Compare Mortgage Quotes

Posted: Mon Jan 03, 2011 1:57 pm Post subject: MCC Credit - Recapture Tax

If you have an MCC on your home, what are the requirements in order to be subject to the recapture tax? I noticed that generally it is 1) sell before 9 years 2) selll at a gain 3) income above a certain threshold. Therefore, I have 2 questions:

1) Do you have to meet ALL 3 to be subject to the tax? Meaning if I sold before year 9 AND at a gain, however BELOW the income limit then I would NOT be subject to the tax.

2) If that is the case, what are the income thresholds?

smithsussane · Posted: Mon Jan 03, 2011 8:06 pm Post subject:

Hi Guest!

Welcome to forums!

I will suggest you to contact a tax adviser and take his opinion in this regard. He will be the best person to assist you in this matter.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

MCC Credit - Recapture Tax

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1