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First-Time Homebuyer Credit Extended for 2009-2010

11-07-09
Hawaii Home Frank Diaz

First-Time Homebuyer Credit Renewed and Extended

First-Time Homebuyer Credit Extended for 2009-2010

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

  • Extends deadlines for purchasing and closing on a home.
  • Authorizes the credit for long-time homeowners buying a replacement principal residence.
  • Raises the income limitations for homeowners claiming the credit.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

General Information for First-Time Homebuyer Credit

Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit. The credit:

  • Applies only to homes used as a taxpayer’s principal residence.
  • Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405, which you file with your original or amended tax return.

First-time buyers, First-Time Homebuyer, home buyers tax credit

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Federal-State-News, First-Time Home Buyers Credit First-time buyers, First-Time Homebuyer, home buyers tax credit

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First-Time Homebuyer Credit Extended

11-07-09
Hawaii Home Frank Diaz

First-Time Homebuyer Credit Extended

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

  • Extends deadlines for purchasing and closing on a home.
  • Authorizes the credit for long-time homeowners buying a replacement principal residence.
  • Raises the income limitations for homeowners claiming the credit.

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

General Information

Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit. The credit:

  • Applies only to homes used as a taxpayer’s principal residence.
  • Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405, which you file with your original or amended tax return.

First-time buyers, First-Time Homebuyer, home buyers tax credit

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Federal Housing Tax Credit for First-Time Home Buyers Extended

10-31-09
Hawaii Home Frank Diaz

Federal Housing Tax Credit for First-Time Home Buyers Extended

Senate Approves Extension for Federal Housing Tax Credit for First-Time Home Buyers

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

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.

Who gets the credit, and how much can they claim? Is it just for first-time homebuyers or for existing homeowners?

First-time home buyers are eligible for up to $8,000 on the tax credit, which is the same as the current credit. The Senate version of the bill creates a new credit of up to $6,500 for homeowners who have lived in their homes for five years. That provision would start on Dec. 1st.

How long will it last?

The tax credits would expire on April 30, 2010, but home buyers under contract by April 30 would be able to qualify as long as they complete the sale within 60 days. Keep in mind, this would be the third iteration of a home buyer tax credit that has been in place since mid-2008. Sen. Johnny Isakson, the Georgia Republican who has been a staunch advocate of the credit, promised that this would be the “last extension” of the credit, according to Dow Jones Newswires’ Corey Boles. “Tax credits like this only work by creating the sense of urgency to take advantage of it,” Sen. Isakson said.

Will the tax credit do anything for the high-end of the market?

Probably not. The tax credit phases out for home buyers with incomes above $125,000 for single filers and $225,000 for married couples. Also, homes that cost more than $800,000 aren’t eligible for the credit. Overall, the tax credit is likely to generate only a modest further increase in home sales, says Tom Lawler, an independent economist in Leesburg, Va. For many well-paid people, he says, it won’t make a big difference: “A household earning around $150,000 is likely to buy a home of $500,000 plus, so a $6,500 credit won’t be much of a factor in pushing such households off the fence.”

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First-Time Home Buyers Credit first home buyer credit, First-time Homebuyers, tax credit

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Short Sales, Lender’s Sales, Foreclosures, Single Famly Homes from Honolulu to Hawaii Kai

10-18-09
Hawaii Home Frank Diaz

Short Sales Lender’s Sales Foreclosures Single Famly Homes Honolulu to Hawaii Kai

