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Old 11-06-2009, 03:34 PM
 
Location: Long Island
9,933 posts, read 23,150,229 times
Reputation: 5910

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President Obama signed it and here it is:
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Old 11-06-2009, 04:35 PM
 
52 posts, read 250,451 times
Reputation: 23
Thanks for posting this! My husband and I just signed our contract on our new home and will now get $6500 back!
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Old 11-06-2009, 05:28 PM
 
335 posts, read 935,233 times
Reputation: 76
Quote:
Originally Posted by jimlisa1020 View Post
Thanks for posting this! My husband and I just signed our contract on our new home and will now get $6500 back!
YES YOU ARE!! And what a perfectly perfect example of what a complete JOKE this new bill is.....
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Old 11-07-2009, 09:21 AM
 
110 posts, read 225,786 times
Reputation: 49
what effect is this going to have on local real estate?
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Old 11-07-2009, 01:21 PM
 
Location: Long Island
9,933 posts, read 23,150,229 times
Reputation: 5910
Quote:
Originally Posted by glags11 View Post
what effect is this going to have on local real estate?
Buyers will continue to look and (hopefully) further deplete the bloated inventory.
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Old 11-07-2009, 04:42 PM
 
85 posts, read 233,382 times
Reputation: 21
What exactly does "additional $20,000.00 phase out" mean?
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Old 11-07-2009, 09:53 PM
 
294 posts, read 879,137 times
Reputation: 78
Quote:
Originally Posted by Old Spice View Post
What exactly does "additional $20,000.00 phase out" mean?
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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