Arthur Kamlet wrote:
- quote -

The first time homebuyer credit is available for a principal
residence purchased on or after April 9, 2008, and before July 1,
2009.

Any home purchased in 2009, but no later then June 30, 2009 that
meets the definition of a first time home, can be treated at the
election of the taxpayer as if it was bought on 12/31/08 ONLY for
purposes of calculating and applying the credit in 2008.

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Arthur Kamlet wrote:
- quote -

principal residence during the 3-year period ending on the date
of the purchase of the new principal residence.

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In article <sl0kk.9227$L_.3405[at]flpi150.ffdc.sbc.com> ,
Alan <sfcnm-mtm[at]yahoo.com> wrote:
- quote -


Did you mean 1H09?


- quote -



ArtKamlet at a o l dot c o m Columbus OH K2PZH

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In article <sl0kk.9227$L_.3405[at]flpi150.ffdc.sbc.com> ,
Alan <sfcnm-mtm[at]yahoo.com> wrote:
- quote -

Except a 2009 purchase must still be treated as a 2009 purchase
for the purpose of calculaing if this is a first home purchase.

A "first home" for this credit (more like a loan, since it has
to be paid back) generaly follows the first home exception for a
section 72 exclusion from IRA early distribution tax, except
three years is used for this new credit instead of two years.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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Alan wrote:
- quote -

amendments of the amendments (Resolving differences -- Senate
actions: Senate agreed to the motion to concur in House amendment
to Senate amendment to House amendments to Senate amendment to
the bill by Yea-Nay Vote. 72 - 13.).

When all was said and done, the final version conforms to the JCT
explanation. $3750/$7500 and the election to treat 2009 purchases
as a 2008 purchase for purposes of the credit.

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Harlan Lunsford wrote:
- quote -


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Alan wrote:
- quote -

spouse for 3.3335%?

ChEAr$,
Harlan Lunsford, EA n LA

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Paul Thomas wrote:
- quote -

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.

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"Alan" <sfcnm-mtm[at]yahoo.com> wrote
- quote -






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.




--
Paul A. Thomas, CPA
Athens, Georgia

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Alan wrote:
- quote -

slightly from the final relating to the First-Time Homebuyer Credit.


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.

JCT refers to a provision to allow 1Q09 purchases to be treated
as if purchased in 2008 to allow a 2008 tax credit. This
provision was removed from the final version.

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HR 3221 has passed both houses and Pres. Bush says he will sign it.

Text is at: http://thomas.loc.gov/cgi-bin/query/...H.R.3221.EAS2:

JCT explanation of Division C tax provisions is at:
http://www.house.gov/jct/x-63-08.pdf

Senate Summary of other provisions is at:
http://banking.senate.gov/public/_fi...ctSummary3.pdf

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