November 6, 2009 HOMEOWNER TAX CREDIT IS EXTENDED

First-Time Homebuyer Credit

Updated Nov. 6, 2009, to reflect new legislation

New Legislation:

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.

The new law:
Extends deadlines for purchasing and closing on a home.
Authorizes the credit for long-time homeowners buying a replacement principal residence.
Raises the income limitations for homeowners claiming the credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

General Information
Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit.

The credit: Applies only to homes used as a taxpayer's principal residence.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
The credit is claimed using Form 5405, which you file with your original or amended tax return.

For 2008 Home Purchases
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

For 2009 Home Purchases
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.
For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.
First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return.

IN ORDER TO KEEP THE INFORMATION POSTED HERE TODAY AS ACCURATE AS POSSIBLE, I WENT DIRECTLY TO THE GOVERNMENT WEBSITE TO OBTAIN THE INFORMATION SHARED HERE TODAY. http://www.irs.gov/newsroom/article/0,,id=204671,00.html

KIM DUCLOS COLDWELL BANKER WARDLEY LAS VEGAS, NV http://www.callkim.net/

Daylight Saving Time: All Together, Now

At 2 a.m. Sunday, Nov. 1, time falls back an hour throughout the U.S. -- except in Hawaii and most of Arizona.(Oct. 29) -- The hour we gain each fall is upon us. Whether you delight in the bonus or lament the loss of evening light, have you considered that you're joining an event along with nearly everyone else in America, practically in unison? The thought would normally strike us as profound if the time switch weren't so mundane. Take a look at the numbers. We've got 307.8 million people in the U.S., according to a Census Bureau estimate. The only states that don't observe daylight saving time are Hawaii and Arizona, although the Navajo reservation in Arizona does make the change. That means for about 300.2 million of us -- or 97.5 percent of the population -- we're changing our clocks back to standard time this weekend. And over just a few hours, if you count all the time zones. To compare, a mere 95 million in the U.S. watched this year's Super Bowl. Opening presents Christmas morning? Well, 93 percent of Americans say they celebrate Christmas, according to a USA Today/Gallup poll taken last year.
Sure, you've got the recluse living in a forest cabin, marking the day by sunrise and sunset only. And others who don't track time or comprehend its passage as society sees it. But they'd have to exist in great numbers to make Christmas higher than the time change on the participation scale.And we all breathe and experience day or night at the same time. But these are natural events, not man-made ones. You may also argue that events like the Super Bowl and Christmas are more interesting because they're voluntary, whereas the time change is less so if you want to participate in mainstream society. ("It's 3 p.m., you say? I say it isn't!") Does that make the mass switchover any less awe-inspiring? It's remarkable on the coordination scale alone.

And don't forget that for most of us, at 2 a.m. Sunday, Nov. 1, the time jumps back to 1 a.m.

Information obtained from AOL: Claire Robinson

Geat Pumpkin Fluff Dip or Pumpkin Pie Recipe! EASY

Pumpkin Fluff Dip

Makes 32 servings; 1 point each

Weight Watchers approved

16 oz. fat-free Cool Whip

1.5 oz. pkg. s/f instant vanilla pudding

15 oz. canned pumpkin

1 tsp. pumpkin pie spice

In a large bowl, mix pudding, pumpkin, and spice.

Fold in Cool Whip.Refrigerate.

CREAMY PUMPKIN PIE

1 c. canned pumpkin

1/2 c. cold milk

1 (6 serving) pkg. Jello vanilla instant pudding

1 tsp. pumpkin pie spice

3 1/2 c. or 8 oz. Cool Whip

1 graham cracker pie crust

Combine pumpkin, milk, pudding mix and spice in small bowl. Blend with whisk or electric mixer for 1 minute. Fold in 2 1/2 cups Cool Whip. Spoon into crust. Freeze until firm, about 4 hours. Top with remaining Cool Whip.

History of Halloween

It is interesting to see where our Holidays originate and what they mean....here is the Halloween explanation from the Columbia Encyclopedia . . .

