In this Column . . .

Who Are the Lawyers on Sawyer?
(contact information and email links)

And. . .Did You Know
- About the American Rule on Attorneys Fees?
- About the Unconstitutional and Unnecessary Proposed Special Events Permit for the City of Oshkosh?
- How Mediation and Arbitration Help and Hurt the Legal Process
- About Easements?

-$8,000 First Time Homebuyer's Tax Credit
-What To Do First When A Loved One Dies
-Home Improvement Laws

FYI - We will post relevant comments & corrections after reviewing them. Just click on the comment link.

Who Are the Lawyers on Sawyer?

Kindt Phillips Friedman & Fremgen, SC
141 N. Sawyer St.
Oshkosh, Wisconsin 54902


Email a Lawyer on Sawyer

Chris Kindt
Andy Phillips
Ken Friedman

Saturday, May 2, 2009

Did You Know: The Details of the 2009 First Time Home Buyers $8,000 Tax Credit / Refund?

The Stimulus package made several important changes in this program.

1. First time homebuyers (who did not own a principal residence in the three years before closing) are eligible.

2. Income taxes are reduced by 10% of the cost of the buyer's ownership interest in the home or $8,000, whichever is more, subject to conditions below.

3. This is a "refundable tax credit" - so if tax liability is less than the tax credit, the buyer will get a tax refund for the difference.

4. The tax credit is reduced as income increases beyond $75,000 for individuals or $150,000 for a married couples.

5. This applies to buying a partial interest in a home owned by others. For example, if Lucky Lee MyChild moves from their apartment after marry Mr. (Mrs.) Already A. Homeowner and purchases a half-interest in the home, they may be eligible for the tax credit.

6. In 2010, the $7,500 non-refundable, payback, tax credit program returns for first time homebuyers.

For more information see IRS form 5045 or email Ken Friedman

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