You own a home and are thinking of doing some home repairs. This year there is a
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You own a home and are thinking of doing some home repairs. This year there is a tax credit of one-third the cost of materials for adding insulation and for replacing windows and external doors, up to a $3,000 tax credit maximum.
a. You decide to add insulation to your attic, which costs $1,000 in materials, and you install it yourself.What is the dollar amount of the tax credit?
b. You are in a 28% tax bracket. How much does the home-repair tax credit reduce your tax liability?
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Related Book For
Personal Finance Building Your Future
ISBN: 978-0073530659
1st edition
Authors: Robert B. Walker, Kristy P. Walker
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