduled to end on December 1st, although there's discussion that it may be extended.

The credit does not have to be repaid (unlike a credit enacted in 2008) unless you move within three years after the date of purchase.

Even if you previously owned a home, you may still qualify. The law defines a first-time home buyer as someone who has not owned a house during the three years before this purchase. And, if you owned rental property during the past year but did not live in the property, you will also qualify.

Caution: If your spouse has owned a home in the past three years, you're out of luck.

The New Car Sales Deduction

You've a little more time with this one. Expiration is December 31st.

Those who buy a new car, motorcycle, motor home or light truck before the end of the year can deduct both sales and excise taxes - on a purchase of up to $49,500.

Not everyone, however, qualifies. The deduction phases out for joint filers with a modified adjusted gross income over $250,000 and for single filers, $125,000.

Fortunately, you don't have to itemize to take this deduction. When you file your 2009 tax return, simply add the sales tax amount to your standard deduction.

The actual dollar amount here depends on your state sales tax rate and, of course, the price of the vehicle you buy.

Details: www.irs.gov.

- Nancy Dunnan