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Home Buyer Tax Credit Extends & Expands - What Would You Do With $8K? |
If you didn't get a chance to take advantage of the first-
time home buyer tax credit because you weren't in the
market for a home, or didn't think you qualified, I have
some excellent news.
The tax credit, which was scheduled to expire this
month, has been extended until next summer, and the
criteria for qualifying have expanded greatly.
Before we get into what's new about the homebuyer's
tax credit, let's review some features of the 2009 credit:
First of all, a tax credit is money free and clear. It's not
a "write off" or "tax-free" money - it's plain old green m-
o-n-e-y. In this case, $8,000 of it! For example, let's
say you do your taxes and end up owing the IRS
$2,000. You will get a check for the remaining $6,000.
Even better, let's say your refund amount is $1,000.
The amount of your return check will be $9,000.
Nothing to sneeze at!
Secondly, it applies to any type of primary residence:
houses or condos.
Extension & Expansion Details
Here are the details about changes in the homebuyer
tax credit:
New definition of "first time."
In the previous incarnation of the tax credit, only
people who had never owned a home, or not owned
one within the previous 3 years could benefit. With the
new rules, if you have been in your home for 5 of the
past 8 years, you could qualify, although this credit is
capped at $6,500. This is great news, as it will expand
the offer to many people who otherwise assumed they
could not qualify for anything offered to first-time
homebuyers.
Income cap lifted.
Income limits for who qualifies have been greatly
expanded. Single filers can get the credit if they earn
less than $145,000 per year and married couples can
earn up to $245,000 and still enjoy the credit. (The
credit, however, starts to phase out between $125,000
and $225,000, respectively.)
Later date.
The previous tax credit was set to expire at the end of
this month. However, under the new tax credit,
homebuyers have up until May 1 to have a deal in
place, and until July 1, 2010 to close on the purchase.
You can claim this on your 2009 or your 2010 taxes.
Housing prices have been holding steady, and people
are starting to feel more confident about the economy.
Couple this with the generous, expanded tax credit,
and the time may be just right to make that move you
have been wanting to make!
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November's Home Value Improver |
Prep Your Home for Winter!
Did you hear the collective groan earlier this month,
when people started saying "goodbye" to sunlight by
the time they left the office?
The days are shorter and colder, and it's getting
harder to keep your house warm and efficient. The
Thanksgiving break is a good time to take the ever-
important step of winterizing your home. Chances are,
you'll be so wrapped up in holiday activities after this
that you won't have the time or energy.
Get your heating system in order.
Whether that requires you to bleed radiators, get your
oil burner serviced or have your ducts cleaned, do it
now before the gas and oil companies get too busy or
before you have an emergency. Don't forget to stock
up on filters, too, so you can change them regularly.
Get your outdoor equipment ready.
Now is a good time to put the beach chairs and picnic
table behind the snowblower and shovels in the shed.
Stock up on rock salt, and imagine how prepared
you'll feel after the first snow. It's also time to put away
the outdoor furniture cushions, gardening tools, and
plants.
Check your fire warning, prevention tools.
Change the batteries in your smoke and carbon
monoxide alarms. Why not keep some 9-volt batteries
on hand so that when the maddening fire alarm
chirping starts at 4 a.m., you have an easy solution?
Check out your fire extinguisher. If it was a
housewarming gift in 1976, it might be time for a new
one.
Prevent unwanted guests.
Seal up cracks and holes in your foundation to prevent
critters from making your basement their winter home.
Meanwhile, seal up cracks in door jams and windows
with weather stripping to prevent drafts.
Be ready for an emergency.
Gather together everything you would need in case of
a power outage and put it in one place. Toss some
warm blankets, battery-powered lanterns, and food
that doesn't require cooking in a storage container
that is easy to reach.
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As we head into Thanksgiving week, I'd like to thank
you for reading my newsletter each month. I am so
thankful to own a business that I'm proud of and to do
work that I love. Working with home buyers and
homeowners as they make big life decisions is a
privilege I appreciate every day.
Please feel free to call or email with any questions you
have about home financing. I'd be grateful for the
opportunity to help you.
Enjoy some time with those you love most over the
holiday weekend. Have a wonderful Thanksgiving!
Best regards,
Debbie Siegel
President
Westchester Mortgage
P.S. You're receiving this E-Newsletter because you have a prior relationship with me or with Westchester Mortgage. If I've sent this to you in error, or if you want to remove yourself from the list at any time, just click the "SafeUnsubscribe" link at the bottom of this e-mail.
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