Sunday, February 28, 2010
Saturday, February 27, 2010
62 Days Left...Will it Have any Meaningful Impact?
November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program. There’s 62 days left to claim it.
The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring homebuyers to be under contract for a home no later than April 30, 2010, and to be closed no later than June 30, 2010.
In addition, “move-up” buyers were also added to the program’s eligibility list meaning you don’t have to be a first-time home buyer to be eligible for the tax credit. If you’ve lived in your home for 5 of the last 8 years, you meet the IRS requirements.
Move-up buyers are capped at a total tax credit of $6,500.
The tax credit’s basic eligibility requirements remain the same:
You can’t purchase the home from a parent, spouse, or child
You can’t purchase the home from an entity in which they’re a majority owner
You can’t acquire the home by gift or inheritance
All parties to the purchase must meet eligibility requirements
The new law includes some notable updates, however.
First, the subject property’s sales price may not exceed $800,000. Homes sold for more than $800,000 are ineligible. And, also, household income thresholds have been raised to $125,000 for single-filers and $225,500 for joint-filers.
And lastly, don’t forget that the program is a true tax credit — not a deduction. This means that a tax filer who’s eligible for the full $8,00 credit and whose “normal” tax liability totals $5,000 would receive a $3,000 refund from the U.S. Treasury at tax time.
The complete list of qualifying criteria is posted on the IRS website. Review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.
There’s just 62 days to go.
The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring homebuyers to be under contract for a home no later than April 30, 2010, and to be closed no later than June 30, 2010.
In addition, “move-up” buyers were also added to the program’s eligibility list meaning you don’t have to be a first-time home buyer to be eligible for the tax credit. If you’ve lived in your home for 5 of the last 8 years, you meet the IRS requirements.
Move-up buyers are capped at a total tax credit of $6,500.
The tax credit’s basic eligibility requirements remain the same:
You can’t purchase the home from a parent, spouse, or child
You can’t purchase the home from an entity in which they’re a majority owner
You can’t acquire the home by gift or inheritance
All parties to the purchase must meet eligibility requirements
The new law includes some notable updates, however.
First, the subject property’s sales price may not exceed $800,000. Homes sold for more than $800,000 are ineligible. And, also, household income thresholds have been raised to $125,000 for single-filers and $225,500 for joint-filers.
And lastly, don’t forget that the program is a true tax credit — not a deduction. This means that a tax filer who’s eligible for the full $8,00 credit and whose “normal” tax liability totals $5,000 would receive a $3,000 refund from the U.S. Treasury at tax time.
The complete list of qualifying criteria is posted on the IRS website. Review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.
There’s just 62 days to go.
Wednesday, February 24, 2010
REALTOR� Magazine-Daily News-Foreclosure Bargains Getting Harder to Find
I believe this is true, especially if the price point is below 300K. You feel like you hit the lottery if you can get one under contract! You are always competing, and they are always going for close to the asking price or above.
From: http://www.realtor.org/RMODaily.nsf/pages/News2010022302?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily
From: http://www.realtor.org/RMODaily.nsf/pages/News2010022302?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily
Denver home prices up over December '08 - The Denver Post http://www.denverpost.com/business/ci_14457528
9NEWS.com | Denver | Colorado's Online News Leader | Home prices rise in Denver for 10th month in a row http://www.9news.com/money/article.aspx?storyid=133339&catid=75
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