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Savings for Cupertino Seniors-the Tax Credit for Move-DOWN Cupertino Buyers

Savings for Cupertino Seniors-the Tax Credit for Move-DOWN Cupertino Buyers

By Michelle C. Carr-Crowe

Lost in the hoopla about extending and expanding the "up to" $8,000 credit for new homebuyers is the credit for existing homeowners. In my opinion, this can be "Senior Salvation" - a tax credit for move-DOWN Cupertino sellers and buyers.

I called my broker, my local real estate board, the California Association of REALTORS®, and even the IRS to ask my question: does this credit apply for move-down buyers?

So far the answer is, "As long as they qualify and have a tax to apply the credit to, it looks like YES."

To summarize:

•1. A first time homebuyer is one that has not owned a home for at least three years.

•2. A repeat homebuyer must have owned their current home for at least five consecutive years out of the last eight years.

•3. The maximum purchase price for the new home is $800,000.

•4. If single, your earning maximum to qualify is $125,000; if married, it's up to $250,000.

•5. There's no gap between the prior deadline (November 30th) and the new credit period, which ends April 30th.

•6. While you must be in a contract to purchase your new home on or before April 30th, you have until June 30th to close the transaction.

•7. To prove you qualify, you'll need to attach proof of purchase to your tax return (most likely a HUD-1 or final closing statement).

Caveat: please, please check with your tax professional and attorney before making any real estate commitments.

However, this may finally be a tax credit that helps seniors who've lived in their homes for more than five consecutive years of the past eight.

For example, a senior couple selling a $2 million dollar single family home in Cupertino Monta Vista they've owned for the past 8 years, then buying a new single-level 2 bedroom condo in San Jose for $650,000 not only get to keep their $500,000 tax-free capital gains benefit and transfer their tax basis, they can also now use up to $6,500 as a tax credit.

And as the capital gains $500,000 tax-free credit is set to EXPIRE as of December 31, 2010, now is a huge window of opportunity for seniors seeking to maximize their benefits.

Saratoga Senior Salvation-A Tax Credit for Move-DOWN Saratoga Buyers

Saratoga Senior Salvation-A Tax Credit for Move-DOWN Saratoga Buyers

By Michelle C. Carr-Crowe

Lost in the hoopla about extending and expanding the "up to" $8,000 credit for new homebuyers is the credit for existing homeowners. In my opinion, this can be "Senior Salvation" - a tax credit for move-DOWN Saratoga buyers.

I called my broker, my local real estate board, the California Association of REALTORS®, and even the IRS to ask my question: does this credit apply for move-down buyers?

So far the answer is, "As long as they qualify and have a tax to apply the credit to, it looks like YES."

To summarize:

•1. A first time homebuyer is one that has not owned a home for at least three years.

•2. A repeat homebuyer must have owned their current home for at least five consecutive years out of the last eight years.

•3. The maximum purchase price for the new home is $800,000.

•4. If single, your earning maximum to qualify is $125,000; if married, it's up to $250,000.

•5. There's no gap between the prior deadline (November 30th) and the new credit period, which ends April 30th.

•6. While you must be in a contract to purchase your new home on or before April 30th, you have until June 30th to close the transaction.

•7. To prove you qualify, you'll need to attach proof of purchase to your tax return (most likely a HUD-1 or final closing statement).

Caveat: please, please check with your tax professional and attorney before making any real estate commitments.

However, this may finally be a tax credit that helps seniors who've lived in their homes for more than five consecutive years of the past eight.

For example, a senior couple selling a 1.5 million dollar single family home in Saratoga Lynbrook they've owned for the past 10 years, then buying a single-level 3 bedroom condo in San Jose for $650,000 not only get to keep their $500,000 tax-free capital gains benefit and transfer their tax basis, they can also now use up to $6,500 as a tax credit.

Finally! A Tax Credit for Santa Clara County Move-Up Buyers

Finally! A Tax Credit for Santa Clara County Move-Up Buyers

By Michelle C. Carr-Crowe

While most media stories have focused on the extension of the existing tax credit for first-time buyers, originally set to expire at the end of the month, the bigger story is the new tax credit for existing homeowners. This news is especially welcome in high-priced Santa Clara County.

