39. Juan and Celina are married, file a joint return, and have AGI of $148,000. On April...
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39. Juan and Celina are married, file a joint return, and have AGI of $148,000.
On April 1, 2010 they purchased their first home for $118,000 and claimed the homebuyer credit on their 2010 tax return.
a. If they sold their home on April 15, 2011 for $128,000, how does this affect the first-time homebuyer credit?
b. How would your answer change if they had purchased the home on April 10, 2008 (claiming the credit on their 2008 return) and sold their home on April 15, 2011 for $128,000?
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