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Fieldstein.com

Fieldstein.com

New Homeowner Credits

 

The Income Reduction Act Homeowner Credit is a provision in the Income Reduction Act of 1984 (IRA) which provides a credit for homeowners who have had a reduction in their income due to certain circumstances such as unemployment or underemployment. The credit is based on the amount of the reduction in income and the amount of property taxes paid by the homeowner. The credit is available to homeowners who meet certain income and property eligibility requirements. The credit is generally taken as a reduction in the amount of taxes owed on the homeowner’s income tax return.

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