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First Time Home Buyer Tax Credit Begins Final Countdown

By: Rob Jordan

The tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence is in it’s final stages. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. So buyers need to be IN ESCROW by the end of April, and CLOSE by end of June.

Here are some common questions and answers regarding the tax credit. (Information obtained from Federal Government website.)

1. Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit.
2. What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.
3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit?
Yes. For sales occurring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
5. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). Please note that although the Form is titled “First-Time Homebuyer Credit,” this is the correct form for claiming both the $8,000 first-time homebuyer tax credit and $6,500 repeat buyer tax credit.
No other applications are required, and no pre-approval is necessary.
6. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members.
7.  I read that the tax credit is “refundable.” What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
8.  Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).
9.  Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
10.  Is there a way for a home buyer to access the money allocatable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Agoura Hills Homes for sale, first time home buyer, Rob Jordan, Tax Credit

Wood Ranch BBQ in Agoura Hills

By: Denise Arledge

Wood Ranch BBQ and Grill is one of my favorite spots for both lunch and dinner in Agoura Hills. This restaurant is located around the corner from my office and I am a frequent visitor. Usually once a month, the entire Arledge Group will meet at Wood Ranch to discuss how everything is going with our client’s real estate needs. The service at Wood Ranch is outstanding; they always make sure that their customers are take care of.

When I am there for lunch, I always order the Tri Tip Salad. This
combined with the incredible complimentary garlic rolls makes for a great lunch. My absolute favorite thing on the menu is the Oreo Cookie Crunch. This is one of the best desert items ever created and I definitely recommend that you try it.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Agoura Hills Real Estate, Arledge Group, Wood Ranch BBQ

Tax Credits for Replacing Heating and Cooling Systems

Tax Credits for Replacing Heating and Cooling Systems

By: Rob Jordan

Upgrading to an energy-efficient heating and cooling system can save hundreds on your utility bills and earn you a tax credit worth as much as $1,500.

Replacing an aging heating and cooling system can save you money over time. According to Energy Star, a federal program that promotes energy efficiency, about half of what the average household spends on energy bills goes toward heating and cooling.

Upgrading your heating, ventilation, and air conditioning (HVAC) to energy-efficient units can cut utility costs by about 20%, or $200 annually, on average. A tax credit for heating and cooling systems can make the project more affordable.

You’re going to enhance a home’s saleability by moving to a more energy-efficient heating and cooling system. That doesn’t mean adding a $5,000 furnace will add $5,000 to the sale price. Rather, potential buyers are less likely to push for repairs or negotiate a credit if the HVAC is in good shape.

GETTING TAX CREDIT FOR YOUR UPGRADES

The federal energy tax credit is based on 30% of the cost of an eligible HVAC system. Installation charges count too. A $5,000 bill would max out the credit. You’ll need to owe more in taxes than you’re trying to claim in credits to qualify. Use IRS Form 5695. Save receipts for your records, as well as manufacturers’ certification statements. If part of a new HVAC system qualifies for the credit but another part doesn’t, ask the contractor to itemize the receipt.

Only improvements to your existing primary residence count.

This article provided by Rob Jordan, energetic Realtor specializing in Agoura, Oak Park and Westlake Village. He can be reached at 818 237 4425, or Email Rob.

Rob Jordan
tel 818 237 4425
fax 818 332 7051
www.robjordanhomes.com
Email Rob

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: ewing and associates, ewing sothebys, HVAC system, Replace heathing and cooling systems, Rob Jordan, Tax Credits

Save Gas Burn Fat

By: Kyle Gulock

Who doesn’t want to save gas and burn fat in the process? A friend of mine, Vinnie Tortorich, has created a website where people can go to learn about how to save gas and burn fat in the process, www.savegasburnfat.com. Vinnie been a personal trainer for over 27 years in Los Angeles County, and has been an ultra cyclist since the early 90’s.

Savegasburnfat is a website that is dedicated to helping people lose weight, save money, and go green in the process. In 1983 Vinnie played football at Tulane and weighed 250 pounds, which is good size for a linebacker. After Vinnie’s football career was over, he ballooned up to 270 pounds. At this point, Vinnie had decided that enough was enough and health became Vinnie’s number one concern. Vinnie’s new diet consisted of him eating half of what he did before and ridding his bike everywhere. After this simple diet was put into place, Vinnie was able to drop his weight from 270 to 180 in around a year’s time.

