Recently, I have been getting a lot of phone calls and e-mails asking me questions about the $8000 home-buyer tax credit so I wanted to answer the most asked questions and make it as simple as possible.
So who gets the credit? First-time home buyers or someone who hasn't owned a home in three years.
How much is the credit? $8000 or 10% of the home's value, whichever is less.
What do you have to do to get it? Claim it on your 2008-2009 taxes.
It's totally refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year plus anything....