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Title: Bruce and Deidre purchase a new home costing $500,000 on February 1, 2010. They qualify as existing ... Post by: Sheena Maskell on Jan 10, 2017 Bruce and Deidre purchase a new home costing $500,000 on February 1, 2010. They qualify as existing homeowners and claim the maximum credit available on their 2010 tax return. Their 2010 AGI is $230,000. What is the amount of the homebuyer's credit allowable?
A) $0 B) $4,875 C) $6,500 D) $8,000 Title: Re: Bruce and Deidre purchase a new home costing $500,000 on February 1, 2010. They qualify as ... Post by: MsLippy on Jan 10, 2017 B
Here's why: The are eligible for the $6,500 credit, but are subject to the phaseout based on AGI. Their AGI of $230,000 exceeds the beginning phaseout amount of $225,000. 6500 - (5/20 × 6500) = $4,875. Title: Re: Bruce and Deidre purchase a new home costing $500,000 on February 1, 2010. They qualify as existing ... Post by: Sheena Maskell on Mar 20, 2017 Thank you so much
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