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We Propose "The HONOR and REMEMBER FLAG"
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Who qualifies for the military homebuyer tax credit extension?Members of the uniformed services, members of the Foreign Service and employees of the intelligence community who served on qualified official extended duty service outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008 and ending before May 1, 2010. How much is the credit? First-time buyers receive up to 10 percent of the cost of the home up to a maximum credit of $8,000 (or $4,000 for a married individual filing separately). Long-time homeowners receieve 10 percent of the purchase price up to $6,500 (or $3,250 for a married individual filing separately). What is the new deadline for using the tax credit? Eligible homebuyers must enter into a binding contract to buy a principal residence on or before April 30, 2011. The taxpayer then has until June 30, 2011 to close on the purchase. Which properties are eligible? Any single-family home (including condos, co-ops, townhouses) that will be used as a taxpayer’s primary residence. This does not include vacation property. The purchase price of the home may not exceed $800,000. Do both spouses need to be overseas to qualify for the extension? Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit. MOVE IN! Homebuyer Tax Credit continues for U.S. military personnel U.S. Military first-time buyers receive up to $8,000 and long-time homeowners can receive up to $6,500 DEADLINE: April 30, 2011 by midnight Contact your REALTOR® or visit www.YourIllinoisHome.com for more details. If you have specific questions or need further assistance, please contact a tax professional or the Internal Revenue Service at 800-829-1040 Source: U.S. Internal Revenue Service |
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Brenda's NEW BLOG
please check out my new blog, and let me know what you think!
chicagosuburbhome.com
read more...
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NAR released its latest pending home sales index figure last week and for the second month in a row the index is up. But more than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to that level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus.
NAR Chief Economist Lawrence Yun is upbeat about 2012 because in a number of areas indicators are pointing upward. Not only are home sales up but housing starts are up and home prices are stabilizing in many markets and heading up in some. In areas where they’re still down, the declines aren’t that great. More fundamentally, broader U.S. economic signs are looking positive, including the all-important jobs picture. About 100,000 job are being created a month, and that could rise to 150,000—still not a quick enough pace to get us back to where we were before the downturn but the headwinds are in the right direction.
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Favorite Quote for 2011
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“Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” Mark Twain
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Featured Listings
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Just Listed ! 287,000
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Country Home on a Beautiful lot,
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End Unit Townhome
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2510 Iris Lane
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JUST REDUCED! 79,000
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