This year many people are asking how their property taxes can go up when the real market value of their homes is going down.
Archives for November 2009
It seems like so long ago, but it was just a year ago that the financial markets were melting-down and our whole economy was seizing-up. People and institutions world-wide stopped everything to try to understand what was happening. Every one of our massive investment banks went bankrupt, were forcibly sold-off, or morphed into something completely… [Read More]
Scenario 1 I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. Since the new law has gone into… [Read More]
Q. Can homebuyers claim the tax credit in advance of purchasing a property? A. No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Updated November 16, 2009 Summary: The Homebuyer Tax Credit, due to expire on November 30, has been extended and expanded in an effort to stimulate the housing sector. The new law, effective November 6, 2009, will continue to offer an $8,000 tax credit for first-time home-buyers, and now allows a $6,500 credit for many other… [Read More]
Updated November 6, 2009 Congress and the President have approved and signed a measure to continue offering a tax credit to first-time homebuyers and will offer a new tax credit to many buyers who already own homes. First-time homebuyers have been receiving tax credits of up to $8,000 since January as part of the economic… [Read More]