Yes. For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 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 $125,000 for single taxpayers and $225,000 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 $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
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Article by Ron Wilczek
Ron has written 154 awesome articles.
Ron Wilczek has been a Real Estate Agent since 1999 and the broker / owner of Metro Phoenix Homes since 2009. He represents clients in resale, new home construction, investment homes, and multi-family investments.
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