Address

Nbrhd

Lnd SqFt

Liv SqFt

BR

FB

YB

LT

List Price

$ SqFt
594 Kealahou St

KALAMA VAL

6,123

1,938

5

2

1974

LH

$350,000

$180.60
2057B 10th Ave

PALOLO

1,776

1,364

3

2

1960

FS

$399,000

$292.52
1446 Maloo Pl

KALAMA VAL

3,914

1,252

3

2

1984

FS

$489,000

$390.58
2333A Palolo Ave

PALOLO

5,005

1,446

4

2

1957

FS

$515,000

$356.15
7739 Waikapu Lp

KALAMA VAL

5,597

1,674

4

2

1973

FS

$599,000

$357.83
803 20th Ave

KAIMUKI

2,500

884

3

2

1978

FS

$625,000

$707.01
839A 21st Ave

KAIMUKI

6,098

1,334

3

2

1950

FS

$649,000

$486.51
2594A Kekuanoni St

PAUOA VALL

5,780

1,820

5

3

1961

FS

$699,000

$384.07
1048 Kaupaku Pl

MARINERS R

8,408

2,723

5

3

1975

FS

$700,000

$257.07
1322 Lunalilo St 1

MAKIKI ARE

1,636

2,347

5

3

2004

FS

$710,000

$302.51
520 Lunalilo Home Rd 326

WEST MARIN

0

1,648

3

2

2002

FS

$719,000

$436.29
1175 Olowalu Wy

KALAMA VAL

5,443

2,098

4

3

1973

FS

$750,000

$357.48
1007 Kaluanui Rd

MARINERS R

7,504

1,896

3

2

1974

FS

$899,000

$474.16
1024 Kaolo St

KAMILO NUI

7,507

2,193

4

2

2003

FS

$950,000

$433.20
2782 Kalawao St 27

MANOA AREA

16,574

3,068

4

4

1992

FS

$1,299,000

$423.40
891 Hokulani St

HAHAIONE-U

8,469

2,053

3

2

1988

FS

$700,000

$340.96
644A 12th Ave

KAIMUKI

5,264

1,925

3

3

1970

FS

$875,000

$454.55
46 Nawiliwili St

TRIANGLE

10,185

2,658

4

2

1966

FS

$1,165,000

$438.30
3276 Palolo Terrace Pl

PALOLO

3,586

982

3

2

1947

FS

$510,000

$519.35
5372 Kalanianaole Hwy

AINA HAINA

11,926

2,499

6

3

1947

FS

$604,000

$241.70

Tags: Aina Haina, foreclosures, Hahaione, Hawaii Kai, hawaii kai homes for sale, Kaimuki, Kalama Valley, Kamilo Nui, makiki, marina, Mariners Ridge, palolo, Pauoa Valley, short sales, Triangle

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Short Sales, Lender’s Sales Foreclosures Townhouses Condos Honolulu to Hawaii Kai

10-18-09
Hawaii Home Frank Diaz

Short Sales, Lender’s Sales Foreclosures Townhouses Condos Honolulu to Hawaii Kai

