Home Tax Credits still available

The homebuyer tax credit program has been extended for quailified members of the uniformed services, members of the Foreign Services and employees of the intelligence community.

First Time homebuyers can claim up to 10 % of the home's value ($8,000 maximum), and existing homeowners who buy a new home can claim a credit amount up to $6500.00

A contactmust be signed by April 30th, 2011 and close by June 30, 2011.

Call me for more details

Tax Credits for Energy Efficiency

Homeowners can now qualify for tax credits up to $1500. (in most cases) for home improvements made between Jan. 1, 2009- Dec. 31, 2010. Whether you are building a new home or renovating an existing one, there are ways to take advantage of this tax credit.

For existing homes, tax credits are available at 30% of the cost, up to $1500. in 2009 and 2010 for windows and doors, insulation, roofs, HVAC systems, water heaters (non solar) and biomass stoves. For existing new homes, tax credits are available at 30% of the cost, with no upper limit through 2016 for geothermal heat pumps, solr panels, solar water heaters, small wind energy systems and fuel cells.

For home improvements:

• must be 'placed in service" 1/1/2009 through 12/31/2010



• must be owner's primary residence



• must have a Manufacturer Certification statement to qualify



• for record keeping , save receipts and manufacturer certification statement.

For more information on how to qualify for and /or apply for these tax credits visit-

www.energystar.gov/taxcredits

Tax Credit Extension & Expansion is Approved!

BREAKING NEWS!
Tax Credit Extension & Expansion is Approved!

President Obama has approved a bill for the Housing Tax Credit Expansion and Extension. Here’s what it means:

The $8,000 First-Time Homebuyer Tax Credit is Extended!

· Now, qualified first-time home buyers would receive their $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010.
· The home purchased must be their primary residence
· Buyer cannot have owned a home during the past three years
· Tax credit is up to 10% of the home value (not to exceed $8,000)
· Annual income caps to qualify for the tax credit have increased ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.
·

PLUS New $6,500 Tax Credit for Current Home Owners Purchasing a Primary Residence

· Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
· The new home does not have to cost more than the old home.
· Eligible for homes with purchase agreements written by April 30, 2010 and that close between November 6, 2009 and June 30, 2010
· Annual income caps to qualify for the full tax credit ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.

Changes Chart and FAQs from www.realtor.org (National Association of Realtors® website) are attached.

For any tax credit eligibility questions please contact your certified public accountant.

Home Affordability on the Rise!!!

Owning a home hasn't been this good in a long time,... what? All we hear about is all the negative news in the media on the housing market and how the values have dropped in home prices. This may be true, and in some areas the values have been hit harder than others. The good news is that the affordability to own a home hasn't been this good in years. Interest rates are low, and home prices have adjusted that homes once again are more affordable. With the new Stimulus package available to First Time Homebuyers the added $8,000 in the pocket is a nice little boost. The thought is if we can get the First Time Homes moving it will help the rest of the housing market recover.

Please read the following article.

If you have any questions on the New Tax Credit please give me a call.

http://talk.realtor.com/2009/03/04/home-affordability-on-the-rise/

New Stimulus Package Plan- Home Improvements

There are many other parts to the stimulus package that have not received as much attention as thee First Time Homebuyers Tax Credit, but can still benefit a large number of homeowners.

There are increases and extensions for tax credits to stimulate "qualified energy efficient improvements" in exiting homes. The expanded credits cover improvements made to air-conditioning systems, or natural gas and propane furnances and water heaters. These improvements can save you money $$$$

Senate OK's $15,000 Bonus for Homebuyers!

This is a change from the current $7500.00 Tax Credit for First Time Homebuyers.

Please read attached article.
http://www.realtor.org/RMODaily.nsf/pages/News2009020501?OpenDocument

These are great incentives to buy...now is the time. Great Interest Rates, good inventory, and now bonus incentives. Let's get this market moving!

Any questions on this programs or other programs available please give me a call.

Tax Benefits in Owning a Home

Before a home owner curses the troubled housing market, he or she should take solace in the U.S. tax code, which makes buying a home a good deal for almost everyone.

Here are some reasons why:

• Mortgage interest deductions- in some cases including mortgage insurance premiums, reduce home owners' tax liability by reducing income.The deductions can be used on both first and second home mortgages.



• Interest on home equity loans are also deductible.



• Profits from the sale of a home can potentially be tax free* (* when a primary residence is sold the profits are tax free up to $250,000 for single home owners or $500,000 for married home owners filing. Any profit above this usually is a long term capital gain at 15%- less if the seller's tax rate is less than 20 %.

Tax laws change, please contact your tax attorney or accountant for specific tax questions.