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First-Time Homebuyer Tax Credit

March 6, 2009 by · Leave a Comment 

Frequently Asked Questions and Answers courtesy of The Wisconsin Realtors Association In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 [...]

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First-Time Homebuyer Tax Credit

March 6, 2009 by · Leave a Comment 

Couple’s income $165,000     Income limit 150,000 Excess income $15,000   The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute). In this example, the disallowed portion of the credit is [...]

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