Quote:
Originally Posted by GMZ
Um no dude. You still have to pay state sales tax and any FET at time of purchase, you just get that amount back from the feds at tax time next year. Read the IRS bulletin.
ETA: Never the less, good news.
|
thats a deduction , not a credit .. say you are in a 50% tax bracket... and you pay 2000$.. you get around 1000 back i think is the way it works..
now a tax credit.. that would be cool. you owe 5000 in taxes, the 2000 reduces the tax to 3000.. basically you get 2000 bucks back that year...
and i think that's one thing they outta do for the housing industry is give some large tax credit to purchasers, which they could then spread over more than one year... but the obama plan is to put money into public works mostly which employs some lower wage earners to do things like build roads and schools and they in turn buy more 12 packs and lottery tickets which doesnt help the economy much and of course the banks got money but they dont want to lend it out anymore..
so now i get off my soapbox....