Principal Residence for Property Taxes: pick old or new !

Principal Residence Information:
The new Public Act 96 of 2008 is designed to allow people to maintain the principal residence status on their first home when they are unable to sell that home before they move into a new residence. The property owner must file a form with the local assessor by May 1. Click here to view the form.

Produce The Note “How-To” DELAY FORECLOSURE

• Using the “produce the note” strategy is something all homeowners facing foreclosure can do.
• If you believe you’ve been treated unfairly, fight back.
• Templates for a legal request, a letter to your lender and a motion to compel to help you through the process.
• Read the step by step “how to” under the videos.
• Article: http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/
  

Feb 2009 Stimulus Package & First-Time Homebuyers

IRS ARTICLE:
Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years
http://www.irs.gov/newsroom/article/0,,id=186831,00.html

Congress Strikes $789 Billion Stimulus Deal

http://online.wsj.com/article/SB123436825805373367.html

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First-time buyers get $8,000 tax credit in stimulus bill

First-time home buyer tax credit details reported today in a Wall St. Journal article:

Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.

The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit's size was still subject to negotiation.

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Response post:

LETS GET THIS STRAIGHT PEOPLE:

The devil is in the details..

First off, this housing "credit" isn't stimulus at all. Don't be upset. You thought you were going to get 15K right off the bat? Think again.

Assuming you qualify (buyers in 08 will get the shaft),

1) The sum of WHATEVER the housing credit is (they seem to change it everyday) will BE SPLIT into two tax returns. Hence, two years.

2) The biggest catch of em all is, YOU MAY NOT BE ELIGIBLE for that full credit!! IT depends on your TAX LIABILITY. So the higher your income, the closer you will be to getting the full credit.

3) You can claim this credit in the 2008 tax return (even though you've purchased in 09)

4) You do not have to repay this credit.

5) You do not have to be a first time home buyer for this credit.

Posted by: DiggySRQ

Feb 09 Stimulus provisions

http://www.mahalo.com/2009_Stimulus_Package

Look for another/larger real estate incentive for "first time" home buyers....no payback required this time ?