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Posted by Harlan Lunsford on July 26, 2008, 9:00 pm
Please log in for more thread options Alan wrote:
> Paul Thomas wrote:
>>> The amount of the credit identified by the JCT is the lesser of 10%
>>> of purchase price or $7500 ($3750 if MFS). The final bill changed
>>> $7500 to $8000 and $3750 to $4000.
>>
>>
>>
>>
>>
>>
>> Did the 15 year payback survive? If so, does anyone believe that in
>> 2012 a new client will tell you that they owe an extra $500 because in
>> 08 or 09 they bought a house and took the credit?
>>
>> I suspect this is another "economic stimulus" for the guy who sells
>> paper and envelopes to the IRS.
>>
>>
>>
>>
> You add 6.667% of the credit to your tax bill in each year for 15 years
> starting in the second taxable year after the credit is taken. There is
> also recapture if the home is disposed of or ceases to be your principal
> residence. There are also rules for divorces, involuntary conversions
> and situations where recapture exceeds gain on sale. And naturally, the
> credit phases out when your income gets too high.
>
> As for IRS tracking recapture... I see no reason why their computers
> can't look for the 6.667% add back in future years for each taxpayer
> that claims the credit in 2008 and 2009.
>
Likewise they can, upon divorce of a joint return filer, track each ex
spouse for 3.3335%?
ChEAr$,
Harlan Lunsford, EA n LA
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