$250 Economic Recovery Payment for Government Program Beneficiaries
Mainly geared toward retirees, the one-time $250 Economic Recovery Payment will be doled out to the following government program recipients.
* Adults eligible for Social Security benefits and anyone eligible for Supplemental Social Security Income (SSI) except those who receive them while in a Medicaid institution.
* Adults eligible for Railroad Retirement benefits
* Adults eligible for veteran's compensation or pension benefits.
To cash in, you must have been eligible for at least one of the programs listed above for at least a month during the three-month period that includes November and December of 2008 and January of 2009.
The IRS is figuring out how to get payments underway within the next four months.
Note: If you receive the $250 Economic Recovery Payment, it gets subtracted from any Making Work Pay credit that you would otherwise be entitled to collect.
The tax credit in the Stimulus Bill has been scaled down to $8,000 from its previous level of $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.
There are still many questions about this credit to be answered.
Richard Lecinski
Long Realty Company
Tucson, Arizona
http://rlecinski.longrealty.com
520-834-4663
In total, there were 10,578 residential closings valued at $2.56 billion in 2008 in Tucson. As of January 2009 active inventory was 7,707, a 20% decrease from January 2008. There were 573 closings in January 2009, a 6% decrease from January 2008. Months of Inventory decreased to 13.5, down from 15.7 in January 2008. Median price of sold homes was $162,500 for the month of January 2009, down 19% from January 2008. New under contract properties in January 2009 increased 29% from January 2008, helped by lower residential prices and historically low mortgage rates.
Contact me for market conditions in your specific neighborhood.
Richard Lecinski
Long Realty Company
Tucson - Oro Valley - Marana - Vail
520-834-4663
http://rlecinski.longrealty.com
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In order to receive the full tax credit home buyers must earn enough to have a tax liablity of $7500.00. The tax credit is spread over two years.
If a home costs less then $150,000.00 then the home buyer will only recieve up to 10% of the purchase price. This will not help the low income very much.
What are our "leaders" thinking?
Richard Lecinski
Long Realty Company
520-834-4663
http://rlecinski.longrealty.com
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Real estate services in the Oro Valley, Greater Tucson, Vail and Marana areas. I work with a team and we can cover much of Southern Arizona including Rio Rico and Nogales. My phone is always on.
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