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Bought a home in 2017. Do we get the tax credit? its 10 percent of the cost of the home, right?
7 Answers
- curtisports2Lv 73 years agoFavorite Answer
No. The credit was for first-time buyers only. It was never 10% of the cost of the home. It was $7,500. The credit expired in 2010 and there were forms to fill out if you sold the home and some people were required to repay the credit if they didn't keep the house as their primary residence for a long enough period of time.
Whatever accountant you talked to is either an incompetent or just woke up from a nap of at least eight years.
- Anonymous3 years ago
Here assshat this is from the horses mouth stop arguing with people who know taxes inside and out.
https://www.irs.gov/newsroom/first-time-homebuyer-...
Now your state might have some programs but not on the Federal level where it would be entered on your federal tax return.
Where did this Einstein Accountant tell you to enter a deduction of 10% of the purchase price?
- SlickterpLv 73 years ago
No, that is not it. It isn't a credit. You can deduct interest paid and property taxes if you itemize. Depending on when you bought, you may get no benefit this year.
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- ?Lv 73 years ago
There is no tax credit for a home purchase. There was several years ago, but it expired.
- Wayne ZLv 73 years ago
The Federal Income Tax Credit for purchasing a home ended in 2010 for most people in 2010 and for everyone else in 2011.
If someone told you that there was a tax credit, they were lying.