Robert B. McArtor, REALTOR, AUCTIONEER, BALTIMORE, HARFORD, CECIL MARYLAND

First Time Homebuyer Tax Credit Extended Into 2010! Plus...A New Tax Credit for Certain Existing Home Owners! It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines - In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect - The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price - Qualifying buyers may purchase a property with a maximum sales price of $800,000.

First-Time Homebuyer Tax Credit – Frequently Asked Questions -

Here are answers to some commonly asked questions about the tax credit.

What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)? - An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit? - Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit? - For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property? - No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place. Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit? - Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

• You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.

• You do not use the home as your principal residence. • You sell your home before the end of the year. • You are a nonresident alien.

• You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)

• Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)

• You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit? - Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit? - Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years? - No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

We are Realtors in Baltimore, Harford County Maryland serving first-time home buyers, homebuyers searching for homes in Maryland. If you are looking to list and sell your home in Maryland, call us today for your free consultation.

I am sure that most of you have been monitoring the status of the "Homebuyer Tax Credit" in Baltimore City, but if you haven't, this is what we know:

Homebuyer Tax Credit for Baltimore City Homes has not only been extended, but it has also been expanded to include current homeowners in Baltimore City. The following are features of the new bill:

• Deadline for current credit is November 30, 2009.

• Deadline for new and improved credit is April 30, 2010, as long as the home in Baltimore City is under contract by that date; deal must close within 60 days.

• Eligibility and amount of new credit: - $8,000 for first-time homebuyers in Maryland (those who have not owned a home in Baltimore City in the last three years). - Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.

• Buyers in Baltimore City with income exceeding $125,000 for single and $225,000 for married couples are not eligible.

• Homes in Baltimore City valued at more than $800,000 are also ineligible.

This is exciting news for first time and current homeowners that are looking to purchase a property in Baltimore City Maryland.

You can become a VIP Buyer and Beat Other Buyers to Hot New Listings in Maryland, Baltimore, Harford County, Cecil County Homes. How To Receive Daily Emails or Printouts of ALL New Listings That Match Your Home Buying Criteria Sent to You FREE of Charge Without Obligation

Here's how it works...

We mail/e-mail you new listings (complete with pictures) of ALL MLS properties that match your home buying criteria.

Our exclusive Buyer Profile System allows you to pick which homes in Baltimore City you want to view before other buyers even know about them. As a VIP buyer in Baltimore City:

You get weekly updates of all new home listings that match your criteria FREE of charge. You get first pick of homes that interest you and the ability to beat other buyers to an offer.

Because you're there first, before most other buyers, we are able to negotiate the lowest possible price for you saving you even more money including the possiblity of the Tax Credit. Most importantly your time isn't wasted viewing homes that don't interest you.

It's easy to get started...Just click here

START RECEIVING FORECLOSURE LISTS IN BALTIMORE CITY NOW!

"HI! My Name is Robert McArtor, Not only do I AUCTION Foreclosed properties, I also have the information YOU NEED to buy Foreclosed Properties in Maryland! The Home I LIVE IN was a BANK-OWNED PROPERTY! I purchased it for $100,000 Less than what was owed and YOU CAN BUY ONE TOO!"

"With Robert by my side...I purchased a 4 Bedroom, 2 Bath home on 1.15 Acres for just $140,000! We followed Robert's advice and saved well over $100,000 with our purchase!" Charles P. - Harford County

"Thanks Rob, we never thought we could have done it! 4 Bedroom, 2.5 Bath, 2 car garage in a cul-de-sac and saved over $100,000. With your advice we acted fast...I still can't believe I have my own garage"! M.K. - Harford County

I will email you FORECLOSED PROPERTIES the MOMENT THEY COME ON THE MARKET....FREE! Simply Fill-Out the Form Below and I will start sending you the lists TODAY! There are many fixer-upper homes in Baltimore City to choose. We have the knowledge and experience you need when deciding on the BEST DEAL!

I am sure that most of you have been monitoring the status of the "Homebuyer Tax Credit" in Baltimore County, but if you haven't, this is what we know:

Homebuyer Tax Credit for Baltimore County Homes has not only been extended, but it has also been expanded to include current homeowners in Harford County. The following are features of the new bill:

• Deadline for current credit is November 30, 2009.

