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Home Buyer Tax Credit!

by Alan Daniels

Home Buyer Tax Credit | Colorado Springs Real Estate

It is definitely a great time to buy a home!  Home prices and interest rates are at historic lows which leaves open even more opportunities as a home buyer.  Now the government has added an $8,000 tax credit to all qualified home buyers who have not owned a principle residence in the last 3 years.  Home affordability is now drawing renters into a home of their own.  Here is a chart that outlines the tax credit. 

If you do not qualify for the credit you can still take advantage of low home prices and interest rates along with a larger inventory of homes to chose from.  Start your search now to see for yourself

Home Buyer Tax Credit

FEATURE

CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008

REVISED CREDIT- EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 & BEFORE DECEMBER 1, 2009

Amount of Credit

Lessor of 10% of cost of home or $7500.

Lessor of 10% of cost of home or $8000.

Eligible Property

Any Single Family Residence (including condos, co-ops, townhouses) that will be used as a principle residence.

No Change.  All principle residences eligible.

Refundable

Yes.  Reduces (or can eliminate) income tax liability for the year of the purchase.  Any unused amount of tax credit refunded to purchaser.

No Change.  Purchasers will continue to receive refund for unused amount when tax return is filed.

Income Limit

Yes.  Full amount of tax credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).  Phases out above those caps ($95,000 and $170,000).

No Change.  Same income limits continue to apply.

First Time Home Buyer Only

Yes.  Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.

No Change.  Still available to first time purchasers only.  Three year rule continues to apply.

Revenue Bond Financing

No credit allowed if home financed with state/local bond funding.

Purchasers who utilize revenue bond financing can use credit

Repayment

Yes.  Portion (6.67% of credit or $500) to be repaid each year for 15 years starting with 2010 tax filing.

No repayment for purchases on or after January 1, 2009 and before December 1, 2009.

Recapture

If home sold before 15 year repayment period ends, then outstanding balance of repayment amount recaptured on sale.

If home is sold within three years of purchase, entire amount of credit is recaptured on sale.  Applies only to homes purchased in 2009.

Termination

July 1, 2009  (But note program changes in 2009)

December 1, 2009

Effective Date

Purchases on or after April 9, 2008 and before January 1, 2009.  Repayment to begin for 2010 tax year.

All revisions are effective as of January 1, 2009

**This information is a brief overview about the home buyer tax credit and should be confirmed with the latest tax code and your accountant.

Colorado Springs Named America’s Most Dog Friendly City!

by Alan Daniels

Colorado Springs Dog Friendly

The world's most commonly read dog magazine, Dog Fancy, has named Colorado Springs, Colorado, the 2008 winner of DogTown USA. DogTown USA is a national competition in which Dog Fancy readers nominate America's most dog-friendly city. They look at the number of dog friendly open spaces, dog parks, events for dogs and dog owners, vet to dog ratios, abundant pet supply and other services, and municipal laws that support and protect all pets.

"Some cities clearly roll out the red carpet for dogs and their owners," says Susan Chaney, editor of Dog Fancy. "Each year, it's gratifying to read about so many organizations and individuals who work toward making their cities welcoming to dogs. We're very pleased to honor Colorado Springs this year, and congratulate it for avoiding legislation like that adopted by Denver which bans pit-bull-type dogs."

Other Top Ranked Cities:
-Huntington Beach, CA

-Coeur d'Alene, ID
-Briarcliff Manor, NY
-Long Beach, CA

 

Government Suspends Waiting Period For Home "Flippers"!

by Alan Daniels

Homes in Colorado Springs | Investing in Real Estate

The Bush administration has temporarily suspended a rule that imposes a 90 day waiting period before government backed loans can be provided on foreclosure homes and other distressed properties.  This rule has been around for about 5 years,  and was put in place to deter property flipping schemes, where buyers are overcharged for foreclosures or other distressed properties.  The rule is being temporarily suspended to expedite the sale of foreclosures on the market and cut the supply of properties.

Flying Horse - Colorado Springs Real Estate

by Alan Daniels
The Flying Horse neighborhood can be found on the northern edge of Colorado Springs, Colorado. Just 45 minutes to Denver, this wonderful location is ideal for commuting to Colorado Springs Airport, Denver International Airport, and anywhere in between. Homes in Flying Horse surround one of the finest private clubs in all of Colorado Springs known as The Club at Flying Horse.
 
The Club at Flying Horse boasts an 18-hole golf course designed by the renowned master, Tom Weiskopf. The club also provides a top-notch Athletic Club and Spa where tennis, aquatics, fitness Training, cardio, free weights, yoga, Pilates, gymnasium, spa services, family & fine dining, private dining & meeting facilities, and much more. Enclaves, open spaces, pocket parks, and trails add even more recreation to the Flying Horse area.
 
Flying Horse Resources:
Flying Horse Schools: Academy School District 20
 
 
Flying Horse Neighborhoods:  The Villages of Solera, The Villages of Syrah, The Village of Calistoga, The Village of Sonoma, The Village of Saratoga, The Village of Toscano
 
 
     Flying Horse Community Map
Colorado Springs Real Estate - Flying Horse Homes For Sale

Buyer's Market?

by Alan Daniels

Colorado Springs Real Estate - Buyer's Market

Is the real estate section of your local paper filled with stories about how the real estate market in your area is slowing down? Is it taking months to sell the homes on the market? If this description fits your area, and you have been waiting for the right time to buy a house, it may be time for you to make a move. This kind of market is referred to as a "buyers' market" for a good reason--it is an opportunity for buyers to select from a large number of homes that could satisfy their needs.

Everyone involved is ready to bend over backwards to make it possible for you to buy your dream home. Most sellers are highly motivated and so are the local real estate agents, loan officers, title companies, and other professionals involved in the transaction. It is important to remember that the real estate market runs in cycles, and conditions can change without a lot of warning. This could be the perfect time to contact a good real estate agent to discuss your needs and to explore the possibilities available to you.

Displaying blog entries 1-5 of 5

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