Quote:
Originally Posted by Old Spice
What exactly does "additional $20,000.00 phase out" mean?
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The new income limits are $125,000 for singles and $225,000 for couple filing jointly. The $20,000 phase out is described below.
From Realtor.org:
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
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The Extended and Expanded Homebuyer Tax Credit
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