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tax incentives for real estate: Extending the Home Tax Credit... A Good Idea? - 06/11/10 10:39 PM
The proposed extension simply provides buyers an extra 90-days to complete the purchase.
Under current terms, buyers had until April 30 to put a property under contract and until June 30 to close the sale.
Thursday Senate Majority Leader Reid said "he wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000."
Call me a cynic... but from my perspective... Reid's futile plan will benefit a select few. If the vote pandering politician was serious about helping, then he should seek to extend all aspects of the credit, enabling first-time buyers … (3 comments)
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tax incentives for real estate: Obama Administration Targets Mortgage Interest Deduction! - 02/09/10 11:36 AM
The interest deduction costs the Treasury more than $80 billion a year according to sources and President Obama's 2011 Budget just announced surprised many in Washington for going after what has been called one of the "Sacred Cows".
The proposed budget, caps the value of itemized deductions based on a taxpayer's income, in essence eliminating the mortgage interest deduction for single taxpayers making more than $200,000 a year. ($250,000 joint returns). The move is designed to raise nearly $179 billion next year by increasing taxes on wealthier Americans.
Current law allows interest on up to $1 million in total mortgages on first … (9 comments)
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tax incentives for real estate: Obama Signs Extension and Expansion of Home Buyer Tax Credit - 11/12/09 12:20 AM
New legislation, click here for details, extends the $8,000 tax credit to the end of April 2010 and includes the following changes:
*Sales contract deadline is April 30th 2010 and the transaction completed by June 30, 2010.
* Income limits have been increased from $75,000 for single people and $150,000 for couples, to $125,000 and $225,000 respectively.
* Buyers who have lived in their current home for the last 5 years would be eligible for up to a $6500 tax credit (or 10% of the purchase price).
* The maximum allowed home purchase price would be capped at $800,000.
* Military … (0 comments)
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tax incentives for real estate: Proposed Home Buyer Tax Credit Revisions Move Forward... - 11/06/09 08:47 AM
First-time home buyers have been eligable for tax credits of up to $8,000 since January 2009, as part of the economic stimulus package enacted earlier this year. And as you may know, the current program is scheduled to expire at the end of November 2009.
We're pleased to report the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes.
The Senate approved the measure Wednesday, and the White House said the current President would sign it Friday.
Buyers who have owned their current homes at least five years would be eligible for tax credits … (0 comments)
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tax incentives for real estate: Breaking news on the Homebuyers Tax Credit... - 10/29/09 12:46 PM
There is breaking news on the tax credit and the highlight is... there may well be a credit for EXISTING homeowners ($6500). We are tracking the issue as you read this...
Under the compromise reached Wednesday, the existing $8,000 credit would be extended for first-time home buyers who sign a contract for a home by the end of April 2010 and close by the end of June.
It also creates a $6,500 credit for people who buy a home but have owned a home for at least five consecutive years out of the past eight years.
The income limit would be … (1 comments)
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tax incentives for real estate: New Homebuyer Tax Credit Update... - 10/28/09 05:27 PM
This is an important week in the lobbying efforts of the National Association of REALTORS® who are working to extend the homebuyer tax credit. The Senate Finance Committee is expected to consider an amendment to an unemployment insurance bill that would extend the homebuyer tax credit to the middle of 2010, increase the income limits, and remove the first-time homebuyer restriction.
As the Nov. 30th deadline for the current Homebuyer Tax Credit draws near, North Carolina REALTORS® continue to make their voice heard in Congress. So far, almost 170,000 responses have been generated across the country with approximately 7,000 of those from right here in … (0 comments)
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tax incentives for real estate: First Time Home Buyers Under The Gun!... - 10/05/09 12:29 PM
Although the credit actually expires November 30, 2009, it can sometimes take up to 60-days to close on a home which is why we write... First-time buyers have only about two weeks to find a home!
Buyers not under contract by October 15 have little chance of meeting the November 30 deadline and therefor successfully attaining the credit.
This is especially true for purchases involving short sales and foreclosures.
Congress passed the First-Time Home buyer Tax Credit program as part of the 2009 economicc stimulus plan. IRS Form 5405 outlines the program criteria which include the following stipulations:
Buyer may not have owned a "main … (3 comments)
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tax incentives for real estate: Home Ownership Moves the Economy... - 08/26/09 10:12 PM
Home Ownership Moves the Economy (HOME) Act of 2009 | Originating in the House of Representatives and introduced Jun 10, 2009 by its Sponsor: Rep. Howard Coble [R-NC6] with cosponsors: Barton Gordon [D-TN6], Sheila Jackson-Lee [D-TX18], Walter Jones [R-NC3], Donald Young [R-AK], , This bill is in the first step in the legislative process. Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee. That said, we can only be hopeful this bill will become law. Do you, like we, beleive … (0 comments)
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tax incentives for real estate: Now Available... A New and Improved Homebuyer Tax Incentive! - 06/01/09 10:43 AM
Now Available... A New and Improved Homebuyer Tax Incentive!
Friday, May 29, 2008, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.
As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time...when it's needed most.
PLUS... First Time Home … (0 comments)
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tax incentives for real estate: Pinehurst, NC Homes - Why Buy Now? - 11/27/08 01:16 AM
Real estate markets are localized and the Pinehurst, NC area is a wonderful place to live, work and play, so real estate is a relatively safe and secure investment for both primary and secondary home buyers.
Reasons to invest in real estate include...
Security Leverage Tax favored status Reasons to buy now include...
Good supply to choose from Negotiable Sellers Favorable Interest Rates As a result of legislation enacted in July 2008, First time home buyers have a limited opportunity to take advantage of a tax credit of as much as $7,500.
Tax Credit Overview
The tax credit is available for … (0 comments)
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tax incentives for real estate: Compelling Reasons for Owning Versus Renting - 11/09/06 02:41 PM
Tax Incentives - The United States Tax Code allows a deduction for the interest paid on a mortgage, the property taxes paid, and some of the actual costs involved in the purchase.
Appreciation - Since 1989, home prices, nationwide, have increased at an average of 5.5% annually. Though there's no guarantee of continued appreciation, it's been estimated that, through price gain, and reducing mortgages through payment of principle, a typical homeowner has $144,000 in equity in a home based on data provided by the Federal Reserve.
Equity - Money paid for rent is money that you'll never see again, but mortgage payments allow you to … (0 comments)
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Wayne and Lynda Gomillion
Pinehurst,
NC
More about me…
Real Living Hagan Realtors | Pinehurst ~ Southern Pines, NC
Address: 19 Chinquapin Road, Pinehurst, NC , 28374
Office Phone: (910) 585-2400
Cell Phone: (910) 585-2400
Email Me
We’re NC real estate brokers and members of “The” Pinehurst Home Team. For nearly two decades we have served the needs of buyers and sellers of single and multifamily properties and offer a friendly, consultative approach to client’s real estate and relocation endeavors. Whether visiting or considering relocation, we encourage you to visit our websites and contact us for more information about the greater Pinehurst North Carolina area and the unparalleled quality of life the area offers.
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