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north central Oklahoma | OK, just talked to my CPA about this tax credit. In 2008, it was basically a loan, to be paid back over a 15 year period. That didn't go over to well when people figured it out. For 2009, they changed it, and it is now a true tax credit, and a refundable tax credit to boot. Which means, whereas some tax credits, if not fully utilized by the transaction intended, the balance would expire and be unusable. This is a tax credit against your '09 tax obligation to the FED. If you owe IRS $8995 for '09, you will now only owe them $995. If you owe them only $2000, IRS will credit the $8000 towards your $2000 obligation and forward (refund) you the balance of $6000. Now that might work. But those who used it in '08 got burned and didn't know it. | |
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For those considering buying a house anytime soon....
