Buy Now or Wait?
The $7,500 First-Time Home Buyer Tax Credit¹
for homes purchased April 9, 2008 - June 30, 2009
What is the First-Time Home Buyer Tax Credit?
The Tax Credit is part of the Housing and Economic Recovery Act of 2008, signed into
law on July 30, 2008. The intent of the tax credit is two fold:
• To provide a financial resource for home buyers in the year that they purchase a home
• To provide a stimulus to the housing market and the economy, helping to stabilize home
prices and increase home sales
The law provides a tax credit equal to ten percent of the qualified home
purchase price. The credit is capped at $7,500.
The credit is essentially an interest-free loan. Home buyers are required to repay the
credit to the government, without interest, over 15 years in equal installments or when
they sell the house.
Who is Eligible?²
• First-time home buyers, defined as a buyer who has not owned a principal
residence in the previous three years
• U.S. citizens who file tax returns
• Eligible properties include any single family home that will be used as a principal
residence (including condos and co-ops).
• To qualify, buyers must close on the sale of the home between April 9, 2008 and
June 30, 2009.
Income Limits
• The full $7,500 credit is available for individuals with modified adjusted gross
income (per IRS definition) of no more than $75,000 ($150,000 for couples filing jointly).
• A partial credit is available for individuals with modified adjusted gross income between
$75,000 and $95,000 (between $150,000 and $170,000 for couples filing jointly).
Is the Tax Credit “Refundable?”
• Yes. The credit reduces the income tax liability for the year of purchase.
• The credit can be claimed even if the taxpayer has little or no federal income tax
liability to offset. Typically this involves the government sending the taxpayer a check
for a portion or even all of the amount of the refundable tax credit.
Payback Provisions
• Home buyers claiming a $7,500 credit would repay the credit at $500 per year via
their tax returns. They do not have to begin repayments until two years after the credit
was claimed.
• If the home owner sells the home, the remaining credit would be due from the
profit of the home sale.
• If there is insufficient profit from the sale, the remaining credit payback would be forgiven.
Contact Julie Nellis, Long Realty, to assist you with your Tucson Real Estate needs. www.tucsonhouses4you.com or 520-918-3843
Thursday, February 5, 2009
World's Safest Banks
Global Finance Names The World’s Safest Banks
New York, 4 September 2008-
Global Finance magazine has released its annual ranking of the
World’s Safest Banks, which will be featured in the special October issue alongside several of the magazine’s renowned Best Bank awards.
The World’s Safest Banks were selected through a comparison of the long-term credit ratings and total assets of the 300 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.
This is the 16th year that Global Finance has published its list of the world’s largest banks ranked by their creditworthiness. The 10 banks at the top of the list are designated as the “World’s Safest Banks”.
These banks will be honored at an awards ceremony to be held in Washington D.C. on October 13th to coincide with the World Bank/IMF annual meeting.
“These banks have demonstrated an appropriately prudent approach to risk in
providing international financial services,” says Global Finance publisher, Joseph D. Giarraputo. “More than ever customers are viewing strong
credit quality as an important feature of the banks with which they do business.”
WORLD’S SAFEST BANKS
Groupe Caisse des Dépôts (CDC) France
Bank Nederlandse Gemeenten (BNG) Netherlands
Landwirtschaftliche Rentenbank Germany
Rabobank Netherlands
Landeskreditbank Baden-Wuerttemberg-Förderbank Germany
Lloyds TSB United Kingdom
BNP Paribas France
Dexia Belgium
NRW Bank Germany
WELLS FARGO (Long Mortgage loans funded & Backed by Wells Fargo) UNITED STATES
Contact Julie Nellis, Long Realty, for your Tucson area real estate needs. www.tucsonhouses4you.com or 520-918-3843
New York, 4 September 2008-
Global Finance magazine has released its annual ranking of the
World’s Safest Banks, which will be featured in the special October issue alongside several of the magazine’s renowned Best Bank awards.
The World’s Safest Banks were selected through a comparison of the long-term credit ratings and total assets of the 300 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.
This is the 16th year that Global Finance has published its list of the world’s largest banks ranked by their creditworthiness. The 10 banks at the top of the list are designated as the “World’s Safest Banks”.
These banks will be honored at an awards ceremony to be held in Washington D.C. on October 13th to coincide with the World Bank/IMF annual meeting.
“These banks have demonstrated an appropriately prudent approach to risk in
providing international financial services,” says Global Finance publisher, Joseph D. Giarraputo. “More than ever customers are viewing strong
credit quality as an important feature of the banks with which they do business.”
WORLD’S SAFEST BANKS
Groupe Caisse des Dépôts (CDC) France
Bank Nederlandse Gemeenten (BNG) Netherlands
Landwirtschaftliche Rentenbank Germany
Rabobank Netherlands
Landeskreditbank Baden-Wuerttemberg-Förderbank Germany
Lloyds TSB United Kingdom
BNP Paribas France
Dexia Belgium
NRW Bank Germany
WELLS FARGO (Long Mortgage loans funded & Backed by Wells Fargo) UNITED STATES
Contact Julie Nellis, Long Realty, for your Tucson area real estate needs. www.tucsonhouses4you.com or 520-918-3843
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