Real estate blog entries tagged with tax deduction by Liberty One Realty

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Home : Blogs : Dave Mason : GetPrequalified.com Blog : Tag "tax deduction"

tax deduction: Get an $8000 Tax Credit For Buying Your First Home - 05/01/09 04:26 PM

Take advantage of the 2009 American Recovery and Reinvestment Act of 2009. You can now get a $8000 tax credit just for buying a new home. That's dollar for dollar against your federal income tax returns. You must be a first time home buyer to be eligible for the program. The home must be your primary residence as well. The home you buy must be from someone that is not related to you.
8000 tax credit information

10000 California home buyer tax credit
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tax deduction: What is the Difference Between A Tax Deduction And A Housing Tax Credit? - 05/01/09 11:51 AM

Tax credits are a decrease in the amount of Federal Income Tax that you owe that is based on your tax bracket. A tax credit is a dollar for dollar decrease in the amount of tax that you owe. The Obama $8000 tax credit is dollar for dollar off of your income taxes.
A tax deduction will reduce the amount of your income that is taxable by the IRS or the state. It is not dollar for dollar like a tax credit.

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Pennsylvania Tax Credit
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