Expert Jill posted on March 02, 2009 13:16
Wow! Talk about a nice windfall for some home buyers! In the economic stimulus bill signed into law this week by President Obama, there is a provision for first time buyers to claim a credit worth $8,000 or 10% of the home's value, whichever is less. This can be applied to the 2008 or 2009 taxes.
What's really great is that this is refundable. What that means is that if you are already getting a refund, you'll get the $8,000 back in addition to what you were already getting.
For more information, check out this article.