Julie Johnson » Taxes

Mortgage Rates Hit Record Low

Julie — Sun, 22 Mar 2009 17:24:30 +0000

One day after the Federal Reserve announced it would be doubling the amount of mortgage debt it would be buying, mortgage rates fell to a record low at well under 5%. This is the lowest that mortgage rates have been in more than 40 years and this is the perfect time to fulfill the American dream of being a homeowner!

Additionally, if you are a first time home buyer or you have not owned a home in the last three years, you may qualify for up to $8,000 in tax credits! These tax credits are available for homes purchased until 12/31/09 and can even be taken off your 2008 income tax (see your tax professional for details on how to file extensions or amended returns).

To fulfill your American dream of being a homeowner, contact Julie at 214-686-0685.

New Home Buyers Claim Tax Credit on 2008 Taxes for 2009 Purchase!

Julie — Wed, 25 Feb 2009 05:22:33 +0000

The new stimulus package will allow new home buyers, defined as those who have not owned a home in the last three years, to take the maximum $8,000 tax credit off their 2008 taxes even though the purchased will take place in 2009. The tax credit is 10% of the purchase price with a maximum of $8,000 and is available to individuals making less than $75,000 per year or couples making less than $150,000 per year.

The great news is, if you purchase your home before the April 15th tax deadline, you can claim the credit directly on your return. If you are planning to buy a home in 2009 and you want to take advantage of the tax credit, you can file for an extension to file taxes later. You can also go ahead and file by the April 15th deadline and file an amended return later in the year. See your tax professional to file an extension or to file an amended return.

Update: Tax credits for home buyers and homeowners

Julie — Fri, 13 Feb 2009 02:24:09 +0000

The bill now being considered offers first-time homebuyers a tax credit of up to $8,000 if they buy homes between Jan. 1 and Dec. 1, 2009. Those who haven’t owned a home in the last three years will qualify as first time buyers. Additionally, existing homeowners could get a tax credit of up to $1,500 by making their homes more energy-efficient in 2009 or 2010. Numerous projects would qualify, such as installing energy-efficient windows, doors, furnaces, and air conditioners, or adding insulation. Homeowners can get back 30 percent of their expenses, up to $1,500.

Source: Associated Press

$15,000 Cash for Buying a Home

Julie — Fri, 06 Feb 2009 20:09:58 +0000

Currently, the government is offering a $7500 tax rebate for first time home buyers when they buy a new home. This rebate is a interest free loan with repayment not starting for 5 years. Now, there are discussion of increasing this amount to $15,000 and doing away with the repayment. This is great information for Dallas since we have only seen a small downturn in our market. Knowing the market always goes up for spring and summer, the tax rebate and low interest rates could not come at a better time to set Dallas up for an up swing in home sales.