http://www.theboldcompany.com/blog/2009/10/09/new-home-tax-credit-details/ Read bits n pieces about Design / Build construction in the Cincinnati / Northern Kentucky area. Wed, 30 Mar 2011 18:20:18 +0000 hourly 1 http://wordpress.org/?v=3.3 http://www.theboldcompany.com/blog/2009/10/09/new-home-tax-credit-details/comment-page-1/#comment-1309 Mike Wed, 25 Nov 2009 17:54:36 +0000 http://boldhomes.com/blog/?p=421#comment-1309 You are correct that it applies only to your Kentucky tax liability. If your individual or joint tax liability is $0.00 then there is no benefit. If your tax liability is $3,200 your credit is $3,200. If your tax liability is $6,000 then your credit is the full $5,000. The Federal credit is for the entire $8,000 or $6,500 depending on which you qualify and provides more savings. You cannot claim the Kentucky credit if you qualify for either of the Federal credits. You are correct that it applies only to your Kentucky tax liability. If your individual or joint tax liability is $0.00 then there is no benefit. If your tax liability is $3,200 your credit is $3,200. If your tax liability is $6,000 then your credit is the full $5,000. The Federal credit is for the entire $8,000 or $6,500 depending on which you qualify and provides more savings. You cannot claim the Kentucky credit if you qualify for either of the Federal credits.

]]> http://www.theboldcompany.com/blog/2009/10/09/new-home-tax-credit-details/comment-page-1/#comment-1280 JJ Thu, 19 Nov 2009 03:36:55 +0000 http://boldhomes.com/blog/?p=421#comment-1280 Credit only applies to a tax liability. If you do not owe any tax amount on your KY State Tax Return then the credit is useless. You will not get a $5000 refund like some would have you believe. Credit only applies to a tax liability. If you do not owe any tax amount on your KY State Tax Return then the credit is useless. You will not get a $5000 refund like some would have you believe.

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