Loganville, Dacula and Bethlehem Real Estate - The Rains Team

Good news potential home buyers!! The first time home buyer tax credit has been extended into 2010 and now there’s even a tax credit for those current home owners looking to purchase a home as well!

First Time Home Buyer Extended Tax Credit Basics:

• The $8,000 tax credit has been extended until April 30, 2010. As long as you have a written, binding contract in force by that date you have until July 1, 2010 to close.

• You will not have to repay this credit as long as you live in the home as your primary residence for three years or more.

• Eligible properties include single-family homes, condos, town homes and co-ops.

• You qualify as a first time home buyer if you or your spouse has not owned a home during the previous three years.

• Income limits have been increased: single buyers are now eligible with income limits of up to $125,000 and married couples are eligible with income limits up to $225,000

• This extension was put into effect on November 7, 2009

Current Home Owner Tax Credit Basics:

• Current home owners can get a credit of up to $6,500 when they sell their primary residence and purchase another home during the November 7, 2009 to April 30, 2010 time frame

• You qualify to get the credit if you’ve used the home being sold as your principal residence for five consecutive years within the last eight

• The other factors such as which homes qualify, whether or not you have to repay the credit and the income limits are the same as the first time home buyer tax credit.

Now it’s a great time to buy in Georgia whether you’re a first time home buyer or one who’s lived in your home for at least five consecutive years. I would love to help you buy a new home or sell your current one! If you are in the market to buy or sell your home in the Bethlehem or Dacula area, I would be happy to assist you! My passion is helping people find their dream home and stepping them through this exciting journey. I serve the Walton, Barrow and Gwinnett county areas. Call or text me today: 404.357.2231!

(Please note, information in this post was obtained from the article written by the National Association of REALTORS and can be found at this link: The Extended Home Buyer Tax Credit.)

Also, if you have specific questions as to how this tax credit pertains to you or if you want more details please contact the Internal Revenue Service at 800.829.1040

The $1,800 tax credit is only available for six months; you must close on a home between June 1 and November 30, 2009 to receive this credit. Here are the other important details:

• AMOUNT: the credit is equal to either 1.2% of the purchase price or $1,800, whichever is lesser
• WHO QUALIFIES: this credit is for ANYONE purchasing a home between the deadline–NOT just first-time home buyers!
• HOW DO YOU RECEIVE IT?: You may claim one-third of the credit available in each taxable year, and may carry forward unclaimed amounts–essentially, you’ll receive this credit over the course of the next 3 years

Also, there aren’t any income restraints to this credit and as I mentioned before, this is not limited to just first-time home buyers. You just have to buy a single-family property within the time period.

Representative Ron Stephens said this about the bill: “I’m proud of Governor Purdue for signing this legislation, and I’m proud to have brought it before the state legislature. This bill will put people to work, reduce the inventory of unsold homes, and kick start Georgia’s economy.”

To determine the specific forms you need to use to obtain this credit, please contact your tax professional.

If you are a first-time home buyer and would like to learn more about the $8,000 federal tax credit, please read this article:
Understanding the New $8,000 First-Time Home Buyer Tax Credit

It’s a great time to buy a home in Georgia, whether you’re a first-time home buyer or not, and I would love to walk you through this process. If you are in the market to buy or sell your home in the Bethlehem or Dacula area, I would be happy to assist you! My passion is helping people find their dream home and stepping them through this exciting journey. I serve the Walton, Barrow and Gwinnett county areas. Call or text me today!

(The information from this post was obtained from this article)

I get asked this question all the time:

SHOULD I PAY OFF MY CAR BEFORE I PURCHASE A HOME?

Well, I must say, I have a pretty specific answer to this…watch my video to find out

If you are in the market to buy or sell your home in the Bethlehem or Dacula area, I would be happy to assist you! My passion is helping people find their dream home and stepping them through this exciting journey. I serve the Walton, Barrow and Gwinnett county areas. Call or text me today!

Well, Spring has sprung and now it’s time to get rid of the weeds, trim the bushes, plant flowers and work on home maintenance projects! I don’t know about you, but I especially love this time of year…although it’s hectic trying to balance all the normal everyday activities and add yard work to the mix. The warm weather and the colorful flowers making their way up through the dirt makes me want to organize and clean…to me this is when the new year begins, not January 1st.

