Well... not quite that easy, but close.
For those who haven't heard, first time home buyers, or those who have not owned a home for at least three years, can qualify for an $8000 tax credit.
Long story short, if you make less than $170,000 combined income (married) or $95,000 (single), and purchase a home between January 1 and November 30, 2009, you qualify. It is 10% of the purchase price up to $8000.
The credit is treated like a cash payment against your taxes. It is added to any amount you've had withheld, or have pre-paid, for the tax year. Any amount of the combined funds not used to pay your taxes will be refunded to you.
Example 1:
You calculate your taxes and owe $5000. You have had $5400 withheld from your paycheck, plus the $8000 credit. You get a refund of $8400.
Example 2:
You calculate your taxes and owe $5000. You have had $4800 withheld from your paycheck, plus the $8000 credit. You get a refund of $7800.
The catch ... the home must be your primary residence and there is a three-year repayment provision. If you stay in the home past the three-year mark the repayment provision goes away.
If you've already filed a return for the 2008 tax year, have received your refund, and purchased a qualifying home since January 1, you can file an amended return and get your full credit refunded to you. If you do not file before April 15 (i.e.: you file an extension instead of a complete return) the credit will have to be claimed on your 2009 taxes.
Disclaimer - I am not an accountant, nor am I a tax professional. Consult your accountant or tax professional for more information about qualifications and for filing your return.
Brad