Homebuyer Tax Credit

 
 NAR Issue Brief 

Homebuyer Tax Credit 

National Association of REALTORS

500 New Jersey Avenue, NW, Washington DC, 20001

® Government Affairs Division

November 7 – April 30, 2010 Rules as enacted November 2009

 FEATURE

 First-time Buyer Amount of Credit: $8000($4000 married filing separate)

First-time Buyer Definition for Eligibility: May not have had an interest in a principal residence for 3 years prior to purchase 

  Current Homeowner Amount of Credit: $6500($3250 married filing separate) 

Effective Date Current Owner: November 7, 2009 

  Current Homeowner Definition for Eligibility: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
 
  Binding Contract Rule: So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
 
 
  Income Limits: (Note: Increased income limits are effective as of date of enactment of bill) $125,000 – single, $225,000 – married, Additional $20,000 phase out 

 Limitation on Cost of Purchased Home: $800,000 November 7, 2009

 Purchase by a Dependent: as of November 7, 2009 Ineligible

  Anti-fraud Rule: Purchaser must attach documentation of purchase to

Termination of Credit: Purchases after April 30, 2010

 

For the full report visit: NAR Issue Brief Homebuyer Tax credit


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Do you believe in Fairies

fairy

“TGIF everyone…it’s been a tough week & I thought we could all use a good laugh. Hope your weekend is safe & filled with LOVE & LAUGHTER!”

A married couple in their early 60s was celebrating their 40th wedding
anniversary in a quiet, romantic little restaurant.
 

Suddenly, a tiny yet beautiful fairy appeared on their table.

 She said, ‘For being such an exemplary married couple and for being loving to each other for all this time, I will grant you each a wish.’

The wife answered, ‘Oh, I want to travel around the world with my darling husband.’

The fairy waved her magic wand and – poof! – two tickets for the Queen Mary II appeared in her hands.

The husband thought for a moment: ‘Well, this is all very romantic, but an opportunity like this will never come again…

 I’m sorry my love, but my wish is to have a wife 30 years younger than me.’

 The wife, and the fairy, were deeply disappointed, but a wish is a wish.

 So the fairy waved her magic wand and poof!..the husband became 92 years old…

 The moral of this story: Men who are ungrateful brats should remember.. ..fairies are female…

*Giggles…thanks Eileen for sending this to me

Who Says…

john_mayer-603Not sure where good ole John is going with this song…but you have to admit, it’s got a wicked hook!

Lovin’ life and MUSIC MONDAY!

John Mayer “Who says”

Who says I can’t get stoned
Turn off the lights and the telephone
Me in my house alone
Who says I can’t get stoned

Who says I can’t be free
From all of the things that I used to be
Rewrite my history
Who says I can’t be free

It’s been a long night in New York City
It’s been a long night in Baton Rouge
I don’t remember you looking any better
But then again I don’t remember you

Who says I can’t get stoned
Call up a girl that I used to know
Fake love for an hour or so
Who says I can’t get stoned

Who says I can’t take time
Meet all the girls in the county line
Wait on fate to send a sign
Who says I can’t take time

It’s been a long night in New York City
It’s been a long night in Austin too
I don’t remember you looking any better
But then again I don’t remember you

Who says I can’t get stoned
Plan a trip to Japan alone
Doesn’t matter if I even go
Who says I can’t get stoned

It’s been a long night in New York City
It’s been a long time since 22
I don’t remember you looking any better
But then again I don’t remember, don’t remember you

Broncos VS Steelers

Broncos

MONDAY NIGHT FOOTBALL is finally kicking into high gear! Tonight Broncos/Steelers match up promises to get even the most reserved football fans on their feet…

Broncos Camp FootballI must admit I now have a personal stake in this game since MyST LOVE, Love, loves the Denver BRONCOS. Regardless…my money is on Denver for the win tonight on their home field!

The Steelers pissed me off by beating my Vikings 27-17 in week 7 so I’m hoping my baby’s team will help even the score. Honestly, my Vikings fumble and turnovers are what helped Pittsburg win that game & I’m sure the Broncos have been watching the game films to ensure those mishaps will not happen tonight.

“According the the EXPERTS the Steelers are 3 point favorites over the Broncos but I don’t think they realized I was CHEERING for Denver…*Giggles”

broncos steelersEven I was surprised by the Broncos impressive 6-1 record. I think beating the Cowboys & the Patriots was just the shot in the arm the Broncos needed to finally gain back the respect they so richly deserve. Last weeks loss to the Ravens is sure to have added some FUEL to the Broncos FIRE.

“There is nothing like the taste of VICTORY…the Broncos were going undefeated all year, the Ravens loss has only made them more determined to get that feeling back!”

UPDATES:

Steelers Ryan Clark out due to sickle cell complications

Counting the hours until KICK OFF…


This is what the experts have to say…DO YOU AGREE?

$8K Tax Credit: EXTENDED

Obama signs“That’s right! The rumors are TRUE…President Obama signed an extension & expansion of the first-time homebuyers tax credit last Friday.”

Here are the HIGHLIGHTS:

$8K tax credit will now be in effect through the end of June 2010.

Homebuyers MUST sign a contract before April 30 and close by June 30.

The income limits were  raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

“The bill also made more homeowners eligible to claim the credit on their taxes.”

First-time buyers — those who have not owned a home in the past three years — still qualify for an $8,000 rebate.

NEW: people who want to trade up can now also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

For all the detail of the $8K Tax Credit read this–>$8K Tax Credit

WANT TO START SEARCHING FOR YOUR DREAM HOME?

CLICK—> DREAM HOME SEARCH

Mamma I’m coming home…

It’s been another wonderful weekend w/MyST. During our travels we were flipping through the radio channels & found this “old school” gem by Ozzy Osbourne. Check it out…I hope it gives you a pleasant BLAST FROM THE PAST!

Happy Music Monday:D

OZZY OSBOURNE, “Mamma I’m coming home”

Times have changed and times are strange
Here I come but I ain’t the same
Mama, I’m coming home

Times gone by seem to be
You could have been a better friend to me
Mama, I’m coming home

Took me in and you drove me out
Yeah, you had me hypnotized
Lost and found and turned around
By the fire in your eyes

You made me cry, told me lies
But, I can’t stand to say goodbye
Mama I’m coming home

I could be right, I could be wrong
Hurts so bad, it’s been so long
Mama, I’m coming home

Selfish love yeah, we’re both alone
The ride before a fall
But I’m gonna take this heart of stone
I just got to have it all

I’ve seen your face a hundred times
Every day we’ve been apart
I don’t care about the sunshine, yeah
Cause mama, mama I’m coming home

Our Last Summer

“Today an important chapter of my life ended…the end has been full of pain, but I can’t help remembering all the joy too. I won’t regret loving him.”