2009 Economic Stimulus - $8,000 homebuyer credit

If you are considering purchasing a home in 2009 you must read this!

First time home buyers (those folks who haven't owned a primary residence in the last 3 years) who earn less than $75,000 if single, or $150,000 if married, will qualify for the tax credit. If you earn more than $75,000 ($150,000 if married) but less than $95,000 ($170,000 if married) the credit amount is reduced. For those who qualify, the credit amount is 10% of the purchase price of the home, up to a total of $8,000. You receive the credit on your income tax return when you file next year. It is a CREDIT, which means if you owe for example, $1,000 in taxes, you would receive a refund of $7,000. Or, if you are receiving a refund, the credit would be added to your refund! And the greatest part is - as long as you own your home for 3 years, you do not have to pay the money back!!!

Need more info? Visit www.federalhousingtaxcredit.com or call Best! Real Estate Services and ask for Linda (906-864-9369).

Or you can post your question here and I'll answer!

IT'S A GREAT TIME TO BUY A HOME!

Here are the top 10 reasons to buy a home now!:
10. Local lenders have money to lend!
9. Move in the springtime when weather is warmer
8. You can paint/decorate as you please - no landlord telling you what you can and can't do
7. Mortgage interest and real estate taxes are tax deductions
6. Monthly mortgage payments increase your equity
5. 1st time homebuyer tax credit of up to $7,500
4. Rates are extremely low
3. Prices are reasonable
2. There is a great selection of wonderful homes to choose from
1. Any Best! Real Estate Services agent would be happy to help you find just the right home! Just call us at 906-864-9369.
Don't settle for less than the Best!

'TIS THE SEASON

The red Salvation Army kettles are all around our town once again this season. I spent a few hours last week manning one of the kettles. I was a bit curious to see how the turbulent economy would effect the contributions. I was pleasantly surprised that once again, about 75 to 80% of the people passing by my kettle stopped to drop something in. Most folks folded their contribution to fit in the slot, while others dropped their pocket change into the kettle.
All in all, it was once again a joyous time in my life. It's one of the small things I can do this time of year to help make a difference. To all the folks who have contributed to the red kettle drive - a BIG THANK YOU! You are appreciated!

FIRST TIME HOME BUYER TAX CREDIT

The Housing and Economic Recovery Act of 2008 authorizes a $7500 tax credit for qualified first time home buyers purchasing homes between 4/9/08 and 6/30/09.

To qualify for the credit you must be a first-time home buyer (have not owned a principal residence during the 3 year period prior to your purchase) and must purchase between 4/9/08 and 6/30/09.

You claim the tax credit on your federal income tax return - no other paperwork is required!

In general, the tax credit is 10% of the qualified home purchase price, but the amount of the credit is capped at $7500.

There is also an income limit. If you exceed the income limit, the amount of the credit will be modified. There is a calculation for figuring the modified credit amount. I suggest you consult your tax advisor for information relating to your specific circumstances.

The great news is that this credit is refundable. That means that if you have no tax liability you will receive a check for the full amount of your credit. If you are receiving a refund, your credit will be added to your refund check. And if you owe the IRS, that amount will be deducted from your check.

At this point in time the credit must be repaid. There is some discussion among lawmakers regarding making the credit forgiveable. There is also some discussion about allowing ALL buyers between the designated dates to receive the credit (non first time buyers).

If the repayment plan remains as is currently in place, the credit is paid back over 15 years. That's $500 per year, paid on your tax return. It will either add $500 to what you owe, or reduce your refund by $500.

For more information, contact your tax advisor.

What do you think of this tax credit?

Linda

My reaquaintance with Tastebuds

I'm always looking for new and interesting restaurants in the Marinette and Menominee areas. I visited Tastebuds after a long absence and I was very pleasantly surprised. My pulled pork sandwich was juicy and tasty. I have since visited again after church on Sunday morning and enjoyed the buffet. Quite a nice variety of both breakfast and dinner foods.
Surely I will be visiting this establishment again.
Let me know about your favorite places in Marinette and Menominee.

My First Post

Hi! The purpose of this blog is to provide information about home and life in our community.