First Time Homebuyers $ 8000.00 Tax Credit Available NOW !!!
First time homebuyers may be eligible for a tax credit for 10% of purchase price up to $8000.00. Meaning of course, if you purchase a home with over $80,000.00 purchase price, you could be eligible for the full $8000.00.
What constitutes a 1st time homebuyer? Generally, a buyer who has not owned a home within 3 years prior to purchase.
Does the credit have to be repaid? No, if the home is purchased between Jan 1 2009 and before Dec 2009 and not sold for 3 years.
Are there income limits to determine who is eligible ? Yes, up to $75,000 modified adjusted gross income for single and $150,000 for joint taxpayers.
What types of homes qualify? Any home purchased by an eligible 1st time homebuyer and used as a principal residence. The home may be a manufactured home, a modular and be real or personal property.
Can this credit be used for a down payment or closing costs? Yes, several mortgage brokers and lenders have developed a system to make this possible.
MORE QUESTIONS: Call Larry or Jo Ann Thomas today at 628-2903 or 545-9249. We are here to "HELP YOU TODAY FOR YOUR TOMORROWS"
Sunday, March 29, 2009
Friday, March 20, 2009
7 Reasons to Own Your Own Home
By Jacque Lorang
1. Tax breaks.
2. appreciation
3. Equity.
4. Savings.
5. Predictability.
6. Freedom.
7. Stability
For more information on each of these advantages check out the next post in our archives section.
To calculate whether renting or buying is the best financial option for you, use this online calculator courtesy of Ginnie Mae
By Jacque Lorang
1. Tax breaks.
2. appreciation
3. Equity.
4. Savings.
5. Predictability.
6. Freedom.
7. Stability
For more information on each of these advantages check out the next post in our archives section.
To calculate whether renting or buying is the best financial option for you, use this online calculator courtesy of Ginnie Mae
7 Reasons to Own Your Own Home
By Jacque Lorang
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.
2. Gains. Over last five years (1998-2002) national home prices have increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the National Association of REALTORS® found that the typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
To calculate whether renting or buying is the best financial option for you, use this online calculator courtesy of Ginnie Mae.
By Jacque Lorang
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.
2. Gains. Over last five years (1998-2002) national home prices have increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the National Association of REALTORS® found that the typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
To calculate whether renting or buying is the best financial option for you, use this online calculator courtesy of Ginnie Mae.
Saturday, March 7, 2009
Top 10 Tax-Friendly Cities
Sunday, March 1, 2009 provided by Kiplingter
Tax rankings are based on 2007 tax return computations for a two-income couple earning $75,000 with one school age child. The real property tax is a function of housing values, real estate tax rates, assessment levels, homeowner exemptions and credits. The auto tax figure assumes the couple owns two cars and is based on the estimated registration fees, state and local gasoline taxes, and personal property taxes, if any.
No. 1 Anchorage, Alaska
No. 2 Manchester, New Hampshire
No. 3 Cheyenne, Wyoming
No. 4 Seattle, Washington
No. 5 Las Vegas, Nevada
No. 6 Jacksonville, Florida
No. 7 Sioux Falls, South Dakota
No. 8 Phoenix, Arizona
No. 9 Billings, Montana
Income tax: $2,559
Property tax: $1,865
Sales tax: $0
Auto tax: $689
STATE & LOCAL TAX BURDEN: 6.8%
Urban Facts: Billings taxpayers with adjusted gross incomes of less than $30,000 can exclude up to $3,600 of their pension income from state taxes.
Dubbed locally as the "Magic City," Billings is supporting growth by dunning its energy, agriculture, and transportation industries.
No. 10 Chicago, Illinois
Sunday, March 1, 2009 provided by Kiplingter
Tax rankings are based on 2007 tax return computations for a two-income couple earning $75,000 with one school age child. The real property tax is a function of housing values, real estate tax rates, assessment levels, homeowner exemptions and credits. The auto tax figure assumes the couple owns two cars and is based on the estimated registration fees, state and local gasoline taxes, and personal property taxes, if any.
No. 1 Anchorage, Alaska
No. 2 Manchester, New Hampshire
No. 3 Cheyenne, Wyoming
No. 4 Seattle, Washington
No. 5 Las Vegas, Nevada
No. 6 Jacksonville, Florida
No. 7 Sioux Falls, South Dakota
No. 8 Phoenix, Arizona
No. 9 Billings, Montana
Income tax: $2,559
Property tax: $1,865
Sales tax: $0
Auto tax: $689
STATE & LOCAL TAX BURDEN: 6.8%
Urban Facts: Billings taxpayers with adjusted gross incomes of less than $30,000 can exclude up to $3,600 of their pension income from state taxes.
Dubbed locally as the "Magic City," Billings is supporting growth by dunning its energy, agriculture, and transportation industries.
No. 10 Chicago, Illinois
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