Deadline Looming on Current Tax Credit - Act Now

Tax Credit in General

For first time homebuyers, there is a refundable credit equal to 10 percent of the purchase price up to a maximum of $8,000 ($4,000 if married filing separately). A first-time homebuyer is an individual who, with his or her spouse if married, has not owned any other principal residence for three years prior to the date of purchase of the new principal residence for which the credit is being claimed.

1. There are several situations in which a taxpayer cannot claim the credit:
2. The taxpayer is a nonresident alien;
3. The taxpayer purchases a home located outside the United States;
4. The taxpayer sells the home or if it stops being the taxpayer’s principal residence in the
year the taxpayer purchased the home;
5. The taxpayer receives the home, or any portion of the home, as a gift or as an inheritance;
and The taxpayer exceeds the income limits.

The Worker, Homeownership, and Business Assistance Act of 2009 extended and expanded the tax credit for first time homebuyers that had been created in 2008. The new law extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. If a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit. An eligible taxpayer must buy or enter into a binding contract to buy a home by April 30, 2011, and settle on the purchase by June 30, 2011.

ACT NOW! Call me and I can facilitate a home purchase or sale here in the Las Vegas Vally.

(702) 521-3939 direct (888) 949-2890 toll free http://www.callkim.net/

Kim Duclos

Coldwell Banker Wardley

kim.duclos@coldwellbanker.com

Another Cash for Clunkers Bail Out? What is your take?

I could hardly believe I was reading this article ( I am including with this post), but yes it is true, another Cash for Clunkers may be coming to a neighborhood near you. I thought that everyone was up in arms over the high cost of the last two C4C give-away, so what is your take and did you take advantage of the first two C4C programs? How did it work out for you? Let me know I am curious as to what people who took advantage of the program have to say.

What about additional funds for homeowners and restructuring of variable loans? I think our housing market needs more attention than our auto dealerships.

Now on with the article by C. Shunk.


Jan 15th 2010 at 8:04AM
Cash-for-Clunkers was among the more watched auto-related story lines of 2009. With the industry hurting, the government provided cash vouchers of between $3,500 and $4,500 to anyone who turned in a vehicle that was eight (or more) years-old and with between two and 10 miles-per-gallon worse fuel economy numbers than the new car or truck with which it was replaced. The program went from fledgling idea to a done deal in a matter of a few months, showing that the U.S. government is capable of move quickly when it really wants to, albeit with the help of a big fat $3 billion check.The feat was reportedly so impressive to Department of Transportation Ray LaHood that he openly wondered whether the program should
be reincarnated for 2010. Motor Trend reports that LaHood told reporters at the Detroit Auto Show that Clunkers was "the most wildly successful program ever, selling 800,000 cars in less than 30 days." It sounds like LaHood was really impressed with how C4C panned out, but will the program and its multi-billion dollar price tag resurface in 2010? LaHood says the DOT won't be begging for any spending money, and he insists that any decisions will need to be made by Congress in the year ahead.Motor Trend says that despite LaHood's hands-off approach to Clunkers, there are persistent rumors that C4C could resurface in the second quarter of 2010 with perhaps less bountiful tax incentives and a less exorbitant price tag. We have no idea if C4C has any chance of making a cameo in 2010, though we're thinking that the consistent uptick in sales after Clunkers expired shows that the industry is beginning to improve without additional government intervention. Why spend money propping up an industry that seems to be doing a swell job of helping itself?


Please call me about the $8000,00 (up to) tax credit for homebuyer's and the $6500.00 tax credit (up to) for the move up credit. Perhaps you can take advantage of a tax credit for a home as an alternative.

Kim Duclos

(888) 949-2890

kim.duclos@coldwellbanker.com

Is it made in the U.S.A.?

This may be useful to know when grocery shopping, if it's a concern to you. With current problems with products from China...including dog/cat food, many people are afraid of China-made "black hearted goods". Can you differentiate which one is made in Taiwan or China? If the first 3 digits of the barcode are 690, 691 or 692, the product is MADE IN CHINA. 471 is Made in Taiwan . This is our right to know, but the government and related departments never educate the public, therefore we have to RESCUE ourselves. Nowadays, businessmen know that consumers do not prefer products "MADE IN CHINA ", so they don't always show from which country it is made/grown. However, you may now refer to the barcode, remember if the first 3 digits are:

690-692 … then it is MADE IN CHINA .

00 - 09 … USA & CANADA

30 - 37... FRANCE

40 - 44 … GERMANY

47 ... Taiwan

49 … JAPAN

50 … UK

BUY USA by watching for "0" at the beginning of the number. We need every boost we can get!

Check out numerous products by clicking on the link below! Go U.S.A.!

http://www.made-in.us.com/index.php

Brought to you by: Kim Duclos - Coldwell Banker Wardley