How MCC works in a nutshell…
You take 20% of the mortgage interest you pay each year – and you are allowed to claim that 20% as a dollar for dollar tax credit against whatever income taxes you pay that year.
The cool part is you can do this every year you are in the house.
The net savings to you would be thousands of dollars over that time frame.
Very few people use this, but it’s available to all first time home buyers that qualify.
If you or someone you know might benefit from the MCC tax credit – contact our offices and see if you qualify for it.
That’s it for today!
Thanks for reading!
Brett
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