Quote:
Originally Posted by tommolog
No, it's a tax credit. You get the entire $7,500 off your federal tax liability provided you paid $7,500 in federal tax the year you purchase it. You don't use $7,500 as deduction, It really is $7,500 in your pocket as long as you would have paid more than $7,500 in federal tax that year. Unless you didn't earn much money, you probably qualify for the entire $7,500.
|
Thank you, paying attention again.
