The Federal Tax Credits Blog

Posts Tagged ‘$6500’

Question: Is there going to be an 8k tax credit for first time homeowners who purchase a home in 2010 as well?

Answer: No one knows. At the moment, the credit expires on Nov. 30th 2009. It would need a new act of Congress to extend it.

MA economy looking better for 2010

A stabilizing real estate market, improving business and consumer confidence, lower unemployment and higher state tax collections suggest the state’s economy is heading into the new year behind a growing head of steam. Economists, however, are wary, reminding revelers that national and global developments could lend a great deal of uncertainty to 2010.

Remodel Replace Refund!: Your DIY Guide to the 2009-2010 Federal Tax Credit for Homeowners $4.02 Part home improvement book and part financial instrument, Remodel, Replace … Refund makes sense of the home remodeling provisions of the 2009-2010 Federal Tax Credit for Homeowners. Learn which types of improvements qualify and how to file the paperwork to get your share of this popular element of the Stimulus Plan. Then, see clear step-by-step photos that show how to do the work yourself–most …

Extended and expanded First-Time Home Buyer Tax Credit

As soon as it was announced that Vancouver, British Columbia was selected to host the 2010 Winter Games, property managers and private homeowners salivated at the prospect of renting out their properties at a premium to the thousands of people expected to descend on the city in February. Now the Olympic Games are fast approaching, and it’s time for you to decide whether you’re going to get in on the action and rent your own place out.

In deciding what to do, the first thing to consider is whether or not there will be much demand for accommodations outside of traditional hotels and motels.

There are approximately 23,000 hotel rooms located in the city of Vancouver, though 21,000 of which have already been reserved by the Vancouver Olympic Committee (VANOC).

To give you an idea of how many people are expected to attend the Games, there are 1.6 million tickets available for events at the Olympics, with another 250,000 tickets available for the Paralympic Games. Estimates suggest that there will be about 25,000 volunteers and 10,000 media representatives in addition to more than 6500 athletes and officials.

This means that there is a huge gap between the number of readily available rooms, and the number of people who need a place to stay.

Many private homeowners have already began advertising their properties online through sites like Craigslist, asking for around $300 per bedroom, per night. Rates are better among properties that have several bedrooms available, as are homes that are located away from hotspots like Whistler, Squamish, Downtown Vancouver, and Richmond.

While some people are offering weekly rentals, monthly accommodations are also being advertised—some charging as much as $10,000 for the month. In fact, one downtown luxury condo owner is asking for $11,000 for a two-week stay in February, or $20,000 for the whole month. Clearly, many homeowners are expecting Olympic visitors to be willing to pay big bucks for nice accommodations set in a convenient location.

Homeowners wishing to rent out their homes are allowed to under certain provisions made by the 2010 Winter Games Temporary Accommodation By-law. Homeowners are allowed to rent to “visitors for periods of less than 30 days if their home is not occupied by tenants or boarders and lodgers after June 1, 2009,” and until March 31, 2009. The City said, “The goal of the by-law is to prevent the conversion of long-term rental accommodation to temporary Games time accommodation.” If you’d like to rent your home for more than 30 days, you will need a license to do so. Condo owners must check with their strata to see if they’re allowed to rent out their space.

Foes: New NH sprinkler rule all wet

The state board that oversees building codes voted Dec. 11 to require sprinkler systems in every new home starting in 2012, but debate on the idea is not over.

Question: $8,000 tax credit for first time home buyers?

I realize that you must purchase a home before 12/1/09 to qualify for the 8,000 dollar tax credit for first time home buyers. My question is

Does anyone think that this offer will extend to 2010 as well? I know most of you cant read the future, but I was curious to know if any of you had an educated opinion.
Thanks for your answers

Answer: Dear Caleb: My prediction is the credit will end this year.

This advice was prepared based on our understanding of the tax law in effect at the time it was written based on the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor

Problems unresolved as investors head into 2010

MICHAEL HOGUE/DMNAs we head into 2010, the critical questions are: Will the modest economic recovery that began in late 2009 continue, and will it have enough heft to break this gravitational force? The answer to both is a resounding maybe.

2010 Extended Tax Credit

Question: Replacement Windows: Simonton 6500 (Home Depot) or World of Windows (ComfortWorld 6000)?

Home Depot gave me a quote for 17 of the 6500 series windows (installed) at $9,600. Some of the windows I had quoted are large. These meet the guidelines for $1,500 tax credit. I cannot find information about the ComfortWorld 6000 series window. I want to get a quote on them, but I am curious how much they cost. Anyone had either one of these windows installed? If so, what was your experience, number of windows installed, and how much did the project cost?

Answer: There are huge price differences between windows companies and your best bet is to go with smaller operators as they have much smaller over heads, plus generally quote their own work apart from the major home improvement outfits who often paid big commissions to sales men or up to 30%

Here is an actual post from a person stating the price difference he had quoted.

Vinyl Replacement Windows
Amount: $3,295.00
Posted by: Jeremy in Granger, IN in Granger, IN. Purchased: March, 2009
Numbre of Windows: 10 Number Lineal Inches: 100
Brand: Vista Window Type: Double Hung
Installer: Clear Choice USA of South Bend
We had BEE Window quote us $14,000! Champion’s quote was 8,400.00! We found Clear Choice and was amazed at the high quality for the great price of $3295.00!!! The salesman spent time making sure we understood the window as well as the entire installation process. The installers were great also, and fast. Everything went perfect. I would recommend Clear Choice over any other window company. They are located all over the U.S.

Digital Realty Trust Completes Acquisition of Rockwood Capital/365 Main Portfolio

Digital Realty Trust, Inc. , the world’s largest wholesale datacenter provider, announced today that it completed the acquisition of a five-property data center portfolio located in California, Arizona and Virginia, referred to as the Rockwood Capital/365 Main Portfolio.

So Clean you can move right in!

Question: If I purchase a home through Owner Finance, am I still qualified for the 2009 tax credit?

My boyfriend is wanting to purchase a home from a builder friend of his through owner finance. There will be a written contract signed by an attorney and everything. He just wants to know if he will still quailfy for the First- Time Home Buyers Tax Credit for 2009 if he makes the purchase this way.

Answer: All that really matters is if the deed was transferred in your/his name.

If the contract transfers the deed later, which will happen if there are any liens or mortgages, you will not be able to claim the credit, as you do not really own it.

BOE:Banks More Willing To Lend To Companies,Home Buyers In 4Q

LONDON (Dow Jones)–U.K. banks were more willing to lend to home owners and companies in the final three months of 2009, while default rates on unsecured consumer loans fell unexpectedly, the Bank of England said Thursday.

First Time and Current Home Owners Tax Credit 2009