In addition to continuing the $8,000 tax credit to first-time buyers, it provides a new $6,500 tax break to qualified homeowners looking to move up to middle-market homes that cost no more than $800,000.

With this revision, the government has made incentive benefits available to a much larger group of potential home buyers, including homeowners in condos, townhomes, and smaller single-family homes, who've put off transitioning upwards.

For example, a young family with a 2 bedroom condo in West San Jose worth $400,000 seeking to buy a single family home in Cupertino for $650,000 is essentially getting a tax credit worth 1 percent of the new home's purchase price. Also, they've made another property available for first-time homebuyers in Silicon Valley's desirable, (but rapidly diminishing) under $500,000 category.

The new measure allows both first-timers and existing homeowners to take advantage of thousands in the form of a tax credit. All properties must close by the end of April, a scant five months away, during what is traditionally the season of lowest inventory for the year.

The legislation also significantly raises the qualifying income levels to $125,000 for individual income tax filers and to $225,000 for joint filers.

Additionally, the bill extends unemployment benefits 14 more weeks nationwide and 20 more weeks in California and other hard-hit states.

Reprinted with permission from the National Association of REALTORS®.

Open Homes this Weekend with Lynbrook & Monta Vista High 11.07.09

The updated, extended and expanded tax credit is making it possible for move-up buyers to also get a tax credit.

Below is a list of homes open this weekend with either Lynbrook High or Monta Vista High School. For more info on these and other home opportunities not yet on MLS, Just Call 408.252.8900.

