The National Association of Home Builders (NAHB) has launched a newly-designed web site that provides detailed information about the $8,000 tax credit for first-time home buyers that is a key measure in the sweeping economic stimulus legislation signed into law by President Barack Obama.
The new tax credit provides a great opportunity and incentive for first-time home buyers. Combined with today’s near record low interest rates, the large selection of homes on the market, and very competitive pricing, the tax credit should be the extra incentive needed to get prospective buyers who have been sitting on the fence into the market.
In addition to being limited to first-time home buyers, the tax credit:
- Is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- Is available for homes purchased on or after January 1, 2009 and before November 30th, 2009.
- Does not have to be repaid.
- Has income limits of $75,000 for single taxpayers and $150,000 for married couples.
The web site at www.federalhousingtaxcredit.com includes basic information about the tax credit and a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.
THIS WON'T LAST FOREVER. TO QUALIFY FOR THIS $8,000 REBATE, YOU MUST CLOSE ON OR BEFORE NOVEMBER 30TH, 2009. CONTACT US IMMEDIATELY!
Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
|
| Q |
Where is the world's longest spiral staircase?
|
| A |
The White County Coal Mine in Carmi, Illinois has a spiral staircase that measures 1,103 feet and has 1,520 steps. |
 See More Real Estate Trivia > |
|
|
|
- NUMBER1EXPERTS™ 