LH = Leasehold, not fee simple

Address

Nbrhd

Bldg Name

Int SqFt

Lanai

BR

FB

YB

LT

List Price

$ SqFt
1888 Kalakaua Ave PH3801

WAIKIKI

Waikiki Landmark

4,286

284

3

3

1992

FS

$2,900,000

$676.62
425 South St MAUKA/4004

KAKAAKO

One Waterfront Tower

1,725

0

2

2

1989

FS

$898,888

$521.09
1177 Queen St 1809

KAKAAKO

Koolani

1,392

0

3

2

2006

FS

$874,000

$627.87
425 South St MAUKA/704

KAKAAKO

One Waterfront Tower

1,470

155

3

2

1989

FS

$720,000

$489.80
1298 Kapiolani Blvd II-4207

KAKAAKO

Moana Pacific

1,113

444

2

2

2007

FS

$699,000

$628.03
1288 Kapiolani Blvd I-1703

KAKAAKO

Moana Pacific

1,204

42

3

2

2007

FS

$669,000

$555.65
123B Maunalua Ave 16

NAPUA POIN

Napua Point

1,628

47

3

2

1980

FS

$599,000

$367.94
7012 Hawaii Kai Dr 1001

WEST MARIN

Moana Kai

1,550

0

3

2

2005

FS

$571,900

$368.97
520 Lunalilo Home Rd 6102

WEST MARIN

Colony at the Peninsula

1,457

148

3

2

2004

FS

$535,000

$367.19
415 South St MAKAI/301

KAKAAKO

One Waterfront Tower

1,470

0

2

2

1989

LH

$527,000

$358.50
904 Koko Isle Cir 2302

WEST MARIN

Koko Isle

1,508

0

3

2

1968

FS

$525,000

$348.14
1717 Ala Wai Blvd 2710

WAIKIKI

1717 Ala Wai

1,130

100

3

2

1970

FS

$522,900

$462.74
6370 Hawaii Kai Dr 3

WEST MARIN

Moorings

1,332

190

4

3

1969

FS

$519,900

$390.32
520 Lunalilo Home Rd 6119

WEST MARIN

Colony at the Peninsula

1,287

109

2

2

2004

FS

$509,000

$395.49
520 Lunalilo Home Rd 8108

WEST MARIN

Colony at the Peninsula

1,269

109

2

2

2004

FS

$495,000

$390.07
7116 Hawaii Kai Dr 64

WEST MARIN

Lalea At Hawaii Kai 1

1,075

317

3

2

1997

FS

$479,000

$445.58
444 Lunalilo Home Rd 902

WEST MARIN

Kaimala Marina

1,282

344

3

2

1972

FS

$460,000

$358.81
2781 Kapiolani Blvd 202

KAPIOLANI

Kaimuki Parkside

1,222

247

4

2

1990

FS

$450,000

$368.25
2045 Kalakaua Ave 1206

WAIKIKI

Luana Waikiki

676

70

1

1

1971

FS

$449,000

$664.20
1765 Ala Moana Blvd 1180

WAIKIKI

Ilikai Marina

651

28

1

1

1968

FS

$449,000

$689.71
1765 Ala Moana Blvd 1190

WAIKIKI

Ilikai Marina

651

28

1

1

1968

FS

$449,000

$689.71
1765 Ala Moana Blvd 1480

WAIKIKI

Ilikai Marina

651

28

1

1

1968

FS

$449,000

$689.71
555 Pepeekeo St Unit #3

HAHAIONE-L

Village Green

1,305

120

3

2

1969

FS

$440,000

$337.16
1888 Kalakaua Ave 1106

WAIKIKI

Waikiki Landmark

799

76

1

1

1992

FS

$418,000

$523.15
555 Hahaione St 10F

HAHAIONE-L

Commodore

1,019

62

1

2

1982

FS

$405,000

$397.45
2333 Kapiolani Blvd 2109

KAPIOLANI

Marco Polo Apts

824

86

2

2

1971

FS

$400,000

$485.44
1511 Nuuanu Ave 1237

DOWNTOWN

Queen Emma Gardens

1,035

66

3

2

1963

FS

$399,000

$385.51
511 Hahaione St 1/1A

HAHAIONE-L

Mauna Luan

1,211

0

2

2

1975

FS

$399,000

$329.48
2140 Kuhio Ave 2505

WAIKIKI

Four Paddle

553

125

1

1

1974

FS

$398,000

$719.71
400 Hobron Ln 1505

WAIKIKI

Villa On Eaton Square

681

58

1

1

1974

FS

$395,000

$580.03
2101 Nuuanu Ave I/1107

NUUANU-LOW

Craigside

817

0

1

1

1981

FS

$374,000

$457.77
625 Iolani St A/204

PUNCHBOWL-

Park Tower

803

233

2

1

1962

FS

$370,000

$460.77
1910 Ala Moana Blvd 11/A

WAIKIKI

Canterbury Pl

1,270

280

2

2

1978

LH

$370,000

$291.34
2611 Ala Wai Blvd 2506

WAIKIKI

Canal House

598

43

1

1

1975

FS

$360,000

$602.01
4197 Keanu St 1

WAIALAE NU

Tropicana Village-makai

1,035

0

2

2

1965

FS

$356,000

$343.96
1073 Kinau St 803

MAKIKI ARE

1073 Kinau

931

56

2

2

1975

LH

$339,000

$364.12
876 Curtis St 2401

KAKAAKO

Royal Capitol Plaza

584

0

1

1

1987

FS

$330,000

$565.07
410 Magellan Ave 504

PUNCHBOWL-

Magellan

865

100

2

2

1969

FS

$330,000

$381.50