Halloween

Halloweenhăl′əwēn', häl′–, Oct. 31, the eve of All Saints' Day, observed with traditional games and customs. The word comes from medieval England's All Hallows' eve (Old Eng. hallow=saint). However, many of these customs predate Christianity, going back to Celtic practices associated with Nov. 1, which was Samhainsä'wĭn, the beginning of winter and the Celtic new year. Witches and other evil spirits were believed to roam the earth on this evening, playing tricks on human beings to mark the season of diminishing sunlight. Bonfires were lit, offerings were made of dainty foods and sweets, and people would disguise themselves as one of the roaming spirits, to avoid demonic persecution. Survivals of these early practices can be found in countries of Celtic influence today, such as the United States where children go from door to door in costumes demanding trick or treat.

Make it a safe and fun Halloween - from: Kim Duclos Coldwell Banker Wardley

Habitat for Humanity - Las Vegas, Nevada

Thanks for your help!

Kim Duclos - Coldwell Banker Wardley - (702) 521-3939

Please spread the word!

Habitat Needs Families!
Habitat for Humanity’s Home Ownership Program has two immediate openings for two homes!
We have a completed two bedroom home at our Tamarus Project:
This home is located off of Tamarus & Warm Springs and may occupy a family of:
Single Parent with one child
Single Parent with two children of the same sex
Two seniors
Framing will begin on a three bedroom home at our Henderson Project:
This home is located off of Sunset and Boulder Hwy and may occupy a family of:
Three to Six people
(Depending on the make up of the family and children)
Please spread the word to your friends, family
and co-workers!
Habitat Families are selected based on their need for adequate housing, their ability to pay a zero interest mortgage, and their willingness to partner up with Habitat.
Habitat Families must complete a minimum of 300 hours of sweat equity per adult working on their home and the homes of other Habitat families.
Habitat Families must pay closing cost of approximately $2000-$2500 and purchase first year’s homeowners insurance approximately $400-$500.
Prior to submitting an application, interested applicants must:
1. Meet the minimum eligibility requirements
Click the link below for more info
http://www.habitatlasvegas.org/site/c.khLPKZPELoF/b.3892327/k.A0DC/Home_Ownership.htm
2. Attend a Habitat Home Ownership Orientation
3. Complete 25 hours of Volunteer Work with Habitat

If you have any questions please contact:
Jackie Valdera
Family Services Program Manager
(Se Habla Español)
702-638-6477
Jackie@habitatlasvegas.org
SPREAD THE WORD!!

2010 Census to Begin - Cautions from BBB

Thought everyone might be interested in this information

2010 Census to Begin WARNING: 2010 Census Warnings from the Better Business Bureau!

Be Cautious About Giving Info to Census Workers by Susan Johnson

With the U.S. Census process beginning, the Better Business Bureau (BBB) advises people to be cooperative, but cautious, so as not to become a victim of fraud or identity theft. The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data. The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice: ** If a U.S. Census worker knocks on your door, they will have a badge, a handheld device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don't know into your home. ** Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, credit card or banking information to anyone, even if they claim they need it for the U.S. Census. REMEMBER, NO MATTER WHAT THEY ASK, YOU REALLY ONLY NEED TO TELL THEM HOW MANY PEOPLE LIVE AT YOUR ADDRESS. While the Census Bureau might ask for basic financial information, such as a salary range, YOU DON'T HAVE TO ANSWER ANYTHING AT ALL ABOUT YOUR FINANCIAL SITUATION. The Census Bureau will not ask for Social Security, bank account, or credit card numbers, nor will employees solicit donations. Any one asking for that information is NOT with the Census Bureau.

AND REMEMBER, THE CENSUS BUREAU HAS DECIDED NOT TO WORK WITH ACORN ON GATHERING THIS INFORMATION. No Acorn worker should approach you saying he/she is with the Census Bureau. Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census. Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau. For more advice on avoiding identity theft and fraud, visit http://www.bbb.org/

PLEASE SHARE THIS INFO WITH FAMILY AND FRIENDS...