Open House Schedules Bitmap
Street Address
List Price 1 Beds Baths Bldg SqFt Age DOM City Class MLS Num Lot Size
Sun 11/8 1:30-4:30 Host: Lynn Hanchett 22362 REGNART RD $2,395,000 3 2 1,974 SqFt 31 58 Cupertino 1 80943105 144,183 SqFt
Sun 11/8 1:30-4:30 Host: John Dozier 10421 SCENIC BL $2,179,000 5 4 (3/1) 4,200 SqFt 0 80 Cupertino 1 80939875 13,939 SqFt
Sun 11/8 1:30-4:30 Host: Nisha Sharma 10952 STEVENS CANYON RD $1,898,000 4 4 (3/1) 3,830 SqFt 4 142 Cupertino 1 80929321 10,454 SqFt
Sun 11/8 1:00-4:00 Host: Lily Miao 21011 GREENLEAF DR $1,880,000 5 4 (3/1) 3,815 SqFt 0 16 Cupertino 1 80950036 9,625 SqFt
Sat 11/7 1:30-4:30 Host: Carolyn Cristofani 10280 PHAR LAP DR $1,800,000 5 4 3,746 SqFt 41 161 Cupertino 1 80945629 10,150 SqFt
Sun 11/8 1:30-4:30 Host: Nicole Derner
Sat 11/14 1:30-4:30 Host: Sophie Tsang
Sun 11/15 1:30-4:30 Host: Hermes Guasch
Sun 11/8 1:00-4:00 Host: Sophie Tsang 15571 MONTEBELLO RD $1,799,000 5 4 3,000 SqFt 38 108 Cupertino 1 80950403 223,027 SqFt
Sat 11/7 1:30-4:30 Host: Jeanne Rajabzadeh 12333 VIEWOAK DR $1,745,000 5 4 (3/1) 3,294 SqFt 42 28 Saratoga 1 80948428 10,455 SqFt
Sun 11/8 2:00-4:00 Host: Michelle O'Neal
Pict Sun 11/8 1:30-4:00 Host: Angela White 19465 ERIC DR $1,549,000 4 2 2,794 SqFt 9 37 Saratoga 1 80946740 10,200 SqFt
Sun 11/15 1:30-4:00 Host: Angela White
Pict Sun 11/8 1:00-4:00 Host: Yihua Li 1681 PROVINCETOWN DR $1,499,888 4 3 2,800 SqFt 0 160 San Jose 1 80936471 6,500 SqFt
Sat 11/14 1:00-4:00 Host: Yihua Li
Pict Pict Pict Sat 11/7 1:30-4:30 Host: Judy and Jana Faulhaber 12415 DE SANKA AV $1,498,000 4 2 2,127 SqFt 58 108 Saratoga 1 80941812 11,550 SqFt
Sun 11/8 2:00-4:00 Host: Margaret Alegria 12010 SARAGLEN DR $1,489,000 5 4 (3/1) 2,954 SqFt 46 32 Saratoga 1 80947497 10,030 SqFt
Sat 11/7 1:00-4:00 Host: Jack Szeto 10170 PENINSULA AV $1,389,000 4 3 2,445 SqFt 0 66 Cupertino 1 80941997 6,534 SqFt
Sun 11/8 1:00-4:00 Host: Jack Szeto
Pict Pict Pict Sun 11/8 2:00-4:00 Host: Carolyn Miller/Niki Maroko 22009 OAKDELL PL $1,335,000 4 2 1,952 SqFt 45 87 Cupertino 1 80938691 7,659 SqFt
Sun 11/8 1:30-4:30 Host: Robert Chan 10501 STOKES AV $1,150,000 4 2 1,890 SqFt 40 129 Cupertino 1 80931537 7,725 SqFt
Sat 11/7 1:30-4:30 Host: Larry Hoffart 10370 MANN DR $1,150,000 4 3 (2/1) 2,020 SqFt 52 94 Cupertino 1 80937548 10,320 SqFt
Sun 11/8 2:00-4:00 Host: Carolyn Miller/Niki Maroko
Pict Sat 11/7 2:00-5:00 Host: Marcie Lynn May 10048 ORANGE AV $1,148,888 2 2 2,200 SqFt 0 24 Cupertino 1 80951235 0.07 Acre
Sun 11/8 2:00-5:00 Host: Marcie Lynn May
Pict Pict Pict Sun 11/8 1:30-4:00 Host: Lynn North 22351 CRESTON DR $1,029,888 3 2 1,652 SqFt 50 235 Cupertino 1 80913256 13,334 SqFt
Sun 11/8 1:00-4:00 Host: Jo Preston 1142 JOHNSON AV $1,010,000 5 2 1,904 SqFt 51 79 San Jose 1 80939851 6,549 SqFt
Sat 11/7 1:30-4:30 Host: Vivian Wang 1432 YILUFA CT $999,950 4 4 (3/1) 2,309 SqFt 0 36 San Jose 1 80947069 2,171 SqFt
Sun 11/8 1:30-4:30 Host: Vivian Wang
Pict Sat 11/7 1:30-4:30 Host: Stephanie Chang 1272 POPPY WY $979,000 3 2 1,405 SqFt 47 7 Cupertino 1 80951634 6,250 SqFt
Sun 11/8 1:30-4:30 Host: Stephanie Chang
Pict Sat 11/7 1:30-4:30 Host: Terrance Brown 11510 BIANCHINI LN $949,000 3 3 (2/1) 1,788 SqFt 4 29 Cupertino 1 80948370 1,306 SqFt
Sun 11/8 1:30-4:30 Host: Terrance Brown
