Final score: $8,000 for homebuyers
First-time purchasers get a tax credit windfall if they buy before December.
"I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"
The short answer? Yes, A buyer would get back the $8,000 plus what he'd overpaid. The long answer? It depends.
Here are three scenarios:
Scenario 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 ...