tax credit

brownwalter09 · Joined: 10 Aug 2009 Posts: 37 0.00 Dollars($)

Is there a maximum limit to the total amount of deductions you can claim on your taxes.

savior70 · Posted: Tue Aug 11, 2009 6:40 am Post subject:

Hi,

Are you referring to the first time home buyer tax credit? The total amount of tax credit will not exceed $8000. Generally, you can get tax credit of 10% of the purchase price of the house. But if the purchase price is more than $80,000, say for instance $90,000, you cannot claim $9000 as tax credit. You can only claim a maximum of $8000 as tax credit.

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