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The IRS released additional information to help homebuyers understand the ways they can file to receive the homebuyer credit. It is important for taxpayers to know that they must complete the purchase and close or take up residence in the case of new construction in order to be eligible to file for the credit. Here are the four main options listed by the IRS:
Advocacy
March 2009 Archives
March 27, 2009
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NAR has issued a flyer highlighting the concerns raised by REALTORS® about the short sales process: lack of uniformity, lost documents, unrealistic views of values, greater losses by the lenders who foreclose instead of approve a short sale, delays, nonresponsiveness, and servicer inexperience. In response to NAR's Short Sales Issues Work Group recommendations, NAR staff has undertaken several initiatives to improve the process, The flyer describes these initiatives and will be updated as progress is made.
As part of its review of the structure of the county budget and revenue options, the Board of Supervisors Finance/Government Services and Operations Committee did not take action this week on a proposal to increase the acreage requirements for new open space applications/agreements from five to 20 acres within the Land Use Assessment Program. The program provides for the deferral of real estate taxes on real estate that qualifies for agricultural, horticultural, forestry and/or open space uses.
The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009. The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. For more information on the tax credit, click here.
