8000 tax credit

You can now 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 able to qualify for the program. The home you buy 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

$10,000 California Tax Credit

Difference Between a Tax Credit and a Tax Deduction

Housing Tax credits are a decrease in the amount of Federal Income Tax that you owe that is based on your tax bracket. This tax credit is available for first time home buyers. A tax credit is a dollar for dollar decrease in the amount of tax that you owe. Obama's 8000 tax credit is dollar for dollar off of your personal 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.



Tax Credit Information



Pennsylvania Tax Credit