Pict Sat 11/7 1:30-4:30 Host: Rebecca Lin 1307 CENTENNIAL CT $899,000 3 2 1,176 SqFt 50 3 San Jose 1 80952105 7,102 SqFt
Sun 11/8 1:30-4:30 Host: Rebecca Lin
Pict Pict Pict Sat 11/7 1:30-4:30 Host: Robert Chan 1110 SCOTLAND DR $868,000 3 2 1,190 SqFt 48 211 Cupertino 1 80917688 5,994 SqFt
Sun 11/8 2:00-4:30 Host: Rowena Wong & Patrick Johnson 21970 MCCLELLAN RD $839,000 2 2 1,055 SqFt 65 44 Cupertino 1 80945603 7,680 SqFt
Sat 11/7 1:30-4:30 Host: Wilson Lu 7126 CLARENDON ST $728,000 3 3 (2/1) 1,448 SqFt 30 28 San Jose 2 80948509 720 SqFt
Sun 11/8 1:30-4:30 Host: Albert Ho
Pict Sat 11/14 1:30-4:30 Host: Erinna Tsai 1082 NORFOLK DR $688,000 2 2 (1/1) 1,149 SqFt 37 16 San Jose 2 80950031 1,600 SqFt
Sun 11/15 1:30-4:30 Host: Erinna Tsai
Pict Sat 11/7 12:00-5:00 Host: Gaylene Wyatt 10745 N DE ANZA BL #309 $599,000 2 2 1,334 SqFt 0 144 Cupertino 2 80928989 59,241 SqFt
Sun 11/8 12:00-5:00 Host: Gaylene Wyatt
Sat 11/14 1:00-4:00 Host: Gaylene Wyatt
Sun 11/15 12:00-5:00 Host: Gaylene Wyatt
Sat 11/21 12:00-5:00 Host: Gaylene Wyatt
Pict Pict Sun 11/8 1:00-4:00 Host: Robert Hughes 10475 MARY AV $589,000 2 2 (1/1) 1,216 SqFt 38 72 Cupertino 2 80941024 1,600 SqFt
Sat 11/7 12:00-5:00 Host: Gaylene Wyatt 10745 N De Anza BL #114 $588,000 2 2 1,178 SqFt 0 92 Cupertino 2 80937835 1,294 SqFt
Sun 11/8 12:00-5:00 Host: Gaylene Wyatt
Sat 11/14 12:00-5:00 Host: Gaylene Wyatt
Sun 11/15 12:00-5:00 Host: Gaylene Wyatt
Sat 11/21 12:00-5:00 Host: Gaylene Wyatt
Pict Sat 11/7 12:00-5:00 Host: Gaylene Wyatt 10745 N DE ANZA BL #105 $489,000 1 2 (1/1) 1,194 SqFt 0 129 Cupertino 2 80931506 1,294 SqFt
Sun 11/8 12:00-5:00 Host: Gaylene Wyatt
Sat 11/14 12:00-5:00 Host: Gaylene Wyatt
Sun 11/15 12:00-5:00 Host: Gaylene Wyatt
Sat 11/21 12:00-5:00 Host: Gaylene Wyatt
Pict Sat 11/7 12:00-5:00 Host: Gaylene Wyatt 10745 N DE ANZA BL #103 $489,000 1 2 (1/1) 1,209 SqFt 0 18 Cupertino 2 80949747 1,294 SqFt
Sun 11/8 12:00-5:00 Host: Gaylene Wyatt
Sat 11/14 12:00-5:00 Host: Gaylene Wyatt
Sun 11/15 12:00-5:00 Host: Gaylene Wyatt
Sat 11/21 12:00-5:00 Host: Gaylene Wyatt

Tax Credit and Unemployment Benefits Officially Extended & Expanded

Tax Credit and Unemployment Benefits Officially Extended & Expanded

By Michelle C. Carr-Crowe

The existing tax credit for first-time buyers, originally set to expire at the end of the month, has been extended, expanded and approved by the House, Senate and President Barack Obama.

The new measure benefits a larger group of potential home buyers. It allows both first-timers and existing homeowners to take advantage of thousands in the form of a tax credit. All properties must close by the end of April.

The measure would continue giving an $8,000 tax credit to first-time buyers. In addition, it provides a $6,500 tax break to qualified homeowners looking to move up to middle-market homes that cost no more than $800,000.

The legislation also significantly raises the qualifying income levels to $125,000 for individual income tax filers and to $225,000 for joint filers.

Finally, the bill would extend unemployment benefits 14 more weeks nationwide and 20 more weeks in California and other hard-hit states. That would give the long-term unemployed nearly two years' worth of benefits.

Reprinted with permission from the National Association of REALTORS®.