Real Estate News
I could see maybe 5% but 10%?
Our Abilene Board of Realtors® is providing a new link to the public for information about local Open Houses. When a Realtor has scheduled an Open House, the date and time will be posted on the Board’s website….. http://www.abilenebor.com/openhouses/ . The list is updated each week.
Please feel free to contact me if you would like more information about any home you see on the list or any other home for sale.
Click on this link to go to my website to view a short video about RESPA and HUD-1 Statement changes that went into effect January 1st. It should be of interest to sellers, buyers, and even my Realtor® colleagues. 🙂
As always, feel free to contact us if you have any questions.
This information is accurate as of April 2009.
There are actually 2 credits that exist. One for purchases after April 9, 2008 for a maximum of $7500 and the new credit with a maximum of $8000. The new credit ($8000) is the topic of this discussion. Here are some of the important points:
· The amount of the credit is a maximum of $8000 (10% of sales price).
· The purchase for the $8,000 credit must be on or after January 1, 2009 and before December 1, 2009.
· The property must qualify: Any single family residence, including co-ops, condos, townhouses, that will be used as a principal residence.
· There is an income limit for the purchaser: Full amount of credit is available for individuals with an AGI of less than $75,000 or for joint returns less than $150,000.
· The credit is for first time homebuyers only. The purchaser and the purchaser’s spouse may not have owned a principal residence in 3 years previous to purchase.
· Purchasers who are using bond money can use the credit.
· There is no repayment of the credit (the previous one required repayment).
· There is a “bad news” component to this: If the home is sold within three years of purchase, the entire amount of the credit is recaptured upon sale.
· The termination date is December 1, 2009.
Here is a link to the IRS website that will give you more information about the 2008 credit ($7,500): http://www.irs.gov/newsroom/article/0,,id=187935,00.html
Information about the 2009 credit is here: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
In order to claim the credit, you will need to file a form with the IRS: http://www.irs.gov/pub/irs-pdf/f5405.pdf
If you have questions about filing with the IRS, please contact your tax consultant or accountant