More on the Homebuyer's Tax Credit
HOW DOES IT WORK? You may be asking yourself this very question after the last post on this blog. Like all tax credits, it will DIRECTLY REDUCE THE TOTAL AMOUNT OF TAXES YOU OWE. When you file your taxes for the year you purchased your home (2008 or 2009), you will be able to subtract the amount of the credit from your Federal income tax liability, increasing the size of your refund or reducing the amount you owe. For example, you owe $1,000 in taxes. With this credit, your tax liability could be lowered by as much as $7,500--which means--you will receive a $6,500 tax REFUND check from the IRS.
For more information on the "ECONOMIC RECOVERY ACT OF 2008", post a message here or contact me. I will send to you a FREE, no-obligation brochure outlining the tax credit answering any questions you may have. Have a great day!
~Debra