I  stumbled upon some great little projects to do this month that will keep your home in good shape:

• Inspect screens (both house and vent screens to attic or crawl space) for tears and bent frames.
• Clean window screens. Lay them flat on a picnic table or a pair of sawhorses and scrub them with a soft bristle brush and a mild detergent solution. Rinse with a garden hose and allow to dry thoroughly.
• Inspect outdoor structures for deterioration –especially signs of rot. Use a small awl to probe posts, railings and window sills for soft spots. If you find any, plan to replace or repair them when the weather turns fair.
• Prepare for the outdoor cooking season by inspecting gas grills. Remove cooking grills and thoroughly clean them with soapy water and a brush with brass bristles. Remove accumulated grease from lava rocks and ceramic briquettes by turning them over and igniting the burners. Allow 10 minutes on high heat to clean the briquettes.
• Inspect garden hoses for leaks. Make temporary repairs with electrical tape. Pry out old washers and replace them. Don’t leave hoses connected to outdoor spigots until the danger of frost is completely over.
• Caulk open joints, particularly around windows and doors.
• Inspect the crawl space or basement after rains for water accumulation or excessive moisture. Look for signs of water damage on the subfloor and joists beneath bathrooms, the kitchen and laundry. Find and fix leaks now or pay the price later.
• Shut off the water to the washing machine, remove the water supply hoses and examine them and the washers. Replace worn and damaged ones.
• Check fire extinguishers to make sure they are not outdated, have lost pressure or are damaged.
• Check all weatherstripping around doors and windows for wear, damage or loss of flexibility. Replace material that is no longer blocking air.
• Clean your garbage disposal. Grind two trays of ice cubes made from a mixture of one cup white vinegar to one gallon of water.

Thank You for Reading!

If you are in the market to buy or sell your home in the Bethlehem or Dacula area, I would be happy to assist you! My passion is helping people find their dream home and stepping them through this exciting journey. I serve the Walton, Barrow and Gwinnett county areas. Call or text me today!

Photos ©2009 Anne Rains Photography, All Rights Reserved.

(Project ideas came from an article on Weather.com)

Photo By: Jack Duval

Previously this government incentive to purchase a home was limited to $7,500 and had to be paid back over the course of 15 years. However, some changes have been made, which I will outline here that will hopefully answer all of your questions.

Photo By: Simon Doggett

1. Who can receive the credit? Only first-time home buyers are eligible and they must close between January 1, 2009 and December 1, 2009. Investors or people purchasing a second home can not receive this credit.
2. What is a first-time home buyer? A buyer who has not owned a principal residence in the 3 previous years before buying a home. If you are married taxpayers, NEITHER you nor your spouse can own a primary residence; in other words if one of you owns a home (a primary residence) you can’t obtain the tax credit if the other spouse purchases a home.
3. How is the amount of the tax credit determined? It is limited to 10% of the sales price of the home, but a maximum of $8,000.
4. What are the income limits on people claiming the tax credit? For single taxpayers the income limit is $75,000 and for married taxpayers filing a joint return it’s $150,000. If you want more specific details on this, please visit http://www.federalhousingtaxcredit.com or ask your CPA or a tax professional.
   How do I claim the tax credit? Simply claim it on your federal income tax return; just fill out IRS Form 5405 to help you know how much to claim and write it on Line 69 of your 1040 income tax return. No other forms are required.

An important difference between this tax credit and the $7,500 credit put into effect July 2008, is that this $8,000 DOES NOT have to be paid back! The only stipulation is that you must live in the home as your principle residence for at least three years, if you don’t you will have to pay back the credit.

Also, because this tax credit is refundable, you could potentially receive a check from the government for part or all of the $8,000. To help you understand this a little better, here’s an example from the Federal Housing Tax Credit’s website:

“For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).”

Photo By: Visit Hillsborough

So, first-time home buyers, with this excellent tax incentive, coupled with the low interest rates and the extensive amount of homes on the market, why wouldn’t you buy a home this year?

If you still have further questions, please watch the video below provided by the National Association of Home Builders.