Interesting Facts On The New $8000 Tax Credit

What types of homes will qualify for the tax credit?

Any home that will be used as a principal residence qualifies for the credit. this includes single family homes, condos & town homes, manufactured ( mobil) homes, modualr homes & even houseboats. If it qualifies for the capital gains tax on a primary residence, it qualifies forthe tax credit!

Is the tax credit "refundable" & what does that mean?

It means that the tax credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.  For example, if you owe $6000 in taxes and had $4500 in taxes withheld for the year you still owe $1500 in taxes. You would receive a check from the government for $6500. ($8000-$1500=$6500)