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arushi_13
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Posted: 14 Jul 2009 at 12:19 \| IP Logged

Hey All,

I was wondering if we can list the tax changes in 2009 here. It will be helpful for all.

Thanks.

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arushi_13
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Posted: 14 Jul 2009 at 12:23 \| IP Logged

Some points I had noted For 2009:
1) personal exemption amount = 3,650
2) Section 179 deduction is $133,000 and the limit is reduced during the year for purchases that exceed $530k.
3)Annual gift exclusion = 13k
4)Keogh deduction increased to 49,000.
5)Adoption expense credit = 12,150
6)limit on itemized deduction phaseout AGI> 166,800

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arushi_13
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Posted: 14 Jul 2009 at 12:32 \| IP Logged

A first time home buyer (defined as anyone with no ownership in a principal residence in the U.S. for three years before the purchase), gets a refundable credit in the year of purchase up to the lesser of $7,500 or 10% of the purchase price.

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Arushi

aimedcpa
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Joined: 16 Dec 2008
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Posted: 14 Jul 2009 at 12:53 \| IP Logged

arushi_13 wrote:

Some points I had noted For 2009:
1) personal exemption amount = 3,650
2) Section 179 deduction is $133,000 and the limit is reduced during the year for purchases that exceed $530k.
3)Annual gift exclusion = 13k
4)Keogh deduction increased to 49,000.
5)Adoption expense credit = 12,150
6)limit on itemized deduction phaseout AGI> 166,800

Thanx Arushi for posting 2009 rates for everyone here

But Now I m confusedthat Max sec 179 exp ded= 250,000(2008-09)

& is reduced dollar for dollar for prop in inxcess of $800,000

Pls confirm sumone.....

arushi_13
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Joined: 09 Feb 2008
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Posts: 1235

Posted: 14 Jul 2009 at 13:19 \| IP Logged

My source was :
http://www.mbcpas.org/newsletter.htm

Please do correct me if I m wrong.

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