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Nelson Matos – the cycles of real estate in the US and why these last few years presented the best opportunities to buy and invest since the 1930’s.

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NEW YORK (CNNMoney.com) — There’s a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama’s signature on Tuesday. First-time buyers can claim a credit worth $8,000 – or 10% of the home’s value, whichever is less – on their 2008 or 2009 taxes.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill – the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns – was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:

“I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?”

The short answer? Yes, Billings would get back the $8,000 plus what he’d overpaid. The long answer? It depends. Here are three scenarios:

Scenario 1: Your final tax liability is normally $6,000. You’ve had taxes withheld from every paycheck and at the end of the year you’ve paid Uncle Sam $6,000. Since you’ve already paid him all you owe, you get the entire $8,000 tax credit as a refund check.

Scenario 2: Your final tax liability is $6,000, but you’ve overpaid by $1,000 through your payroll witholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid.

Scenario 3: Your final tax liability is $6,000, but you’ve underpaid through your payroll witholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Applying for the credit will be easy – or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

Denis M. DaSilva – Broker, LMC, e-PRO

Certified Loss Mitigation / Foreclosure Specialist

Massachusetts, Rhode Island and New Hampshire
(401) 813-6875  Cell
(508) 823-2700 Office
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Home owners who decide to rent out their properties have to stop thinking of themselves as home owners and instead consider themselves as running a small business, experts say.

Thinking like a businessperson means focusing on the monthly cost of maintenance, mortgage and taxes, as well as being aware of landlord-tenant regulations and avoiding liabilities.

Here are key issues to consider:

• Set a fair rent. Setting the right price will make it more likely that a landlord will be able to keep the place rented.
• Understand landlord-tenant rules. Running afoul of landlord-tenant regulations and rules regarding security deposits can be costly.
• Screen applicants. Eliminating potential tenants who can’t pay or who won’t take care of the property is very important.
• Lay out the rules in a lease. Widely available sample leases can help. If you have questions, ask an attorney.
• Consider a property manager. Despite the expense, turning the job over to experts can help a landlord come out ahead.
• Talk to the condo association. If the property is a condominium, be prepared to deal with a host of regulations.

Source: The Washington Post, Renae Merle (02/28/2009)

Denis M. DaSilva – Broker, LMC, e-PRO

Certified Loss Mitigation / Foreclosure Specialist

Massachusetts, Rhode Island and New Hampshire
(401) 473-5050  Cell
(508) 823-2700 Office
(508) 916-4300 FAX
denis@bankownedlists.com

Scratch and dent appliances can save you hundreds, most come with full warranties and have minor imperfections.

Remember…Every dollar saved is a dollar earned.  

Denis M. DaSilva – Broker, LMC, e-PRO

Certified Loss Mitigation / Foreclosure Specialist

Senate’s Tax Credit Favors Higher-Income Homebuyers

By Ryan J. Donmoyer

Feb. 7 (Bloomberg) — The U.S. Senate is working to boost home purchases among six-figure-income households, turning away from Bush administration policies that helped fuel a property bubble.

By replacing a $7,500 tax credit for first-time homebuyers earning less than $150,000 with a $15,000 break for all income groups as part of the economic stimulus package, senators are encouraging purchases by higher-income households with a reduced risk of default.

A sponsor of the measure, Republican Senator Johnny Isakson of Georgia, said the credit is aimed at helping restart the stalled housing market. It would do so without the “far too loosey-goosey” underwriting standards of recent years that spurred an explosion of defaults by unqualified borrowers, he said.

“By doing it the way we did, people making $120,000 are more likely to be motivated to buy a house,” Isakson said.

Unlike the current law, the $35.5 billion provision wouldn’t be restricted to first-time homebuyers. It also would end homebuyers’ ability to claim the full credit if it exceeds the amount they owe in taxes.

The effect would be to wipe out the $15,000 of income tax a family of four earning about $122,000 would otherwise owe this year if they bought a house. A family earning half that amount would get about $2,300 less in tax benefits for buying a home than they would under current law.

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