This presentation was conducted for a group of real estate agents to give them some general tax knowledge on issues that they may encounter on a daily basis.

Tax Law

• Enacted by Congress
• IRS interpretation and compliance
• Courts provide dispute resolution and interpretation

1st Time Home Buyer Credit 

• $8,000 refundable credit
• No prior home ownership for 3 years
• Binding contract by 4/30/2010, close by 6/30/2010
• Can claim credit for 2010 purchase in 2009
• Phase-out starts at $225K of AGI for couples
• Effective 11/6/2009, purchase price limited to $800K
• Recapture if not principal residence during first 36 months
• 2008 “credit” was $7,500 with15 year payback