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Earlier in this blog, we discussed the income tax rules regarding the First Time Homebuyers Tax Credit. Tax credits are a great way to lower your income tax calculation, if you're entitled to the credits. The First Time Homebuyer Credit can reduce the tax you have to pay, by crediting the tax you owe and refunding you any difference.
Here's an example: Imagine you owe $1000 in tax and you're entitled to $8,000 from the First Time Homebuyer Credit. After filing out the required form and submitting the valid paperwork (we'll discuss that in a separate post), you would receive a check for $7,000 from the IRS.
It's really a great way to reduce your tax bill.
Here are the quick facts on the First Time Homebuyers Tax Credit:
What is it?
Who is entitled?
Who is not entitled (non-exhaustive list):
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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