I've heard that the 1st time buyer tax rebate is reduced for incomes over $120,000 (but under 200). How is that reduction calculated?

Asked by Ira, 11218 Wed Mar 3, 2010

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David Rogoff and Bonnie Chernin’s answer
David Rogoff…, , Brooklyn, NY
Wed Mar 3, 2010
Hi Ira,

We agree with all the preceding responses. Experience tells us that whenever with all home purchases there are nuances in the tax law and you should engage a qualified accountant to clarify the qualification rules for the homebuyer tax credit. Looking over the revised Form 5405 from the IRS, there are new general instructions and a very detailed overview of the amount of the credit, who is eligible and who is not. Here is a direct link to the form:

http://www.irs.gov/pub/irs-pdf/i5405.pdf

Hope this helps, and please call us if you have further questions or if you would like us to help you find a home.

Best regards,

Bonnie Chernin & David Rogoff
Coldwell Banker Mid Plaza Real Estate
Cell: 917-593-4068
E-mail: david@BestHomesInBrooklyn
0 votes
Charles D'Al…, Agent, Brooklyn, NY
Wed Mar 3, 2010
Visit Brooklynrealestateblog.com for some answers information on the tax credit.. Hope it helps you and answers all your questions
1 vote
Mitchell Fel…, Agent, Brooklyn, NY
Wed Mar 3, 2010
Dear Ira:

The link below will take you to my "Brooklyn Real Estate Info Blog" which explains the tax credit in great detail:
http://www.homegain.com/blogs/mitchellsfeldman-507663/Homebu…

While you are there you may want to read some of my other blog entries as they are very informative for buyers. Feel free to leave a comment on my blog, I would appreciate that!!

If I can be of further assistance please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Mar 3, 2010
Speak to your tax consultant--also see IRS link.
http://www.irs.gov/newsroom/article/0,,id=206293,00.html
0 votes
Mary Jo Daly, Agent, Chicago, IL
Wed Mar 3, 2010
Tax credit for home buyers! The amount I believe is $125,000 to $145,000 if single http://www.maryjodaly.com/page_content-3.html. Good Luck!
0 votes
Gita Bantwal, Agent, Jamison, PA
Wed Mar 3, 2010
The best source is http://www.irs.gov.
If you need assistance talk to a professional accountant.
Web Reference:  http://www.gitabantwal.com
0 votes
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