Tax Credit - Ocala Real Estate and Community News

Good News for Investors

February 1st, 2010 shultz Posted in First-time Homebuyer, Foreclosure, Investors, Tax Credit No Comments »

FHA is changing the anti-flipping rule which is great news for Investors and home buyers who want to take advantage of the tax credit.

Read the full story here:
Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
www.TheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

How to file for Tax Credits

January 25th, 2010 shultz Posted in First-time Homebuyer, Tax Credit No Comments »

The Internal Revenue Service has released instructions and new forms on how to file for the $8,000 first time home buyer tax credit and the $6500 extended tax credit. FULL INSTRUCTIONS

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
www.TheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

New Tax Deductions and Credits for 2009

January 21st, 2010 shultz Posted in Tax Credit, Taxes No Comments »

Are you sure you are getting all possible allowed tax deductions and tax credits for 2009? When you sit down to file your 2009 tax returns there are a lot of changes passed by congress in 2009 to be aware of. Click here for the full story:

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
wwwTheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM!

Buyers don’t miss the Expanded Tax Credit Opportunity!!

January 11th, 2010 shultz Posted in Buyers, First-time Homebuyer, Home Buyers, Tax Credit, Taxes, real estate news No Comments »

Buyers have less than 4 months to take advantage of the new and expanded Federal Tax Credit. The deadline to have a home under contract is April 30, 2010, the closing date cannot be any later than June 30th, 2010.

I also want to point out that there is no requirement to sell your current residence now – or ever. Only properties priced up to $800,000 qualify for the tax credit.

Tax Credit Extension Summary

November 6th, 2009 shultz Posted in Buyers, Financing Options, Home Buyers, Tax Credit, Taxes 2 Comments »

The senate and the house voted overwhelmingly yesterday to pass legislation to extend and expand the home buyer tax credit. President Obama is expexted to possibly sign it as early as today.

1. The $8,000 tax credit for first time home buyers will be extended through 4/30/2010.

2. Now repeat buyers who owned their present home 5 out of 8 previous years now qualify for a $6500 tax credit as long as they pruchase between 12/01/2009 and 4/30/2010. The legislation limits eligibility to homes worth up to $800,000.

3. As long as buyers have a binding contract by the end of April, they will have an additional 60 days to close the transaction.

4. Income limits will be expanded to $125,000 for a single person, $225,000 for couples filing jointly.

5. This legislation will take effect December 1, 2009 and is not retroactive, and both credits are only available for primary residences.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

First-Time Home buyer $8,000 Tax Credit Expires 12/01/2009

July 24th, 2009 lheraty Posted in First-time Homebuyer, Tax Credit Comments Off

If you purchased a home and closed between January 1, 2009 and December 1, 2009, you will be entitled to an $8,000 tax credit. You are considered a first time home buyer as long as you have not owned a home in the last three years. Buyers will be enabled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less. You are only entitled to this credit if this homes is your primary residence and it will only have to be re-paid if you sell your house within two years of purchase. Please remember, you must close on or before December 1, 2009 to qualify for the credit. A closing could take up to sixty days, so with that in mind you must have a fully executed contract by October 2nd, 2009 – this gives you seventy-two days from today to find your first home. Then all you have to do to receive your credit is fill out IRS Form 5405.

Want more information? Go to the IRS Website.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

First Time Homebuyers use Tax Credit for FHA closing costs

June 20th, 2009 shultz Posted in Finances, Financing Options, First-time Homebuyer, Home Buyers, Interest Rates, Loan Modification, Market Updates, Mortgages, Tax Credit, Taxes Comments Off

If you are a First-time home buyer and qualify for the $8,000 tax credit, but don’t have the money for a down payment or closing costs, you may now be able to get a loan to help with those upfront costs.

On May 29 the U.S. Department of Housing and Urban Development (HUD) announced that FHA (Federal Housing Administration allows state housing finance agencies to “monetize” (provide second mortgage) the tax credit so that home buyers are able to use the funds towards closing costs and down payments for the purchase of an FHA-insured mortgage.

Ocala Real Estate Buyers

Previously home buyers were only able to use the tax credit after filing their federal tax returns and had to come up with the upfront costs on their own.

The U.S. Department of Housing and Urban Development announced that FHA-approved lenders may purchase the tax credit from the borrower in advance, so that the home buyer can use the tax credit for closing costs or to make an additional down payment, over and above the required 3.5% minimum down payment that is a requirement for an FHA-insured loan.

