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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

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

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

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

2010 Move Over Law in California

By: Irma Haldane

We’ve received ample attention in regards to the new Move Over Law in California and decided it would benefit our readers to publish a followup article on the law. According to Caltrans, “the new law, Senate Bill 240 (State Senator Roderick Wright), adds Caltrans vehicles displaying flashing amber warning lights to the list of vehicles for which motorists must slow down and, if safe, move over to a lane not immediately adjacent to the stationary vehicle.”

The goal of the law is to protect Caltrans workers and highway patrol officers from the explicit danger that exists while working on freeways.  This would thus force motorists to move over if a lane exists or a least to slow down when they see warning lights.

According to Caltrans, 174 of its workers have lost their lives since 1924 while in the line of duty.  Today, 45 other states have enacted similar laws requiring motorists to move over or slow down.  Violation is punishable by a maximum fine of $50.

This video was made by a police department in Alabama to show the dangers of the highway.  Please beware that the video is graphic in nature and could be deemed disturbing by some viewers.

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 Move over law, Caltrans Move Over Law, Move over law 2010 California, Move Over Law in California

Sip Cielo Wine Bar in Agoura Hills

A new wine bar in Agoura Hills

By: Sheri Karp

Sip Wine Bar, on Kanan and Sierra Creek Rd is a newly introduced Agoura Hills establishment.  Near Troutdale and the Rustic Canyon Grocery and Grill, Sip Cielo features a tasting room and mellow outdoor area with scattered fire pits in an enclosed area protected by low hanging trees.  Wander inside and choose from a variety of different flights or check out the menu here.  Friday and Saturday, the quaint venue features live music and tends to be the busier nights.  Head over to Sip Cielo for a refreshing atmosphere in the unexpected, Agoura Hills.

Don’t forget to ask for some cheese and crackers!

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. Sheri Karp Real Estate Agent Ewing and Sotheby’s.

Tags: Cielo Agoura Hills, Sheri Karp Real Estate Agent Ewing and Sotheby's, Sip Cielo Wine Bar, Sip in Agoura Hills

H1N1 Vaccine Available at Agoura Hills CVS

Swine vaccine still available

By: Denise Arledge

You heard correctly, stroll into the CVS on Kanan Road in Agoura Hills and you can receive an H1N1 vaccination for a maximum of $15.  Answer some brief automated questions and prepare for your shot.  The process is very speedy as not many people are privy to the recent information.  Head over to CVS and within 2 weeks you’ll have immunity.

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. Denise Arledge Estate Agent Ewing and Sotheby’s.

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Tags: CVS Agoura Hills, Denise Arledge, Estate Agent, ewing and sotheby's, h1n1 vaccine, Swine Flue Vaccine