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| Great News For Home Buyers ...... |
Date: 11-6-09 5:04 pm Not just for first time home buyers now !!! November 05, 2009 Dear Rhonda, I've heard from you and thousands of other Nevadans over the past several weeks about the need to extend the homebuyer tax credit. I have strongly supported the extension, but was frustrated by delays from some of my colleagues. I am pleased to tell you that last night we finally passed legislation that made two important improvements to the homebuyer tax credit, which is critical to helping Nevada’s housing market recover. First, the $8,000 first-time homebuyer tax credit is extended through June 30, 2010 and is expanded to a greater number of potential buyers by increasing the income limits for eligibility. By the end of November, it is estimated that 25,000 Nevadans will have taken advantage of the first-time homebuyer tax credit this year. Second, the credit is extended beyond first-time homebuyers to those who have owned a home for at least five consecutive years within of the previous eight years. This $6,500 credit will provide an additional boost to Nevada’s housing market. This legislation matters not only to those buying a home, but also to those who currently own a home but have seen its value drop in recent years. Extending this program will reduce the number of vacant, foreclosed properties, which hurt values throughout neighborhoods. Importantly, this tax credit also means thousands of new jobs for Nevada’s homebuilders, realtors and many others. Thank you for contacting me, and for reading this note. If you would like to learn more, please visit my website. HARRY REID United States Senator for Nevada Contact Information Las Vegas Lloyd D. George Building 333 Las Vegas Boulevard South Suite 8016 Las Vegas, NV 89101 Phone: 702-388-5020 Fax: 702-388-5030Reno Bruce R. Thompson Courthouse and Federal Building 400 South Virginia Street Suite 902 Reno, NV 89501 Phone: 775-686-5750 Fax: 775-686-5757Carson City 600 East Williams Street #302 Carson City, NV 89701 Phone: 775-882-7343 Fax: 775-883-1980 Washington 528 Hart Senate Office Building - Washington, DC 20510 Phone: 202-224-3542 - Fax: 202-224-7327 Toll Free for Nevadans: 1-866-SEN-REID (736-7343) Restricted to calls originating from area codes 775 and 702
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| Re: Great News For Home Buyers ...... |
Date: 11-7-09 8:13 am Hi, Rhonda. Like many here, I appreciate the contribution you make to this board. Quick question: Is the tax credit available to out-of-country buyers? We're Canadian. And would we be eligible for this credit even though we have owned a number of homes in Canada? Many thanks. Al. |
| Re: Great News For Home Buyers ...... |
Date: 11-7-09 11:49 am Thank you and that is a good question. I havent read up the whole extension yet , but I will find that out for you and get back to you on it.
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| Re: Great News For Home Buyers ...... |
Date: 11-13-09 4:50 pm You do have to actually be paying taxes in the U.S to get this. Lenders tell me its hard enough for Canadians to get loans here let alone the tax credit. Most of my Canadian home buyers are cash buyers but not all of them are.
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| Re: Great News For Home Buyers ...... |
Date: 11-14-09 7:52 am Thanks, Rhonda. We do pay taxes in the U.S. on our six weeks of timeshare property in southwest Florida, but perhaps that wouldn't qualify. Al. |
| Re: Great News For Home Buyers ...... |
Date: 11-14-09 4:06 pm I could give you the lenders email address that you could talk to about this. He will need information from you in order to give you more information on it. he will know much more about this than I would.
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| Re: Great News For Home Buyers ...... |
Date: 11-14-09 6:31 pm Rhonda: Very kind of you to offer. I'll let you know the lender's response -- might be helpful in your future dealings with Canucks and Euros. Thanks. Al. |
| Re: Great News For Home Buyers ...... |
Date: 11-17-09 12:48 pm [SIZE="2"]Ryan Walker is his name [email]rwalker@united-lp.net[/email] Also here is a some more information I have found and there is a toll free number too. Bringing the Dream of Homeownership Within Reach As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that: Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040. Latest news: Home Buyer Tax Credit Has Added Benefits for Armed Services Members, Others (Nov.11) Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5) President's Podcast: Tax Credit Extended (Nov. 5) Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit. Which Properties Are Eligible? The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. How Much Is Available? The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500. How is a Buyer's Credit Amount Determined? Each home buyer’s tax credit is determined by tow additional factors: The price of the home. The buyer's income. Price Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. Buyer Income Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit. If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit? Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit. Can a Buyer Still Qualify If He/She Closes After April 30, 2010? Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Will the Tax Credit Need to Be Repaid? No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.[/SIZE]
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| Re: Great News For Home Buyers ...... |
Date: 11-17-09 5:05 pm Thanks again, Rhonda. I've sent Ryan an e-mail. Al. |
| Re: Great News For Home Buyers ...... |
Date: 11-18-09 4:36 pm Rhonda: Here's the response from Ryan. It appears as though we are not eligible for the credit, which is perfectly understandable. I really do appreciate all the help from each of you: Hi Alan, Please read information regarding the tax credit by clicking the link below. I am almost positive you have to file 1040 tax return to be eligible for the tax credit. If you do not file a 1040 then you will not be eligible. Also, the home must be your primary residence. Again, please click on the link below for more info. [url]http://www.irs.gov/newsroom/article/0,,id=204671,00.html[/url] |
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