Saturday April 11th, 2009 from 1-4pm at the Windmill Inn and Suites
I want to personally invite you to attend the first ever Tucson Trade Show!
Admission is free and you will meet the best businesses Tucson has to offer.
Enjoy and afternoon of fun and education that won’t break the bank.
There will be light refreshments provided and live give-a-ways.
Come and enjoy trade show exclusive discounts, interactive demonstrations every 15 minutes and a chance to meet one on one with local businesses that are important to you and they way you live.
Feel free to bring a friend, or several.
Saturday April 11th
1:00-4:00pm
Windmill Inn and Suites St. Phillips Plaza the SE corner of River and Campbell
I look forward to seeing you there!
Renée
Thursday, March 19, 2009
Friday, March 6, 2009
$8,000 Refundable Tax Credit for Homebuyers
There is a new refundable federal tax credit allowed for the purchase of a principal residence. The tax credit is the lesser of $8,000 or 10% of the homes purchase price. This credit provides a dollar-for-dollar reduction in federal income tax or alternative minimum tax and is also refundable. This means that if the credit is more than your tax liability, the excess is refunded to you. The credit is authorized by the Housing Assistance Tax Act of 2008 and further amended by the 2009 Recovery Act. It applies to houses purchase after April 8, 2008 and before December 1, 2009.
To qualify for the full $8,000 credit:
+ You (and your spouse if married) must have not owned a principal residence during the 3 years period before the purchase of the home,
+ The purchase price of your home must be $80,000 or more, and
+Your adjusted gross income must be $75,000 or less ($150,000 for joint filers).
A partial credit is available for taxpayers with income greater than $75,000 and less than $95,000 ($150,000 and $170,000 for joint filers).
If the homebuyer purchases the residence in 2009, the homebuyer can elect to treat the purchase as made on December 31, 2008. By making this election, the tax payer will be able to claim the credit on their 2008 tax return.
For purchases made before January 1, 2009, the credit must be repaid over 15 years with no interest charge beginning in the year 2010. (See previous blog). If the home is sold before the 15-year period ends or it ceases to be your principle residence, the remaining credit must be recaptured in the year of sale.
For purchases made after December 31st, 2008, the credit is not subject to the payback provisions, unless you sell the home or it ceases to be your principal residence during the 36 months beginning with the date of purchase.
Consult with your tax advisor on how this credit may apply in your tax situation.
2009 in the time to buy!
Renée
To qualify for the full $8,000 credit:
+ You (and your spouse if married) must have not owned a principal residence during the 3 years period before the purchase of the home,
+ The purchase price of your home must be $80,000 or more, and
+Your adjusted gross income must be $75,000 or less ($150,000 for joint filers).
A partial credit is available for taxpayers with income greater than $75,000 and less than $95,000 ($150,000 and $170,000 for joint filers).
If the homebuyer purchases the residence in 2009, the homebuyer can elect to treat the purchase as made on December 31, 2008. By making this election, the tax payer will be able to claim the credit on their 2008 tax return.
For purchases made before January 1, 2009, the credit must be repaid over 15 years with no interest charge beginning in the year 2010. (See previous blog). If the home is sold before the 15-year period ends or it ceases to be your principle residence, the remaining credit must be recaptured in the year of sale.
For purchases made after December 31st, 2008, the credit is not subject to the payback provisions, unless you sell the home or it ceases to be your principal residence during the 36 months beginning with the date of purchase.
Consult with your tax advisor on how this credit may apply in your tax situation.
2009 in the time to buy!
Renée
Subscribe to:
Posts (Atom)