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new first time buyers credit income limits

Started by johnjim
over 16 years ago
Posts: 28
Member since: Feb 2008
Discussion about
Bought coop in June 2009 and income was higher than phase-out limit. Now the extension raised the income limits to qualify and I fall below the limit. Do I qualify for the full $8,000 credit when I file my 1040 next year?
Response by steveF
over 16 years ago
Posts: 2319
Member since: Mar 2008

Good question John. Congrats! Any tax experts out there?

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Response by glamma
over 16 years ago
Posts: 830
Member since: Jun 2009

what?? what did they raise it to? pray tell....

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Response by glamma
over 16 years ago
Posts: 830
Member since: Jun 2009

yeah boyeeeeeeeeeeeeeee!!!!! this is totally awesome

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aHF3QbLOiXvs

john i would say yes you definitely qualify (i am not a tax expert). i bought around the same time and hae been hoping for this!

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Response by johnjim
over 16 years ago
Posts: 28
Member since: Feb 2008

The 75K phase out was unrealistic for NYC, but 125K is helpful to the middle class here.

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Response by karlchad
over 16 years ago
Posts: 49
Member since: Feb 2007

when does this come in to effect officially?

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Response by steveF
over 16 years ago
Posts: 2319
Member since: Mar 2008

The 75K phase out was unrealistic for NYC, but 125K is helpful to the middle class here.

damn right.

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Response by johnjim
over 16 years ago
Posts: 28
Member since: Feb 2008

Too good to be true. The new income limits are NOT retroactive so only applies to purchases after November 6, 2009. Ugh!

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Response by glamma
over 16 years ago
Posts: 830
Member since: Jun 2009

ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

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