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Palm Springs California Area Real Estate
Sunday, November 29, 2009
Morning Light
Cool Light this morning in Palm Springs. It was sunny to the East but a storm cloud was coming over the mountains from the West. [caption id="attachment_94" align="aligncenter" width="300" caption="Storm Over Sunlit Mountain"]
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First Time Homebuyer Tax Credit
Many articles have been written summarizing the changes and the extension of the tax credit but here it is in Black and White right from the IRS website. I thought it would be easiest just to have this list:
If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.
Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it.
1. You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.
2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.
3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.
4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.
5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.
6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.
7. The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.
8. No credit is available if the purchase price of the home exceeds $800,000.
9. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
10. A dependent is not eligible to claim the credit.
For more information about the expanded First-Time Home Buyer Credit, visit IRS.gov/recovery.
If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.
Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it.
1. You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.
2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.
3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.
4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.
5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.
6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.
7. The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.
8. No credit is available if the purchase price of the home exceeds $800,000.
9. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
10. A dependent is not eligible to claim the credit.
For more information about the expanded First-Time Home Buyer Credit, visit IRS.gov/recovery.
Saturday, November 28, 2009
Washington Looking To Curb Foreclosures
It has been widely talked about in the Real Estate industry for weeks now that the push for the new year from Washington will be to get the banks to offer as many options as possible to borrowers to avoid foreclosures. In that light today - Saturday the 28th of 2009 it was announced that new guidelines and initiatives will be announced Monday the 30th. Keep in mind that these guidelines are limited to loans underwritten by Fannie and Freddie and other lenders participate at their discretion. See the whole document with all the guidelines by clicking this link
Thinking Remodel? Some Sources for you
[caption id="attachment_77" align="alignright" width="300" caption="Remodel"]
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A remodel can do wonders for your home. It makes it more comfortable for you and can add value if you do the right things. Be sure to check with your real estate agent to see if the things you are thinking of doing are money makers in your area. Listed below are some resources you might want to check out to get some basic ideas of your options.
CABINETRY:
www.millmasterdesign.com
LANDSCAPE:
www.easyturf.com
COUNTER TOPS:
www.granitetransformations.com
CLOSET ORGANIZERS:
www.closetfactory.com
GLASS CURTAINS:
www.coverglassusa.com
STONE ACCENTS:
www.caststoneelements.com
WATER FILTRATION SYSTEMS:
www.Lifesourcewater.com
ROLLING SHUTTERS:
www.southwestrollingshutter.com
Re-piping Alternative:
www.restoremypipes.com
PATIO COVERS:
www.Atlas-Awning.com
SKY LIGHT:
www.puresunlight.com
POOL RESURFACING:
www.GardnerPoolPlastering.com
POPCORN CEILING REMOVAL:
New Life Ceilings 800-799-7540
CONCRETE RESTORING:
www.stonecoatings.net
MISTING SYSTEMS:
www.microcool.com
POOL TILE CLEANING:
www.pooltilecleaning.com
GARAGE STORAGE SOLUTIONS:
www.overheadsolutions.com
[/caption]A remodel can do wonders for your home. It makes it more comfortable for you and can add value if you do the right things. Be sure to check with your real estate agent to see if the things you are thinking of doing are money makers in your area. Listed below are some resources you might want to check out to get some basic ideas of your options.
CABINETRY:
www.millmasterdesign.com
LANDSCAPE:
www.easyturf.com
COUNTER TOPS:
www.granitetransformations.com
CLOSET ORGANIZERS:
www.closetfactory.com
GLASS CURTAINS:
www.coverglassusa.com
STONE ACCENTS:
www.caststoneelements.com
WATER FILTRATION SYSTEMS:
www.Lifesourcewater.com
ROLLING SHUTTERS:
www.southwestrollingshutter.com
Re-piping Alternative:
www.restoremypipes.com
PATIO COVERS:
www.Atlas-Awning.com
SKY LIGHT:
www.puresunlight.com
POOL RESURFACING:
www.GardnerPoolPlastering.com
POPCORN CEILING REMOVAL:
New Life Ceilings 800-799-7540
CONCRETE RESTORING:
www.stonecoatings.net
MISTING SYSTEMS:
www.microcool.com
POOL TILE CLEANING:
www.pooltilecleaning.com
GARAGE STORAGE SOLUTIONS:
www.overheadsolutions.com
Wednesday, November 25, 2009
Happy Thanksgiving
I Hope everyone has a great Thanksgiving day and if, by chance, you can't think of anything else to be thankful for - realize how lucky you are to be old enough to pick out your own outfits!
Tuesday, November 24, 2009
S. Palm Springs Condo New Price Reduction
Biltmore Colony Bank Owned
Overview Maps Photos Features Description Neighborhood Market Stats |
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 | Michael Layton Keller Williams Realty (760) 272-5500 michael@psagent.com http://www.PSagent.com   Listed by: Keller Williams |
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