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When experience counts, choose Shane Montgomery, ASLA, Broker, Koral Realty as your real estate professional in Chicago, IL. |
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CONFERENCE AGREEMENT Sec. 36 of Code (NEW LAW ENACTED 02.17.2009) The conference agreement extends the existing home buyer credit for qualifying home purchases before December 1, 2009.
In addition, it increases the maximum credit amount to $8,000 ($4,000 for a married individual filing separately) and waives the recapture of the credit for qualifying home purchases after December 31, 2008 and before December 1, 2009.
This waiver of recapture applies without regard to whether the taxpayer elects to treat the purchase in 2009 as occurring on December 31, 2008.
If the taxpayer disposes of the home or the home otherwise ceases to be the principal residence of the taxpayer within 36 months from the date of purchase, the present law rules for recapture of the credit will apply.
The conference agreement modifies the coordination with the first-time home buyer credit for residents of the District of Columbia under section 1400C. No credit under section 1400C shall be allowed to any taxpayer with respect to the purchase of a residence during 2009 if a credit under section 36 is allowable to such taxpayer (or the taxpayer’s spouse) with respect to such purchase. Taxpayers thus qualify for the more generous national first-time home buyer credit rather than the D.C. home buyer credit for qualifying purchases in 2009. No credit under section 36 is allowed for a taxpayer who claimed the D.C. home buyer credit in any prior taxable year.
The conference agreement removes the prohibition on claiming the credit if the residences financed by the proceeds of a mortgage revenue bond, a qualified mortgage issue the interest on which is exempt from tax under section 103.
Effective date. — The provision applies to residences purchased after December 31, 2008.
****************************************************************** Opinion written by: Shane Montgomery, |
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