Homebuyer tax credit: 950,000 must repay
By Les Christie, staff writerSeptember 9, 2010: 2:40 PM ET
NEW YORK (CNNMoney.com) -- Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government.
According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money. CLICK HERE FOR FULL ARTICLE
Showing posts with label Tax Credit. Show all posts
Showing posts with label Tax Credit. Show all posts
Monday, September 13, 2010
Friday, July 2, 2010
Tax Credit Closing Date Extended!
Tax credit extension relieves late homebuyers
Deadline to close sale and qualify for up to $8,000 pushed back to Sept. 30
NEW YORK — Homebuyers worried about closing their house purchases by the tax credit cutoff can relax after the government extended the deadline.
Congress sent President Barack Obama a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The House approved the measure on Tuesday and the Senate approved it Wednesday night. Obama is expected to sign it.
The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the original terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The bill only allows people who already have signed contracts to finish at the later date.
Click Here for full article
Deadline to close sale and qualify for up to $8,000 pushed back to Sept. 30
NEW YORK — Homebuyers worried about closing their house purchases by the tax credit cutoff can relax after the government extended the deadline.
Congress sent President Barack Obama a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The House approved the measure on Tuesday and the Senate approved it Wednesday night. Obama is expected to sign it.
The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the original terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The bill only allows people who already have signed contracts to finish at the later date.
Click Here for full article
Monday, June 14, 2010
CNN Money Reports: Politicians Pulling for Tax Credit Extension
Homebuyers could get more time for tax credit
NEW YORK (CNNMoney.com) -- First-time homebuyers looking to land an $8,000 federal income tax credit may have a little more time to close on their purchases if a Senate amendment unveiled Thursday makes it into law. Click HERE for full article
Thursday, June 10, 2010
Forbes Online Asks: Will The Home Buyer Tax Credit Help?
Will The Home Buyer Tax Credit Help?
Francesca Levy, 06.08.10, 06:25 PM EDTThe government incentive gave real estate a short-term boost, but critics wonder if it was worth the money.
t looks like a strong recovery is underway in the real estate market: Contracts on new homes surged in April, and the National Association of Realtors' pending home sales was up 6% from the previous month, and 22% from a year earlier.
But don't let appearances fool you. Gains in new home sales were likely due to last-minute bargain-hunters scrambling to take advantage of a federal tax credit for new home buyers, before it expired on April 30. And after that rush passes, sales are expected to fall during the usually active summer season.Click Here for Full Article:
Friday, April 30, 2010
Selling Frenzy as Tax Credit Ends
Tuesday, April 27, 2010
New York Times Reports: Costly Tax Credit Served it's Purpose
April 30th is the magical date that has home buyers in a frenzy and that for our company has sparked business to record levels for the months of march and april. The New York times further discusses the costs and implications of this tax credit from May 1st onward.
Home Tax Credit Called Successful, but Costly,
By DAVID KOCIENIEWSKI
Published: April 26, 2010
Click here for full article
Home Tax Credit Called Successful, but Costly,
By DAVID KOCIENIEWSKI
Published: April 26, 2010
Click here for full article
Monday, April 19, 2010
Average fixed-rate mortage down to 5.07%, from previous week's 5.21%
With the tax credit coming to an end in less than 2 weeks, rates remain low and give buyers more incentive than ever to buy a home now. There are many different opinions on what will happen after the tax credit expires, one certainty is that mortgage rates will go up, exactly how much is yet to be determined. If there is a home you are interested in and have been thinking about, financially speaking, before the end of the month of April 2010 may be the best time to make that move. Call one of us if you have any questions!
Friday, April 16, 2010
Brand New Listing!
10837 Whiterim Dr, Potomac Md 20854
First open this Sunday, April 18, 2010 1-4pm.
Call Tom Nalls: 301-237-5170 Or email Nallshome1@gmail.com with any questions
Monday, March 29, 2010
Guest Blog: Time is Running Out on the “First Time” Homebuyer Tax Credit!
