Wednesday, April 4, 2012

How does a tax credit effect a tax return? | Finance information

Question by lyndsey7323 : How does a tax credit effect a tax return ?
I usually get about $ 3,000.00 total for state and federal tax returns. I bought my first home in 2009 so I am eligible for the federal tax credit being offered. Just wondering roughly how much extra can I expect in my tax return in 2010. Anyone know? Best answer:

Answer by Jesse H
The greater of 10% of purchase price or $ 8,000. If you usually get $ 3,000 back then you?ll have $ 11,000.


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