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Name:
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Yankee06
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Subject:
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Tax Credit? - for Archy
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Date:
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11/1/2009 1:08:43 PM
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Archy,
-Glad to see you back. I miss your side of the discussions when you're gone. Especially since GF has started this "play nice" tactic with MM and WW. What's an independant like me to do if he doesn't have two opposing views to dither between?
-However, I do have a question to ask you. In a below thread you talk about the $8,000 tax credit and about a client of yours who makes $300,000 a year and is "...gladly claiming his $8,000..." on an $800,000 first home you designed for him. hmmmm, I think you better get your caash from this guy soon because he may end up in the big house instead of your house.
-This "tax credit", like most wealth transfers, is not really a credit against paid taxes but rather a bribe to buy a house. It is not for your $300,000 client. It is for the other end of the pay scale.
-Here is a FAQ excerpt from the government web page for this $8,000 program:
"Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts."
-So like I said, get your money from this guy now; cuz he may end up in the Big House, ...not your house!
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