Darryl Cherniss

1. Who is eligible to claim the tax credit? First time home buyers purchasing any kind of home - new or resale - are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
2. What is the definition of a first-time home buyer? The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
3. How is the amount of the tax credit determined? The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit? Yes, the tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5. I am not a U.S. citizen. Can I claim the tax credit? Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.
6. Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

Wake up to happiness in this Bank-Owned, 3BR/3BA ocean and canyon view home. Traditional-style with ocean breezes. Featuring wood flooring and vaulted ceilings with a fireside comfort in the living room with views of the ocean. Beamed ceilings, built-in bookcases, comfortable large bedrooms and handsome counter tops with a skylight in the kitchen. Elegant sensibility and charm! Work in progress - paint, sinks, light fixtures, cabinets and sales clean. For more information regarding foreclosures, bank owned and short sale properties on the Westside, call me at 310-614-6106.

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Playa Vista real estate stats as of Monday, November 17, 2008:
active Single Family Home listings = 7
ranging from $1,429,000 to $1,700,000
average list price = $1,558,143
average square footage = 3,434
average price per square foot = $453.74
average days on the market = 160

active Condo / Townhome listings = 39
ranging from $479,000 to $1,180,000
average list price = $682,187
average square footage = 1,702
average price per square foot = $400.76
average days on the market = 78

To view current listings, please click on the links below:
Houses in Playa Vista, CA 90094
Condos and Townhomes in Playa Vista, CA 90094


Note: Stats do not include properties in escrow with "looking for back-up" status on CLAW.

Playa Vista real estate stats as of Monday, November 10, 2008:

active Single Family Home listings = 7
ranging from $1,429,000 to $1,700,000
average list price = $1,558,143
average square footage = 3,434
average price per square foot = $453.74
average days on the market = 151

active Condo / Townhome listings = 40
ranging from $479,000 to $1,180,000
average list price = $687,759
average square footage = 1,703
average price per square foot = $403.87
average days on the market = 74

To view current listings, please click on the links below:
Houses in Playa Vista, CA 90094
Condos and Townhomes in Playa Vista, CA 90094

Note: Stats do not include properties in escrow with "looking for back-up" status on CLAW.