Client qualifies for the $6500 Longtime homeowner/homebuyer's credit.
He purchases (closes) on the house in June 2010. Can he use his 2010 Modified Adjusted Income to determine credit eligability?
He is in the phaseout MAGI in 2009 ($225K - $245K) due do 2009 severance pay. His MAGI will be considerably less in 2010.
Thank You, Marie