• Deadline for new and improved credit is April 30, 2010, as long as the home in Baltimore County is under contract by that date; deal must close within 60 days.

• Eligibility and amount of new credit: - $8,000 for first-time homebuyers in Maryland (those who have not owned a home in Baltimore County in the last three years). - Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.

• Buyers in Baltimore County or City with income exceeding $125,000 for single and $225,000 for married couples are not eligible.

• Homes in Baltimore County valued at more than $800,000 are also ineligible.

This is exciting news for first time and current homeowners that are looking to purchase a property in Baltimore County Maryland.

You can become a VIP Buyer and Beat Other Buyers to Hot New Listings in Maryland, Baltimore, Harford County, Cecil County Homes. How To Receive Daily Emails or Printouts of ALL New Listings That Match Your Home Buying Criteria Sent to You FREE of Charge Without Obligation

Here's how it works...

We mail/e-mail you new listings (complete with pictures) of ALL MLS properties that match your home buying criteria.

Our exclusive Buyer Profile System allows you to pick which homes in Baltimore County you want to view before other buyers even know about them. As a VIP buyer in Baltimore County:

You get weekly updates of all new home listings that match your criteria FREE of charge. You get first pick of homes that interest you and the ability to beat other buyers to an offer.

Because you're there first, before most other buyers, we are able to negotiate the lowest possible price for you saving you even more money including the possiblity of the Tax Credit. Most importantly your time isn't wasted viewing homes that don't interest you.

It's easy to get started...Just click here

START RECEIVING FORECLOSURE LISTS IN BALTIMORE COUNTY NOW!

"HI! My Name is Robert McArtor, Not only do I AUCTION Foreclosed properties, I also have the information YOU NEED to buy Foreclosed Properties in Maryland! The Home I LIVE IN was a BANK-OWNED PROPERTY! I purchased it for $100,000 Less than what was owed and YOU CAN BUY ONE TOO!"

"With Robert by my side...I purchased a 4 Bedroom, 2 Bath home on 1.15 Acres for just $140,000! We followed Robert's advice and saved well over $100,000 with our purchase!" Charles P. - Harford County

"Thanks Rob, we never thought we could have done it! 4 Bedroom, 2.5 Bath, 2 car garage in a cul-de-sac and saved over $100,000. With your advice we acted fast...I still can't believe I have my own garage"! M.K. - Harford County

I will email you FORECLOSED PROPERTIES the MOMENT THEY COME ON THE MARKET....FREE! Simply Fill-Out the Form Below and I will start sending you the lists TODAY! There are many fixer-upper homes in Baltimore County to choose. We have the knowledge and experience you need when deciding on the BEST DEAL!

I am sure that most of you have been monitoring the status of the "Homebuyer Tax Credit" in Harford County, but if you haven't, this is what we know:

Homebuyer Tax Credit for Harford County Homes has not only been extended, but it has also been expanded to include current homeowners in Harford County. The following are features of the new bill:

• Deadline for current credit is November 30, 2009.

• Deadline for new and improved credit is April 30, 2010, as long as the home in Harford County is under contract by that date; deal must close within 60 days.

• Eligibility and amount of new credit: - $8,000 for first-time homebuyers in Maryland (those who have not owned a home in Harford County in the last three years). - Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.

• Buyers in Harford County with income exceeding $125,000 for single and $225,000 for married couples are not eligible.

• Homes in Harford County valued at more than $800,000 are also ineligible.

This is exciting news for first time and current homeowners that are looking to purchase a property in Harford County Maryland.

You can become a VIP Buyer and Beat Other Buyers to Hot New Listings in Maryland, Baltimore, Harford County, Cecil County Homes. How To Receive Daily Emails or Printouts of ALL New Listings That Match Your Home Buying Criteria Sent to You FREE of Charge Without Obligation

Here's how it works...

We mail/e-mail you new listings (complete with pictures) of ALL MLS properties that match your home buying criteria.

Our exclusive Buyer Profile System allows you to pick which homes in Harford County you want to view before other buyers even know about them. As a VIP buyer in Harford County:

You get weekly updates of all new home listings that match your criteria FREE of charge. You get first pick of homes that interest you and the ability to beat other buyers to an offer.

