Basic Information On The Federal Homebuyer Tax Credit

Basic Information On The Federal Homebuyer Tax Credit


By: Paul
Escobedo



With April coming to an end soon, so follows the expected expiration of
the Homebuyer Tax Credit offered by the federal government for first-time
homebuyers and existing homeowners. The last iteration of the tax credit
was set to expire on November 30, 2009. On November 6, 2009 the tax
credit was extended and expanded through spring of 2010. Presently, the
tax credit is available for first-time homebuyers and existing homeowners
who sign the purchase contract on a primary residence by April 30, 2010
with the closing completed by June 30, 2010.

For in depth information on the federal tax credit for homeowners view
the site at IRS.gov. As far as basic information goes, the federal
government is offering a tax credit for first-time homebuyers and
existing homeowners who enter into a binding contract to purchase a new
home by April 30, 2010 with the closing completed by June 30, 2010.

A first-time homebuyer is defined as a buyer who has not owned a home
during the last three years up to the date of the purchase of the
residence. First-time homebuyers are able to claim a tax credit for 10%
of the purchase price of a home up to a maximum of $8,000. The home
purchased cannot exceed the $800,000 price cap. The full credit will be
available if taxpayer has a modified adjusted gross income up to $125,000
if filing as single and up to $225,000 if filing jointly. A partial
credit will still be available if a single filers MAGI exceeds the
$125,000 as long as it stays between $125,000.01 and $145,000. Joint
filers can receive a partial credit if their MAGI are between $225,000.01
and $245,000.

An existing homeowner is defined as someone who has lived in a home for a
period of 5 consecutive years out of an S year period ending on the
purchase date of the home. Existing homeowners purchasing a new primary
residence may claim 10% of the purchase price of the residence up to a
maximum of $6,500. The home purchased must not exceed the $800,000 price
cap. As with the first-time buyer credit, the full credit will be
available for existing homeowners if the taxpayer has a modified adjusted
gross income up to $125,000 if filing as single and up to $225,000 if
filing jointly. A partial credit will still be available if a single
filers MAGI exceeds the $125,000 as long as it stays between $125,000.01
and $145,000. Joint filers can receive a partial credit if their MAGI are
between $225,000.01 and $245,000.


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Paul Escobedo

Chicago home builders.

A Student’s Guide to Getting a Loan

A Student’s Guide to Getting a Loan


Courtesy of:
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When you are putting yourself through college, it can become quite
expensive. Do not think that you cannot afford college. All you need to
look into is getting a student loan. Use this as your simple guide to
help you along throughout your education. There are certain loans that
will allow you to go through school without worrying about
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loans right away.

Sit Down with a Counselor

Your school is going to be your first stop when finding the right loan.
By making an appointment with a counselor you will be able to get the
inside scoop to student loans. They will also be able to show you the
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to look into. Your counselor is going to show you how much you need in
terms of tuition, books and living expenses. Take their services for
advantage and let them help you.

Types of Loans

Now, once you know how much you need to get for your school tuition, you
need to look for the right type of student loans. Look for
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that will allow you to get the money you need without having to pay it
back right away. This means that you can get your degree and go through
college without worrying about a monthly payment on the loan.

Picking a Loan Company – The best loan company is going to give the best
student loans. You want to find a lender that will work for you. Choose a
lender that gives you the right terms and the right amount of money. Try
not to get in over your head with student loans. Getting education does
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