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Home Tina Baril (Licensed in Louisiana)

Tina Baril (Licensed in Louisiana)

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First time home buyers tax credit

11-05-09
Tina Baril (Licensed in Louisiana)

The first time home buyers tax credit extension and expansion awaits The President's signature on the bill (expected Friday, 11/6/09). If you are considering purchasing a home, or "moving up" to a larger home this is great news!

Here is some helpful information about the changes:

OLD = Jan 1, 2009 – November 30, 2009
NEW = December 1, 2009 – April 30, 2010

First-time Buyer – Amount of Credit:
OLD: $8000 ($4000 married filing separate)

NEW: $8000 ($4000 married filing separate)

First-time Buyer – Definition for Eligibility:
OLD: May not have had an interest in a principal residence for 3 years prior to purchase

NEW: Same

Current Homeowner – Amount of Credit:
OLD: No Provision

NEW: $6500 ($3250 married filing separate)

Effective Date – Current Owner:
OLD: No Provision

NEW: Date of Enactment

Current Homeowner – Definition for Eligibility:
OLD: No Provision

NEW: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

Termination of Credit:
OLD: Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)

NEW: Purchases after April 30, 2010.

Binding Contract Rule:
OLD: None

NEW: So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Income Limits (Note: Increased income limits are effective as of date of enactment of bill):
OLD:
$75,000 – single
$150,000 – married
Additional $20,000 phase out

NEW:
$125,000 – single
$225,000 – married
Additional $20,000 phase out

Limitation on Cost of Purchased Home:
OLD: None

NEW: $800,000 (Effective Date of Enactment)

Purchase by a Dependent:
OLD: No Provision

NEW: Ineligible (Effective Date of Enactment)

Anti-fraud Rule:
OLD: None

NEW: Purchaser must attach documentation of purchase to tax return.

Source: National Association of Realtors Issue Brief. "Homebuyer Tax Credit Changes"

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Hurricane Gustav

09-03-08
Tina Baril (Licensed in Louisiana)

Whew.........that was close!

In Folsom Louisiana-St Tammany Parish my family & neighbors made it through another one. I'm sorry it was worse for folks further west, but I'm glad my home is still here for me and my family. We made the decision to stay based on the forecasts but prepared just in case..family from Kenner and Metairie came to stay with us, we pulled out the generator and filled gas cans, bought extra drinks and food to snack on, picked up lawn furniture and made calls to clients with listings to please pick up yard signs and flyer boxes so that they didn't become flying projectiles. Most of my friends and clients south of I-12 decided to leave, the ones north of I-12 stayed home. I'm glad everyone stayed safe.

We didn't have too much damage-lost one oak tree, some fences down because of weak or dead trees still standing from Katrina blew over, animals freaked out a little. The Bogue Falaya River is rising now, we rode out to Million Dollar road and the river looked to be about 2-3 feet below the level of the bridge (it's usually about 15-20 feet below the bridge.

I'm making calls to friends and clients today to make sure they are ok, and to try and help with their questions about the area-if power is on and so forth. The roads are mostly clear.

This was nothing compared to Katrina. We stayed for that storm too and was out of power for 32 days. We just recently finished repairing damage from that storm this year.

Hurricanes really try my nerves, I'm hoping the remaining season is a quiet one, and this doesn't hurt our economy any further.

If found, please return to....

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