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Market Updates & More
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| March 29, 2010 - 2nd Annual State of Real Estate Forum |
5:00 - 7:00 p.m.
Holiday Inn Express at Entrada, 60 Entrada Dr. Los Alamos
Keynote Speaker: Ted C. Jones, Ph.D.
Sr. VP and Chief Economist, Stewart Title Co.
Where are interest rates and inflation heading?
Have housing prices bottomed?
What are the keys to a successful business model in 2010?
What should we do to position the US for long-term economic growth?
Sponsored by Stewart Central Title and co sponsored by LA Solutions LLC and Main Gate LLC
No cost
No RSVP required
Contact Paula Glover at paula.glover@stewart.com for more information |
| January 01, 2010 - Tax Credits for first time and move up buyers! |
NAR Frequently Asked Questions
Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division
Here are some of the most frequently asked questions on the Homebuyer Tax Credit
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.
Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.
First time Buyer – Amount of Credit: $8000 ($4000 married filing separate)
First time Buyer – Definition for Eligibility: May not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner – Amount of Credit: $6500 ($3250 married) filing separate)
Current Homeowner – Definition for Eligibility: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit: Purchases afterApril 30, 2010
Binding Contract Rule: So long as a written binding contract to purchase is in effect on April 30, 2010, purchaser will have until July 1, 2010 to close.
Income Limits: $125,000 – single, $225,000 – married, Additional $20,000 phase out
Limitation on Cost of Purchased Home: $800,000
Purchase by a Dependent: Ineligible
Antifraud Rule: Purchaser must attach documentation of purchase to tax return |
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“LAAOR’s goal
is to provide Los Alamos and surrounding areas
with the most informed, trustworthy and professional
real estate services possible.” |
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