Omni Real Estate
   
 

April Newsletter


 

Homebuyer Tax Credit: What You Need To Know
 
There's happy news for current homeowners: If you intend to sell your home and buy another in 2009 or 2010, you may be eligible for a federal tax credit of up to $6,500. The Extended Homebuyer Tax Credit legislation, passed in November 2009, also shares the wealth with first-time homebuyers-up to $8,000.
Are you eligible?
You're considered a current homeowner under IRS rules if you've used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
 
You're a first-time homebuyer if you or your spouse haven't owned a home for the three years before your purchase.

In both cases, keep in mind that the credit amount you're eligible for begins to decrease for joint filers if your modified adjusted gross income is $225,000 ($125,000 for individuals); it disappears at $245,000 ($145,000 for individuals).

The ultimate amount of your credit depends on the price of the home and your income.
 
To claim your benefit:
Close on a new principal residence between Nov. 7, 2009, and April 30, 2010. You can settle as late as June 30, 2010, as long as you have a binding contract by April 30.
 
Don't spend more than $800,000 on your new home.
 
When you submit your tax return, attach a copy of the settlement statement you received at closing. Check with the IRS or your tax adviser to confirm what additional documentation may be needed.
Decide whether to:
Apply the credit to your 2009 tax return, filed on or before April 15, 2010,
File an amended 2009 return; or
Apply the credit on your 2010 return, filed on or before April 15, 2011.

First-timers who purchased a home between Jan. 1, 2009, and Nov. 6, 2009, may also be eligible for the $8,000. Keep in mind that the income limits in this case are tighter than for those who purchased after Nov. 6.
Apply the credit to your 2009 taxes
To claim the credit on your 2009 tax return:
Complete IRS Form 5405 to determine the amount of your available credit.
Apply the credit when you file your 2009 tax return or file an amended return.
Attach documentation of purchase to your return or amended return.

Which properties are eligible?
You can apply the credit to primary residences, including single-family homes, condos, townhomes, and co-ops.
Do I need to repay the tax credit?
No, not if you occupy the purchased home for three years or more. However, if the property is sold during this three-year period, the full amount of the credit will be recouped on the sale.
This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.
 
“Who Else Wants to Win Free Tickets to the Movies?”
 
 
The Question of the Month:
 
Which of the following is NOT a name for one of the
original snowboards?
 
(A) Winter Stick (B) The Zinger (C) The Burton Elite
 
Call 303-516-9406 to Answer…
 
The 10th caller with the correct answer to the Question of the Month will receive a pair of tickets to the movies—just for reading this newsletter.
 
Many times the actual answer will be IN the newsletter so read the whole thing to make sure you have the correct answer.

 

Literature Trivia
 
Think you know your literature? Take this short quiz to see if you can identify these famous words pulled from classic works and their authors.
 
1.       “Out damned spot! Out I say!”
 
2.      “Heart of my heart, were it more, more would be laid at your feet.”
 
3.      “Truth is rarely pure and never simple.”
 
4.      “Have a heart that never hardens, and a temper that never tires, and a touch that never hurts.”
 
Answers: 1) Shakespeare, Macbeth, Act IV, Scene I; 2) James Joyce, Ulysses; 3) Oscar Wilde, The Importance of Being Earnest; 4) Charles Dickens
 
 
Winter Sticks
 
Ever heard of the Winter Stick Roundtail Plus? If you haven’t, no biggie. But if you’re a snowboarder, shame on you!
 
The Winter Stick, along with the Burton Elite, was one of the first snowboards to make it big. Originally, the Winter Stick had a fin on the bottom and “soft bindings,” which consisted of nylon webbing and buckles. Around the same time (roughly mid 80s), the Burton Elite made its debut into the market. This board was made completely of wood and it also had soft bindings. However, the Burton Elite did not have metal edges, making it virtually impossible to carve and stop.
 
These boards were the ancestors to the modern day snowboard. And although, they may be a far cry from a good ride, if you happen to own one today, they are now worth a pretty penny.

 

Referral Corner
 
We want to thank you for your referrals over the years. We always tell our clients that if they can just refer one client per year, it will help us immensely. We are grateful to everyone who has referred someone our way, and we always love to have new people become part of our inner circle of friends and family
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