Because you're there first, before most other buyers, we are able to negotiate the lowest possible price for you saving you even more money including the possiblity of the Tax Credit. Most importantly your time isn't wasted viewing homes that don't interest you.

It's easy to get started...Just click here

START RECEIVING FORECLOSURE LISTS IN HARFORD COUNTY NOW!

"HI! My Name is Robert McArtor, Not only do I AUCTION Foreclosed properties, I also have the information YOU NEED to buy Foreclosed Properties in Maryland! The Home I LIVE IN was a BANK-OWNED PROPERTY! I purchased it for $100,000 Less than what was owed and YOU CAN BUY ONE TOO!"

"With Robert by my side...I purchased a 4 Bedroom, 2 Bath home on 1.15 Acres for just $140,000! We followed Robert's advice and saved well over $100,000 with our purchase!" Charles P. - Harford County

"Thanks Rob, we never thought we could have done it! 4 Bedroom, 2.5 Bath, 2 car garage in a cul-de-sac and saved over $100,000. With your advice we acted fast...I still can't believe I have my own garage"! M.K. - Harford County

I will email you FORECLOSED PROPERTIES the MOMENT THEY COME ON THE MARKET....FREE! Simply Fill-Out the Form Below and I will start sending you the lists TODAY! There are many fixer-upper homes in Harford County to choose. We have the knowledge and experience you need when deciding on the BEST DEAL!

I am sure that most of you have been monitoring the status of the “Homebuyer Tax Credit”, but if you haven’t, this is what we know:

Homebuyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners in Maryland. The following are features of the new bill:

• Deadline for current credit is November 30, 2009.

• Deadline for new and improved credit is April 30, 2010, as long as the home in Maryland is under contract by that date; deal must close within 60 days.

• Eligibility and amount of new credit: – $8,000 for first-time homebuyers in Maryland (those who have not owned a home in Maryland in the last three years). – Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.

• Buyers in Maryland with income exceeding $125,000 for single and $225,000 for married couples are not eligible.

• Homes in Maryland valued at more than $800,000 are also ineligible.

This is exciting news for first time and current homeowners that are looking to purchase a property in Maryland.

You can become a VIP Buyer and Beat Other Buyers to Hot New Listings in Maryland, Baltimore, Harford County, Cecil County Homes. How To Receive Daily Emails or Printouts of ALL New Listings That Match Your Home Buying Criteria Sent to You FREE of Charge Without Obligation

Here's how it works...

We mail/e-mail you new listings (complete with pictures) of ALL MLS properties that match your home buying criteria.

Our exclusive Buyer Profile System allows you to pick which homes in Maryland you want to view before other buyers even know about them. As a VIP buyer in Maryland:

You get weekly updates of all new home listings that match your criteria FREE of charge. You get first pick of homes that interest you and the ability to beat other buyers to an offer.

Because you're there first, before most other buyers, we are able to negotiate the lowest possible price for you saving you even more money including the possiblity of the Tax Credit. Most importantly your time isn't wasted viewing homes that don't interest you.

It's easy to get started...Just click here

START RECEIVING FORECLOSURE LISTS IN MARYLAND NOW!

"HI! My Name is Robert McArtor, Not only do I AUCTION Foreclosed properties, I also have the information YOU NEED to buy Foreclosed Properties in Maryland! The Home I LIVE IN was a BANK-OWNED PROPERTY! I purchased it for $100,000 Less than what was owed and YOU CAN BUY ONE TOO!"

"With Robert by my side...I purchased a 4 Bedroom, 2 Bath home on 1.15 Acres for just $140,000! We followed Robert's advice and saved well over $100,000 with our purchase!" Charles P. - Harford County

"Thanks Rob, we never thought we could have done it! 4 Bedroom, 2.5 Bath, 2 car garage in a cul-de-sac and saved over $100,000. With your advice we acted fast...I still can't believe I have my own garage"! M.K. - Harford County

I will email you FORECLOSED PROPERTIES the MOMENT THEY COME ON THE MARKET....FREE! Simply Fill-Out the Form Below and I will start sending you the lists TODAY! There are many fixer-upper homes in Maryland to choose. We have the knowledge and experience you need when deciding on the BEST DEAL!