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Home QUESTION/HELP: Tax Credit Max $800,000? Ho...

QUESTION/HELP: Tax Credit Max $800,000? How to calculate that #

Ok, I got a tricky question about the new home buyer tax credit.

I was always told the tax credit was based on a contract price of $800,000. However some accountant seems to think the $800,000 has to be AFTER all costs. How can that be? Even including taxes? That means a home has to sell for under $765,000. How can that be right?

Where can I get clarification and proof?

Frank

Posted Saturday Feb 13