Biden is proposing a $15,000 tax credit to first time homebuyers, and this is an advanceable credit. My question is, if you currently owe the IRS money ($20,000), and you are doing a first time homebuyers program, would this offset your current tax liability, enabling you to purchase the home with the standard 3% down + closing (plus the remaining $5000 in back taxes). Asking for a friend, haha, seriously though, asking for a jackass friend who didn't make his tax payments on a framing business 2 years ago and is slowly paying them back.
And please, if you can't answer this intelligently and with out a bunch of political shit talking, please sit on the sidelines and watch. Some of the responses to legitimate questions on this forum are horrible. Hoping there's someone out there who truly understands this stuff.
And please, if you can't answer this intelligently and with out a bunch of political shit talking, please sit on the sidelines and watch. Some of the responses to legitimate questions on this forum are horrible. Hoping there's someone out there who truly understands this stuff.