Currently, Vinnie rides his bike an average of 13,000 miles a year and has even been recorded riding 17,000 miles one year. There aren’t any miracle drugs involved, but just pure hard work. For more information on Vinnie’s story, how to save gas and burn fat, click on the link below: www.savegasburnfat.com.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Savegasburnfat, Vinnie Tortorich

Rick Hyman Visits Lindero Canyon

Hyman tells his story…

By: Sheri Karp

Artist and Historian Rick Hyman and his wife Ronda presented paintings, slide show and a book of Hyman’s heritage which includes slaves and landowners. Thanks to seventh grade teacher, Gila Brook, students received the pleasure of listening to Hyman.

Hyman’s work has been showcased in several museum exhibits and on USPS commemorative envelops and postcards. He recently helped 150 families express their family history through art.

His novel, “My Texas Family: An Uncommon Journey to Prosperity,” documents his ancestral heritage and photographs that his family took from 1912 – 1927.  Hyman plans to paint depictions based on 300 photographs. He has painted 36 since 1996 with the help of his creative adviser, his wife.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Lindero Canyon, My Texas Family: An Uncommon Journey to Prosperity, Rick Hyman

Flag on Ladyface Mountain in Agoura

Some of the locals may have noticed our brilliant American flag perched atop Ladyface Mountain. Well, at least I have. My curiosity, however, is settled. The editor of The Acorn allegedly climbed to the top of the 1,200 foot peak to scope out the scene.  What he found was a shabby old flag, standing up tall by a makeshift pool.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Flag on Agoura Mountain, Flag on Ladyface Mountain in Agoura, Ladyface

Reyes Adobe Interchange in Agoura Hills

The 90 day project began January 31

By: Rob Jordan

Just another follow up on the soil settlement project occurring on the Reyes adobe interchange on the 101.  You’ve certainly noticed the massive crane looming above Agoura and the traffic during the evening hours.  Well here’s the official scoop: from 9pm – 6am motorists can expect this project to be in progress until April 31st.

For more info visit: http://www.ci.agoura-hills.ca.us/

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Crane at Reyes Adobe, Reyes Adobe Interchange in Agoura Hills, Reyes Adobe Traffic, Rob Jordan

California Car Buyers’ Protection Act

New Laws for 2010

By: Irma Haldane

As we’ve been discussing the move over law and understanding the potential implications for failing to comply with the law, I’ve come across a couple other laws that could be important for our readers. Here’s this weeks law according to the DMV:

“This new law requires a vehicle dealer to pay off the outstanding loan or lease balance on any vehicle accepted in trade within 21 calendar days of taking the vehicle in trade. Additionally, it prohibits a dealer from selling, consigning for sale, or transferring a vehicle accepted in trade before the outstanding loan or lease balance has been paid. This law also raises fees for dealer licenses.”

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: California Car Buyers’ Protection Act, New Laws for 2010

First Time and Repeat Buyer Tax Credits to Expire

These credits will soon disappear…

By:  Rob Jordan

First time buyers are entitled to received a tax credit of up to $8,000 if they purchase a home prior to June 30, 2010. But the window of opportunity is closing. The home must be in escrow by April 30, 2010.

This is a true cash credit you can deduct right off your taxes. And if you don’t owe $8,000 in taxes, you even get the money back from the IRS!

The rules are simple:

1. Be a first time buyer.
2. Buy a new home.
3. Meet the income requirements (up to $145,000 individual; $245,000 couple).
4. Get the credit!

For first time, low to mid range buyers, this is great opportunity. Say you’re buying a home for $400,000, using FHA financing (3.5% down). Your down payment is $14,000. But you get the $8,000 back on your taxes. So your net out of pocket is only $6,000! Wow! In the Agoura, Oak Park and Westlake Village areas, there are lots of wonderful homes in all price ranges that are terrific candidates for first time buyers.

There is a similar credit for move-up buyers, to a maximum of $6,500. So even if you sell they buy, you may be entitled to a tax credit. Consult your tax advisor to see how this program affects your individual situation.

Information provided by Rob Jordan, Estate Agent at Ewing and Associates/Sotheby’s International Realty. Specializing in Agoura/Oak Park/Westake Villae sales and leases. Contact Rob at 818.237.4425,or email to rob@robjordanhomes.com

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: ewing and sotheby's, First Time and Repeat Buyer Tax Credits, Rob Jordan

Joey Lefitz Choosen for Berklee Global Jazz Institute

Flowin’

Joey Lefitz

By: Sheri Karp

Agoura High School graduate Joey Lefitz is one of 14 students chosen to enter the inaugural Berkley Jazz Institute class. Designed to enhance musical creativity and social activism, the group will be mentored by Grammy winning jazz artists Danilo Perez and Joe Lovano. Traveling to U.S. and international cities, the group hopes to teach children the power of music through performances in hopes of affecting social change.

EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.

Tags: Berklee Global Jazz Institute, Joey Lefitz