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
Tuesday, February 24, 2009
Selling Your Home
Selling your home can be a very frustrating and emotionally draining process. There are many factors involved but 2 of the key factors are price and exposure. Your home needs to be exposed to the maximum number of people possible in the minimum amount of time, to find those that are qualified and willing to purchase.
If your exposure is limited, your home may require more time to sell. This is self defeating to a degree because the more time your home is on the market, it gradually may become less likely to sell at the best price. A home on the market for long periods of time sometimes creates the impression with potential buyers that there is something wrong with this house and they may avoid it unless the price falls well below the market value. In fact, they may expect a much lower price because of this impression that a lengthy time on the market creates.
Therefore it is essential that your home is priced as near to fair market value as possible and receives the maximum amount of exposure. Selling your home can be very complicated and we have barely touched on only two of the factors involved.
You need a Realtor to find your fair market value and give your home the exposure it deserves. Call or e-mail Larry E. Thomas, and with my wife Jo Ann, we can help you in evaluating your home and selling at the best price in the least amount of time. 628-2903 or 545-9249 e-mail larrythomasbrep@msn.com
Selling your home can be a very frustrating and emotionally draining process. There are many factors involved but 2 of the key factors are price and exposure. Your home needs to be exposed to the maximum number of people possible in the minimum amount of time, to find those that are qualified and willing to purchase.
If your exposure is limited, your home may require more time to sell. This is self defeating to a degree because the more time your home is on the market, it gradually may become less likely to sell at the best price. A home on the market for long periods of time sometimes creates the impression with potential buyers that there is something wrong with this house and they may avoid it unless the price falls well below the market value. In fact, they may expect a much lower price because of this impression that a lengthy time on the market creates.
Therefore it is essential that your home is priced as near to fair market value as possible and receives the maximum amount of exposure. Selling your home can be very complicated and we have barely touched on only two of the factors involved.
You need a Realtor to find your fair market value and give your home the exposure it deserves. Call or e-mail Larry E. Thomas, and with my wife Jo Ann, we can help you in evaluating your home and selling at the best price in the least amount of time. 628-2903 or 545-9249 e-mail larrythomasbrep@msn.com
Wednesday, February 11, 2009
First Time Home Home Buyer want tax credit from IRS?
Who is eligible to claim a $7500 tax credit?
Check this out:
1. What's the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to this purchase.
2. How do you claim the tax credit?
You claim the tax credit on your Federal income tax return.
3. What type of home will qualify?
Any home purchased as a principle residence by an eligible first-time home buyer. (See Limits for MAGI)partial credits are available for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with MAGI of more than $170,000)
4. What is a tax credit?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7500 in income taxes and who receives a $7500 tax credit would owe nothing to the IRS, in this year.
5. Does the tax credit have to be paid back to the government? If so, what are the payback provisions?
Yes, at this time the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit would be due from the profit on the home sale. If there was insufficient profit, the the remaining credit payback would be forgiven.
6. The first -time home buyer program should really be called a ZERO INTEREST Loan! Assuming an interest rate of 7%, that means the home owner saves up to $4200 in interest payments over a 15-year period.
Call me, Anita Wallace 671-4540, to find your dream home and claim your Zero Interest Loan
Who is eligible to claim a $7500 tax credit?
Check this out:
1. What's the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to this purchase.
2. How do you claim the tax credit?
You claim the tax credit on your Federal income tax return.
3. What type of home will qualify?
Any home purchased as a principle residence by an eligible first-time home buyer. (See Limits for MAGI)partial credits are available for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with MAGI of more than $170,000)
4. What is a tax credit?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7500 in income taxes and who receives a $7500 tax credit would owe nothing to the IRS, in this year.
5. Does the tax credit have to be paid back to the government? If so, what are the payback provisions?
Yes, at this time the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit would be due from the profit on the home sale. If there was insufficient profit, the the remaining credit payback would be forgiven.
6. The first -time home buyer program should really be called a ZERO INTEREST Loan! Assuming an interest rate of 7%, that means the home owner saves up to $4200 in interest payments over a 15-year period.
Call me, Anita Wallace 671-4540, to find your dream home and claim your Zero Interest Loan
Monday, February 2, 2009
Billings No. 3 In The Nation!!!
by Larry Thomas
With all the bad real estate news we have all heard lately, it makes one wonder, how bad is it here ? Well, not so bad according to a national online real estate search firm, Housing Predictor. Housing Predictor predicts that 5 montana cities will be among the top 25 cites in the USA in appreciation values percentages. Billings at No. 3 in the nation leads the Montana pack with a forecast of 3.1 % appreciation in home values for 2009, folowed by Bozeman at No. 9 , Great Falls No. 13, Livingston No. 14 and Missoula No. 16. So the forecast for Montana in general and Billings in particular looks pretty good. Just think of the top 25 in the nation, Montana has 5 which is 1/5 of the total in the whole USA !!!
Referring back to an earlier blog " Why Buy Now" that all real estate is local and the national market has very little relation to the local market, it looks like Billings is a good place to sell as well as buy.
Call me for your help in finding your new home or listing or present home.
Larry Thomas 628-2903
by Larry Thomas
With all the bad real estate news we have all heard lately, it makes one wonder, how bad is it here ? Well, not so bad according to a national online real estate search firm, Housing Predictor. Housing Predictor predicts that 5 montana cities will be among the top 25 cites in the USA in appreciation values percentages. Billings at No. 3 in the nation leads the Montana pack with a forecast of 3.1 % appreciation in home values for 2009, folowed by Bozeman at No. 9 , Great Falls No. 13, Livingston No. 14 and Missoula No. 16. So the forecast for Montana in general and Billings in particular looks pretty good. Just think of the top 25 in the nation, Montana has 5 which is 1/5 of the total in the whole USA !!!
Referring back to an earlier blog " Why Buy Now" that all real estate is local and the national market has very little relation to the local market, it looks like Billings is a good place to sell as well as buy.
Call me for your help in finding your new home or listing or present home.
Larry Thomas 628-2903
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