Kathleen Murray

It's that time of the year when we are mulling through our documents and paperwork getting ready for tax time. Are you taking adequate measures to protect these documents from fallilng into the wrong hands or being lost in a natural disaster? Do you know how long to keep tax records? Do you know the best way to protect vital paperwork from fire and flood damage? Do you know what type of paper shredder is recommended to completely destroy documents?

• Tax returns and supporting documents need to be kept for the previous seven filing years.
• Keep pay stubs and records until the end of the year to confirm your 1099 or W-2 forms are correct.
• Warranties and original receipts for warranted items should be set aside at least until the warranty expires.
• Essential documents to keep in a safe deposit box with a copy in your locked local file/safe:
  1. Birth Certificates
  2. Social Security Cards
  3. Living Wills
  4. Power of Attorney documents
  5. Insurance policies
  6. Real estate titles and deeds
  7. Car titles
  8. Retirement plans
  9. Investment trade confirmations
  10. Military documents and veterans benefit awards
  • You can also send copies to a family member out of state.
  • Be sure to have one person or trusted advisor who knows the contents and the combination or key location.
• Documents to destroy:
  1. Bank notices/statements
  2. ATM transactions
  3. Pre-approved credit card offers
  4. Credit card statements

Paper shredders are inexpensive and can be purchased for about $40. Make sure to buy a cross shredder. You might want to consider professional shredding and are completely unrecoverable by others. Professional shredders provide a certificate of destruction to limit your liability. Can be more cost effective than a heavy duty shredder. You may also request witnessing documents being destroyed to prevent security risks.

Another solution is to scan these documents into an electronic file and store on CD or hard drive in a safe deposit box before deystroying the file. Do not destroy essential document originals.

I know it is hard to take that leap into homeownership when the economy is in turmoil and all you hear is gloom and doom about the marketplace. The news bombards us everyday with real estate statistics, most of them sound negative. They say 7% of homes are in foreclosure, but forget to say 92% are not. All real estate is local.

Kingman AZ is a wonderful place to live. Surrounded by mountains and close to Las Vegas, we offer a climate different from our surrounding cities of Bull Head City, Laughlin and Lake Havasu. Because of our elevation, we are cooler in the summer by 10 to 20 degrees. We sit at the crossroads of Hwy 40 and 93, in fact, if you have driven from Las Vegas to the Grand Canyon, you have passed through Kingman. We have no natural disasters to worry about. No earthquakes, no floods, no tornadoes and very little snow. In fact, this year we have had more snow than in the past 30 years. A total of 4 inches that was gone the next day.

Here are a few reasons why now may be the right time to buy:

1. Mortgage rates are low, lower than they have been in many years. We have lenders, willing and able to lend mortgage money. The stimulus may drive rates up.
2. Inventory is high. You have an enormous variety of homes to pick from.
3. Sellers are motivated and willing to negotiate.
4. If you are a 1st time buyer, you can get up to a $8,000 tax credit applied to either your 2008 or 2009 taxes.
5. We are close to, if not at the bottom of the market. You never know when it will hit its bottom until prices start going up.

You could be missing a tremendous opportunity!

You must be a first time home buyer, which the law defines as someone who hasn't owned a primary home for 3 years prior to the subject home purchase. If you haven't owned a home for 3 years, but your spouse has, neither of you qualifies. You must also purchase the home between January 1 2009 and December 1, 2009. Taxpayers who purcased a home in 2008 may be eligible for the former $7500 credit, but that credit must be repaid over 15 years. The new credit does not have to be repaid as long as you stay in your home for 3 years.

The stimulus tax credit is equal to 10% of the homes's purchase price, up to a maximum of $8,000. The law also allows taxpayers who purchase a home in 2009 to claim the credit on their 2008 taxes. If you have already filed your claim, you may file an ammended return to claim the credit.

Great news!

We just heard direct from the USDA Rural Housing Department RD Program Director and he confirmed to us that there will be no changes to the Arizona eligible rural areas until the receipt of the 2010 census!

This means we will still have Rural Housing Loans available to us and can keep helping people live the American Dream of Home Ownership at 100% financing here in Kingman!

The High Tech Mortgage folks and REALTORS in the area have worked hard with our legislators to keep Rural Housing Financing in the area at least for now.

For more information on loan rules and regulations, visit

http://www.rurdev.usda.gov/rhs/common/program_info.htm#SFH

I had the pleasure of visiting our Mohave Museum of History and Arts on Friday afternoon to view the new exhibit. The museum is presenting a beautiful collection of fashion through our history.

On display are the beautiful wedding gowns of our first settlers, and a series of fashions worn by both men in women from the 1800's through the 1970's. Along with the clothing they have displayed a wonderful selection of accessories from those times.

I thought I would just stop and view the new exhibit but was charmed by the display of collections and exhibits including dioramas of the Indian culture, mining and much more regarding our town and county. Don't forget the wonderful collection of items owned by Andy Devine, our native son.

The museum has a lovely giftshop featuring art from local artists. What a great way to spend the afternoon with your family.

Vist thier website: www.mohavemuseum.org

The museum is open Monday through Friday from 9 a.m. - 5 p.m. and Saturday 1 p.m.- 5 p.m.