Putting Money Back in Your Pocket!
This issue is about putting money back in your pocket with tax credit (when you purchase a home), deductions and other information. If you are a first time home buyer, you have an opportunity to put an extra $8,000 back in your pocket by purchasing a home before April 30, 2010. If you are a home owner thinking of making a move, you can count on an extra $6,500 in your pocket! These incentives, coupled with the proposed FHA changes that will make it harder to purchase using FHA financing (see NEWS FLASH article), may mean there will not be a better time or opportunity to purchase a home in the next few years.
Happy New Year!
|
| Tax Tips and Rebates -
These tax credits should put more $$ in your pocket when filing your 2009 taxes!
Thinking of purchasing a new refrigerator this year? Check out the CASH FOR CLUNKY APPLIANCES program at www.energysavers.com to get cash back and save on energy costs.
Exemption Amount Increased
The amount you can deduct for each exemption has increased to $3,650.
Energy Improvements Credit - Did you purchase new windows or a new furnace this year? You can take credit based on what you spend on various energy-saving improvements made to your main home. The new credit rate is 30% of the cost of all qualifying improvements with a maximum credit limit of $1,500 for improvements placed in service in 2009 and 2010.
Education Credits - To help you pay for college;
The American Opportunity Tax Credit (formerly the Hope Credit) helps parents and students pay for expenses related to higher education. Qualified tuition and related expenses include tuition, related fees, books and other required course materials. The credit is equal to 100% of the first $2,000 spent and 25% of the next $2,000 per student each year (a maximum of $2,500 per student).
Visit www.irs.gov website for more information and complete details.
|
Great time to purchase a home!
Legislation has been passed to allow an extension of the $8,000 first time home buyer federal tax credit till 4/30/2010. Move-up buyers also now have an incentive of up to $6500 as well!
100% financing is again available through the House-Key Program. Email me for the details.
If you know someone who needs a professional who understands the complexities of our challenging market please let them know about me. Thank you in advance for your referrals!
|