1777 Ala Moana Blvd 2027

WAIKIKI

Ilikai Apt Bldg

470

120

1

1

1965

FS

$325,500

$692.55
1777 Ala Moana Blvd 1529

WAIKIKI

Ilikai Apt Bldg

500

120

1

1

1965

FS

$325,000

$650.00
1777 Ala Moana Blvd 1812

WAIKIKI

Ilikai Apt Bldg

500

120

1

1

1964

FS

$310,000

$620.00
2333 Kapiolani Blvd 3016

KAPIOLANI

Marco Polo Apts

824

86

2

2

1971

LH

$310,000

$376.21
2651 Kuilei St B/32

MOILIILI

Hono Hale Towers

675

62

2

1

1969

FS

$310,000

$459.26
430 Kaiolu St 602

WAIKIKI

Kaiolu Sunrise

649

0

1

1

1963

FS

$297,000

$457.63
225 Kaiulani Ave 1106

WAIKIKI

Governor Cleghorn

607

55

1

1

1966

FS

$289,000

$476.11
2572 Lemon Rd 901

WAIKIKI

Tradewinds Plaza

481

0

0

1

1979

FS

$275,000

$571.73
430 Kaiolu St 502

WAIKIKI

Kaiolu Sunrise

625

105

1

1

1963

FS

$269,500

$431.20
949 Prospect St 306

PUNCHBOWL

949 Prospect

501

46

1

1

1999

FS

$269,000

$536.93
1420 Victoria St 1303

PUNCHBOWL

Victoria Towers

930

0

2

1

1974

LH

$265,000

$284.95
933 Kaheka St A/102

PAWAA

Continental Apts

750

0

2

1

1964

FS

$260,000

$346.67
1777 Ala Moana Blvd 624

WAIKIKI

Ilikai Apt Bldg

500

120

1

1

1965

FS

$259,000

$518.00
430 Kaiolu St 409

WAIKIKI

Kaiolu Sunrise

625

105

1

1

1961

FS

$249,950

$399.92
2101 Nuuanu Ave I/1607

NUUANU-LOW

Craigside

817

0

1

1

1981

LH

$249,000

$304.77
2452 Tusitala St PH1

WAIKIKI

Waikiki Lanais

760

191

2

1

1978

LH

$239,000

$314.47
929 Ahana St 308

PAWAA

Belvedere

603

0

2

1

1964

FS

$239,000

$396.35
2211 Ala Wai Blvd 2610

WAIKIKI

Aloha Lani

413

0

1

1

1976

FS

$238,000

$576.27
1860 Ala Moana Blvd 1404

WAIKIKI

Wailana At Waikiki

1,180

0

2

2

1970

LH

$230,000

$194.92
1415 Victoria St 907

PUNCHBOWL

Town House

534

95

1

1

1961

FS

$230,000

$430.71
225 Liliuokalani Ave 7C

WAIKIKI

Waikiki Imperial Apts

680

0

1

1

1961

FS

$229,000

$336.76
410 Atkinson Dr 1308

ALA MOANA

Ala Moana Hotel Condo

301

56

0

1

1970

FS

$225,000

$747.51
2845 Waialae Ave 520

MOILIILI

Waialae Pl

607

13

2

1

1975

FS

$222,900

$367.22
1778 Ala Moana Blvd 3218

WAIKIKI

Discovery Bay

683

86

1

1

1977

LH

$215,000

$314.79
1617 Clark St 204

PUNAHOU

Punahou Sunset

544

110

1

1

1960

FS

$210,000

$386.03
2345 Ala Wai Blvd 810

WAIKIKI

Fairway Villa

364

77

0

1

1974

FS

$199,000

$546.70
445 Kaiolu St 906

WAIKIKI

Rosalei Ltd

456

90

1

1

1955

FS

$199,000

$436.40
445 Kaiolu St 402

WAIKIKI

Rosalei Ltd

477

90

1

1

1955

FS

$199,000

$417.19
1777 Ala Moana Blvd 1123

WAIKIKI

Ilikai Apt Bldg

500

0

1

1

1965

FS

$198,000

$396.00
1777 Ala Moana Blvd 1705

WAIKIKI

Ilikai Apt Bldg

500

120

1

1

1964

FS

$195,000

$390.00
1914 University Ave 208

MANOA-LOWE

University Court Apts

521

75

1

1

1962

FS

$195,000

$374.28
1036 Green St 306

PUNCHBOWL

Makiki West

411

0

1

1

1982

FS

$190,000

$462.29
2847 Waialae Ave 207

MOILIILI

Waialae Pl

455

0

1

1

1975

FS

$185,000

$406.59
1511 Nuuanu Ave 935

DOWNTOWN

Queen Emma Gardens

361

0

0

1

1963

FS

$169,000

$468.14
2421 Ala Wai Blvd 603

WAIKIKI

Ala Wai Townhouse

480

77

1

1

1973

LH

$165,000

$343.75
965 Prospect St 110

PUNCHBOWL

965 Prospect

758

176

2

2

1977

LH

$160,000

$211.08
2724 Kahoaloha Ln 2402

MOILIILI

Kings Gate

401

0

0

1

1981

LH

$150,000

$374.06

Tags: 1717 ala wai, 965 propsect, ala moana hotel, Aloha Lani, Colony at the Peninsula, Commodore, Discovery Bay, foreclosures, Ilikai, Kaimala Marina, Kaiolu Sunrise, Koko Isle, Koolani, Lalea, luana waikiki, Moana Kai, Moana Pacific, Moorings, Napua Point, One Waterfront Tower, short sales, Waikiki Landmark, wailana

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