From Our Friend, John G. Nalls, Esq. of Counselors Title:
I have been getting a lot of inquiries lately regarding whether the Congress intends to extend, for the 3rd time, the provisions of the American Recovery and Reinvestment Act which allow for a “First Time” Homebuyer Tax Credit, and all indicators are that the answer is “NO”. As result, TIME IS RUNNING OUT for those homebuyers who wish to take advantage of this tax credit for purchasing a home for the 1st time or, in many cases, a new home. Under the present form of the Act, a First Time Homebuyer(defined as someone who has not owned a property used as their principal residence for 3 years prior to the purchase) may qualify for a federal tax credit of up to $8,000 and a Current Homebuyer (defined as someone who has owned and lived in their present property for an aggregate of 5 of the last 8 years) may qualify for a federal tax credit of up to $6,500. Unlike a deduction, a tax credit serves as a dollar for dollar savings to the taxpayer. Eligibility is subject to certain conditions and income guidelines.
In order to potentially take advantage of this incredible program, the Homebuyer must have a FULLY RATIFIED CONTRACT by April 30, 2010. The Act does allow settlement to occur after that date (but under no circumstances later than June 30, 2010) provided that the contract is fully ratified before that time.
Please feel free to contact me at john@ctitle.net with any questions about this substantial tax benefit.
I have been getting a lot of inquiries lately regarding whether the Congress intends to extend, for the 3rd time, the provisions of the American Recovery and Reinvestment Act which allow for a “First Time” Homebuyer Tax Credit, and all indicators are that the answer is “NO”. As result, TIME IS RUNNING OUT for those homebuyers who wish to take advantage of this tax credit for purchasing a home for the 1st time or, in many cases, a new home. Under the present form of the Act, a First Time Homebuyer(defined as someone who has not owned a property used as their principal residence for 3 years prior to the purchase) may qualify for a federal tax credit of up to $8,000 and a Current Homebuyer (defined as someone who has owned and lived in their present property for an aggregate of 5 of the last 8 years) may qualify for a federal tax credit of up to $6,500. Unlike a deduction, a tax credit serves as a dollar for dollar savings to the taxpayer. Eligibility is subject to certain conditions and income guidelines.
In order to potentially take advantage of this incredible program, the Homebuyer must have a FULLY RATIFIED CONTRACT by April 30, 2010. The Act does allow settlement to occur after that date (but under no circumstances later than June 30, 2010) provided that the contract is fully ratified before that time.
Please feel free to contact me at john@ctitle.net with any questions about this substantial tax benefit.
John G. Nalls, Esq.
Counselors Title, LLC
4400 Jenifer Street, NW, Suite 200
Washington, DC 20015
202-683-1572 direct
202-686-7223 fax
240-498-8290 cell
Tuesday, February 9, 2010
Monday, January 18, 2010
COUNTDOWN!!
Okay, we admit it. Realtors are always saying it’s a great time to buy and sell when maybe, sometimes; it is only a pretty good time or not such a bad time… We are the Salespeople that Cried Wolf.
But right now the market in our area is very, very strong and it really and truly is a great time to sell a home. The reason for it: the First-time Homebuyer Federal Tax Credit is set to expire at the end of November and everyone and their mother is out trying to get something under contract in time for a November settlement. Of course, not everyone qualifies and it tends to stimulate homes under $400,000 which only makes up a portion of our areas home sales. But when a $200,000 condo sells, the owners move up to a $500,000 town house and those owners move up to an $800,000 single family home, etc. You get the idea. Stimulus.
So, two things you should know.
First, if you are even THINKING about selling your home, call us right away. Remember that a 45 day window for loan approval means that buyers are frantically trying to get themselves under contract before October 15th. The first time and move up buyers are out NOW – and bidding on everything they see. Our open houses are packed and we are getting multiple offers on many, many properties again. After October this is likely to slow way down.
Finally, we really believe that the credit has been a major boom to the real estate market in our area and hope it is extended. If you agree – and we encourage you to look into the pros and cons to make up your own mind – you might consider an email or phone call to your elected representative letting them know that you support an extension.
Oh! And to everyone that is happy with their place and has no intention of selling their home – we’re glad! We probably sold it to you and that’s what we like to hear…:-)
All the best -
Barbara and Tom
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