Now the homebuyer tax credit is a true credit. That means it reduces your tax bill dollar-for-dollar and in this case, could get you a refund if your IRS bill is zero. The credit amount was increased to $8,000.
It’s not limited to strictly first-time buyers. Homeowners who’ve lived in their residences for a while and want to buy another one can get a $6,500 credit.
To read the full story click here:
bankrate.com/finance/taxes/homebuyer-tax-credit-extended-expanded-1.aspx