For families who would like to take advantage of today’s low interest rates, rock bottom prices, huge selection, this is really great news. Since this tax credit is only available until November 30, 2009, this could help a lot of families who cannot save enough money for a down payment and closing costs.

In addition to the 160,000 sales expected as a result of the tax credit, the NAHB (National Association of Home Builders) estimates that 40,000 more homes will be purchased due to the FHA monetization program.

Visit the website of the National Council of State Housing Agencies (www.ncsha.org) for a list of states offering First-time home buyer tax credit loan programs.

For more information on the First-time home buyer tax credit go to Tax Credit.

Feel free to review the Ocala Florida Real Estate Statistics for May of 2009.

To see what Ocala Real Estate is selling for visit our website www.OcalaVisualTours.com

Art & Brigitte Shultz

The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

Ocala Florida Real Estate Statistics January 2009

March 4th, 2009 shultz Posted in Home Buyers, Home Sellers, Tax Credit 3 Comments »

According to OMCAR (Ocala Marion County Board of Realtors) from the end of January of 2008 to January 31, 2009 the average sales price for residential homes fell from $163,442 to $121,059 for a decrease of 25%.

The average list price fell from $176,176to $133,296 or a decline of 24% for the same 12 months period.

The average price per square foot of living area for residential homes fell from $103 a year ago to $73 by the end of January 2009, for a decrease of 29%.

The median sales price fell from $140,000 to $110,000 for a decline of 21%.

Our MLS has 6431 active residential listings as of the March 4th, 2009, which shows another small decrease in inventory. Inventory has been declining since December 2007. 147 homes sold through the Ocala Marion County MLS in January 09, which is an absorption rate of 40.4 (which means a home would take 40.4 months to sell at the current rate of sales).

The Ocala/Marion County Real Estate Market is working hard on absorbing the many foreclosures and short sales. Sales volumes are up and prices are approx. 25% down. With interest rates still at an all time low and the recent approval of the $8000 tax credit we expect to see inventory continue to move at these lower levels.

For more detailed statistics or a free market analysis, please call or e-mail us.

Email Direct: Brigitte@ocalavisualtours.com or call direct 352-875-3897 Brigitte’s Cell

$8,000 Tax Credit for Home Buyers

March 4th, 2009 shultz Posted in Home Buyers, Home Sellers, Tax Credit 7 Comments »

Q: A:	How much is the tax credit? The tax credit for first time home buyers would be $8,000 or 10% of the purchase price, whichever is less.
Q: A:	Who and what type of purchase would be eligible? Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit included in the 2009 economic stimulus plan is available for the purchase of a principal residence by first-time homebuyers.
Q: A:	What defines a first time home buyer? According to the Internal Revenue Service, any taxpayer who has not owned a home during the 3 years prior to the date of purchasing a home for use as their primary residence, can qualify for the credit.
Q: A:	Do I have to repay the credit? Absolutely not! This is a change from the previous $7,500 tax credit. However, if the home is sold within three years of purchase, the credit will be reversed.
Q: A:	What are the income limitations on the tax credit? There will be no tax credit for individuals with adjusted gross income over $75,000 ($150,000 for joint filers).

$7,500 Tax Credit for First Time Home Buyers

August 20th, 2008 shultz Posted in Home Buyers, Tax Credit Comments Off

President Bush just signed the Housing and Economic Recovery Act of 2008. The benefits for first time home buyers are simply fantastic. Now, this is a $7500 tax Credit, not a tax deduction.

You qualify as a first time home buyer, if you have not owned a home in the last 3 years. As long as you buy a home after 4/9/2008 and before 7/1/2009, you qualify for the credit.

The tax credit will be calculated as 10% of the price of the home, up to a max of $7500.00. If your home costs $75,000 or more, you will qualify for the full amount. Let’s assume your tax liability is $6,000, the IRS will still take $7,500 off your tax bill, which means you will get a refund of $1,500.

Home buyers are required to repay the tax credit to the government, interest free, over 15 years or when the house is sold, if there is sufficient capital gain. The payback is 6.67% of the credit each year or $502.50. If you keep the house for 15 years, the loan is paid off without interest. If your home has not appreciated in value, by the time you sell it, the debt will be forgiven. Also, if you die before repaying the debt, it is forgiven.

There are income restrictions to qualify: $75,000 for a single person, $150,000 for a couple filing together. For more details, please contact your tax professional.

Do you know anyone who has been thinking about buying a home? Please forward this Ocala Real Estate Blog to them or have them contact The Shultz Team. We are ready to serve!

Call Brigitte Shultz direct at 1-800-243-4087

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