New housing relief bill signed by the president included a $7500 tax credit for first time home buyers. This credit also applies to those who haven owned a home in the last three years. The tax credit, which will be applied on your income tax return actually acts as a no interest loan, due in 15 payments. The money needs to be paid back in the form of an additional $500 a year extra on your taxes. If you sell your home before paying your credit back, then the remaining balance will be taken from your proceeds. If there's not enough money in the proceeds to cover the balance of the loan, then the remaining balance will be forgiven.
For more information, including time limits and income restrictions call Shall-Ching Lu with Las Vegas Real Estate company at 702-212-2288.
Find out why it's a great time to buy now. Home affordability and low interests are incentives and opportunities for you. Come to find out how to receive $7,500 credit towards your first home and to those who haven't owned a home in 3 years.
*First time home buyers welcome
*Investors are welcome
Call 702-212-2288 for date and time for our NOVEMBER Seminar!
1986 Tax reform act was passed to simplify taxing structure. A 15 and a 28 percent brackets.
2001 act made substantial modifications to estate taxes, retirement arrangements, and individual taxes. Prior to the 2001 Act, federal estate and gift transfer taxes had a death-time transfer exemption of $675,000. For estates valued in excess of $675,000 the estate tax basically started at 37 percent and topped out at 55 percent of estates in excess of $3 million.
Under the 2001 act part of estate that is exempt from estate tax is increased to $1 million for years 2002 and 2003, $1.5 million for years 2004 and 2005, $2 million for years 2006 through 2008, and $3.5 million in 2009. The estate tax is then repealed in year 2010 and the old 2000 tax lawa is reinstated in 2011.
Buying a home requires money paid upfront. I'm giving you an idea of how much to save before making your home purchase. The amount you'll need at first are:
* Earnest money deposit (EMD) is paid at the time of offer submission. It shows serious intent that buyers are interested in going through with the house of their choice.EMD ranges anywhere from $2000 to $5000 or more depending on buyers' choice.
* Downpayment money is a requirement by the mortgage company. The minimum amount needed is 3% of the purchase price. On a $200,000 the downpayment amount is $6,000. The $6,000 includes your earnest money deposit above.
* Out of pocket expenses refer to expenses paid for appraisal fees ($350), inspection fees ($350), HOA transfer fees ($250). These fees are paid by the buyer when buying a bank-owned home. Otherwise fees can be negotiated. Thus the total estimated fees is $950. Off course there are closing fees in addition to the above mentioned. These fees range from 2% to 3% of the purchase price. If you have questions on anything here feel free to give me a call.
Xiao-Qing Lu (Shall-Ching)
Keller Williams Realty 3090 S. Durango Drive, Suite #100 Las Vegas, NV 89117 702-238-3249
MBA 2002 - Management
BS 1996 - Engineering
Real Estate Professional with MBA in Business Management, BS in Industrial Engineering. I work with first time home buyers and first time investors to begin building wealth for you and your family.
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