Home Buyers and Home Owners of 5 years, take advantage of the tax credit NOW

President Obama has signed into law the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit.

The bill provides a new incentive for existing homeowners who have owned their current homes at least five years, making them eligible for tax credits of up to $6,500 when they purchase a new home. I believe this provision benefitting existing home owners, combined with historically low interest rates, will help engage a large number of qualified move-up buyers who have been sitting on the sidelines hesitant to list their current homes… if they act now!

The bill also extends the previous incentive for first time homebuyers – or anyone who hasn’t owned a home in the last three years. Those buyers will still get up to an $8,000 refundable tax credit.
The legislation includes other qualification provisions. For example, the credit is available only for the purchase of principal homes (no second or vacation homes) costing $800,000 or less and the credit is scaled back and gradually eliminated for individuals with annual incomes above $125,000 or couples with incomes above $225,000.
To qualify under either provision, buyers must sign a purchase agreement by April 30, 2010 and close by June 30. This is likely to be the last tax credit that the government will offer to first time and move-up buyers. The window of time is shorter than it may seem, especially for potential buyers who need to list and sell their existing homes. We must do everything we can to help them take complete advantage of it.

Encore of First-Time Home Buyer Tax Credit Webinar – April 27

Encore of First-Time Home Buyer Tax Credit Webinar – April 27

Due to popular demand, NJAR® will be hosting a second free webinar for members and the public on Monday, April 27 at 2:00 p.m. titled Get the REAL StorySM on the First Time Home Buyer Tax Credit.

Linda Goold, director of federal tax programs for the NATIONAL ASSOCIATION OF REALTORS® (NAR), will discuss how home buyers can take advantage of the federal first-time home buyer tax credit, how it functions, and how purchasers can claim it. NJAR® will begin the webinar with information on the newly redesigned website, www.REALstoryNJ.com, along with details on the revamped Get the Real StorySM public education campaign focusing on the benefits of New Jersey’s real estate market.

Reserve your space for the encore presentation of Get the REAL StorySM on the First Time Home Buyer Tax Credit today. The address for viewing the webinar will be http://njar.acrobat.com/tc042709.

Tax Credit for Ford Hybrids Begins Phase-Out

WASHINGTON — The tax credit for hybrid passenger automobiles and light trucks manufactured by Ford Motor Company has begun to phase out for purchases made after March 31, 2009.
Taxpayers may claim the full amount of the credit only on purchases made before April 1, 2009, because the total number of vehicles sold reached the 60,000 vehicle threshold in the last quarter of 2008. The cumulative sales of qualified Ford hybrid vehicles sold from the period of Jan. 1, 2006, to Dec. 31, 2008 is 66,157.
For vehicles purchased for use or lease on or after April 1, 2009, and on or before Sept. 30, 2009, the credit is 50 percent of the full amount. For vehicles purchased for use or lease on or after Oct. 1, 2009, and on or before March 31, 2010, the credit is 25 percent of the full amount. For vehicles purchased for use or lease on or after April 1, 2010, no credit is allowable.
The full credit amount for vehicle purchases made prior to April 1, 2009 is:
2005, 2006, 2007 Ford Escape 2WD, $2,600;
2008, 2009 Ford Escape 2WD, $3,000;
2005, 2006, 2007, 2009 Ford Escape 4WD, $1,950;
2008 Ford Escape 4WD, $2,200;
2010 Ford Fusion, $3,400;
2008, 2009 Mercury Mariner 2WD, $3,000;
2006, 2007, 2009 Mercury Mariner 4WD, $1,950;
2008 Mercury Mariner 4WD, $2,200;
2010 Mercury Milan, $3,400

Related link:
N-2009-37 – Phase-out of Credit for New Qualified Hybrid Motor Vehicles and New Advanced Lean Burn Technology Motor Vehicles

Save Energy and Tax Dollars Too! New Federal Tax Incentives for Energy-Efficiency Home Improvements

I received this from NJ Gas and thought I’d pass this information on.
Save Energy and Tax Dollars Too!
New Federal Tax Incentives for Energy-Efficiency
Home Improvements

On February 17, 2009, President Obama signed a stimulus bill, The American Recovery and Reinvestment Act of 2009, that made significant changes to the energy-efficiency tax credits. Tax credits that were previously effective for 2009 have been extended to 2010 and raised from 10 percent to 30 percent. The maximum credit was also raised from $500 to $1500 for the two years (2009-2010).*

Home improvements eligible under this act include:
Replacement windows and doors
High-efficiency heating and cooling systems
High-efficiency water heaters
Biomass stoves
There are also tax credits for geothermal heat pumps, solar water heaters, solar panels, windmills and fuel cells at 30 percent of the cost, without any upper limit. Click here for details and complete eligibility requirements.

So as spring approaches, remember those energy-saving home improvement projects can not only lower your energy bills and help conserve our natural resources, but also save you valuable tax dollars.

Tax credits for builders of new energy-efficient homes and designers of energy-efficient commercial buildings were also extended. Click here and scroll down to view the details.

*Additional incentives are available through New Jersey’s Clean Energy Program.

BREAKING NEWS Home Buyers Tax Credit Bill

A bill just passed the senate that will be a great way for buyers to BUY NOW!

Here are some of the things that this bill will do:

Provide a direct tax credit to any one who purchases any home!

Amount of the tax credit would equal 10% of the purchase price or $15,000, whichever is less

Purchses must be made within one year of this legislation being enacted

This tax credit would not to be repaid unlike the current tax credit

Taxpayers would be able to claim the credit on their 2008 income tax return

This will only apply to the purchase of a principal residence

The Credit would be recaptured if the home sold within two years of purchase

This would sunset the current $7,500 housing tax credit on the date of enactment

Check with your preferred mortgage specialist to find out what information they have on this exciting possibility.

Will Keep you posted

BREAKING NEWS: Short Sales continue into 2010

With the economy on the brink of recession, job loss at an all time high, foreclosures rising, inventory at still-high levels, and home sales sluggish, many current homeowners are asking for help. If a homeowner can no longer make mortgage payments, they are suffering some kind of hardship, and their home is now worth less than is owed, foreclosure or bankruptcy are not the only options. Call Gloria Benaroch for your options and contacts you can make.
A short sale, in real estate terms, is the sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who would rather take a loss and get paid today than go through the lengthy and costly foreclosure process.
Without a short sale, if the property is sold, the Seller will have to to pay the difference between what was borrowed and what the property is worth today. This scenario has become very common in recent months as the real estate market adjusts and values declineand will become more prevalent as we enter into the new year 2010. Many homeowners purchased at the peak of the market, refinanced and the properties are no longer worth what was paid for them.

You are NOT ALONE!

Call and speak to Gloria Benaroch and see how she may help you or put you in contact with those that can.
A short sale will protect the property from being lost to foreclosure or bankruptcy and provides clients with the opportunity for a fresh start.
With the extended tax credit first time home buyers are out there looking. They need to be in contract by April 30, 2010.
stay tuned fro more information as I learn, experience and pass it on and ALWAYS consult your attorney, tax accountant etc.


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