This tax credit is what’s called “refundable” credit.  Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000.  The refundable amount is the difference between $8000 credit amount and the amount of tax liability.  ($8000 - $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.* 

Visit my website at www.atlantarebaterealestate.com for all the details of the $8,000 First Time Home Buyer Tax Credit in the Metro Atlanta Real Estate market.  In addition to the First Time Home Buyer Tax Credit, there is a program with the Department of Housing and Urban Development that allows the purchase of a home with only a $100 Down Payment in the Metro Atlanta Real Estate market.  Visit my website to search for homes from the Department of Housing and Urban Development (HUD) at www.atlantarebaterealestate.com or email me at rebaterealestate@yahoo.com with any questions.  I also work on a Full Service volume model which allows me to offer a REBATE of my commission up to 50% or more depending on the price of the home you purchase with me as your REALTOR.  As always I am available by phone at (770)  530 - 9114 to answer questions and/or get you started buying your home in the 28 county Metro Atlanta Real Estate market.   

*Source:  National Association of REALTORS® Government Affairs Update First-Time HomeBuyer Tax Credit