|
|
|
Deadline Looms for First Time Home Buyers - 2009-09-20 |
Are you a first time homebuyer? If so, it's time to sit up and take notice.
If you have been sitting on the proverbial homebuying fence, you have just over 60 days to find what you want, get it under contract, obtain financing, and get closed.
If you can pull that off, you may still qualify to pick up a check for $8,000 in cold, hard, tax-free cash. But the Federal First Time Homebuyer Tax Credit is set to expire at midnight on the last day in November, and closings after that date won't qualify.
This tax credit:
* applies only to homes closed between now and midnight on November 30, 2009.
* is available only to those purchasing their principal residence.
* reduces your tax bill (or increases your refund) dollar for dollar.
For the purposes of this credit, a first-time homebuyer is one who has not owned a principal residence anytime during the past three years. Ownership of vacation property or rental homes will not disqualify you.
Here the questions I am most often asked:
Q: Are there limits on purchase price or location?
A: There is no limit on price, but the credit is ten percent of the purchase price, up to a maximum of $8,000. The purchased home must be located inside the United States.
Q: Are there other restrictions?
A: Yes. The credit phases out for individuals earning more than $75,000 and for couples earning more than $150,000. Also, you must own and occupy the house as your principal residence for at least three years. If you move, the entire credit must be paid back.
Q: I have been renting for several years. If I buy this house from the owner under an owner financing arrangement, will I still get the credit?
A: Owner financed sales are eligible under the program.
Q: Can I buy a house from my parents?
A: No. Homes purchased from close relatives are excluded from the program, but step-relatives are not considered close relatives, so you could purchase a home from a step-parent.
Q: Can I buy home now, rent it out for a few months, then move in and still qualify?
A: No, you must be closed no later than November 30, 2009 and it is expected that you would occupy the house immediately as your principal residence.
Q: I heard that the government payout on the Cash for Clunkers program was going to be taxed. Is this tax credit treated the same way?
A: No. Tax credits are not considered as taxable income. Even if you have no liability for income taxes, you can still receive a check for the amount of your credit.
Q: Can I buy a new house and still get the credit?
A: Yes. New construction qualifies provided you close and occupy by the deadline of November 30.
Q: How can I know for sure if I qualify?
A: Visit IRS.gov and search on "homebuyer" for detailed information. Your tax preparer is best qualified to explain the rules.
|
|
Upcoming Events
"EPA CERTIFIED RENOVATOR" TRAINING
Do You Work with Real Estate? You Must Be LEAD SAFE CERTIFIED as of April 22nd.
To all owners, realtors, investors, property managers, contractors, electricians, plumbers and painters. Do you ever engage in any level of renovation? If so, read this:
Any renovator, from owners to contractors, from plumbers to electricians to painters, who disturbs lead paint while working in a pre-1978 home, school or day care center, now must be Lead-Safe Certified. If you’re not, you can face tens of thousands of dollars in fines. Plus, you put the health of yourself, your workers and your customers at risk, which could result in lawsuits. One simple 8 hour class certifies you for five years. It’s that easy.
Since April 22, 2010, there are new Federal rules regarding how you perform any work that disturbs lead-based paint in homes, child-care facilities and schools built before 1978. You now must be EPA certified and follow specific work practices to prevent lead contamination.
Failure to follow the new rules can result in federal fines of up to $32,500 per day or up to 5 years in federal prison, or both. Don’t take a chance - it’s not worth it.
How To Become an EPA Certified Renovator:
In just one day, John Adams will teach you how to meet all EPA requirements and become an “EPA Certified Renovator.”
Don’t wait - register now! Click on “Seminars” and choose your day!
- Friday, July 30th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 06th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 13th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 20th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 27th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
Total Course Cost: $295, includes exam and EPA-HUD 400 page manual
Space is limited to 20 participants.
Training services provided by Seagull Environmental Management Co, Inc.
Courses are approved for purposed of certification under Section 402 of TSCA for the Certified Renovator.
This course has been approved by the Georgia Real Estate Commission for 7 hours of Real Estate Continuing Education
For more information, call toll-free 888-373-0029
Click above on the "Seminars" button to register
*************
John Adams Presents
“The MetroVestAtlanta.com REO Bus Tour”
Get on the bus for a tour of South DeKalb County’s “Real Estate Owned”
homes. Each house you visit will be available that day for purchase at
a giveaway price, regardless of current condition. Financing is
available!
Throughout the day, we will hear from mortgage providers, people in the
construction business and property managers all discussing today’s
situation with Bank Owned REO properties.
Who Should Attend: Investors, Realtors, Lenders, Prospective Buyers, and
anyone who might want to buy a super-bargain house and either do the
rehab themselves or have all the work performed by the pros.
You will see abandoned dumps and finished products, and everything
in between. And Snap will be there to answer all your questions and
explain the rehab and rental strategies.
Saturday, August 21st, 9:30 AM to 4:00 PM
Your $49 fee includes the bus tour and lunch. You must make reservations. No walk-ups.
There is limited seating and the seats are filling fast. ACT NOW before you miss the bus.
We will be meeting at Suburban Plaza, 2643 N. Decatur Road and Church Street, Lower Level, Decatur 30033 (beneath Hancock Fabrics, in the arcade.)
|
Resources