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The Extended Homebuyer Tax Credit This presentation is based on information available as of November 7, 2009 and provided by the National Association of Realtorsâ. It is not meant to be tax or legal advice. As with any tax law change, check with a tax advisor regarding availability, eligibility and possible timing of any tax credit. Agenda Ø Who qualifies? Ø Who does not qualify? Ø 2009 Homebuyer Tax Credit – February 2009 Version Ø Key changes in the Extended 2009/2010 Version Ø Home Qualifications Ø Calculating the Tax Credit Ø Recapture - 3 Year Residency Ø Claiming the Credit? Who qualifies? Ø First time Home Buyer § Has not owned another primary residence during the three years prior to the date of purchase. § Must be the buyer’s primary residence § Current Homeowner § Primary residence for five consecutive years of the previous eight years Who does not qualify? Ø A homebuyer whose income exceeds Ø Single Filers = $ 145,000 Ø Married Filers = $245,000 Ø A homebuyer who does not meet the residency requirement 2009 Homebuyer Tax Credit – February Version Ø Maximum $8,000 First-Time Homebuyer Income Tax Credit Ø January 1 – November 30, 2009 Ø Not available to current homeowners Ø Income Limits from $75,000 to $150,000 Key changes in the Extended 2009/2010 Version Ø November 7, 2009 through April 30, 2010 Ø Current Homeowners can now take advantage Ø Increased Income Limits Ø Maximum cost of purchased home Home Qualifications Ø Homeowner spends 50% or more of his/her time in residence Ø Condo, single family detached, co-op, townhouse or other Calculating the Tax Credit Home Price Limitations Calculating the Tax Credit Sample Purchase Price $70,000 x 10% = $7,000 tax credit = $7,000 Purchase Price $200,000 x 10%=$20,000 tax credit =$8,000 Income Limitations Single Filers Income Limit $145,000 Phase Out Start $125,000 Range $20,000 Married Filers Income Limit $245,000 Phase Out Start $225,000 Range $20,000 Type Married Filers Actual Income $240,000 Phase out Start $225,000 Range Penetration $15,000 75% The tax credit will be reduced by 75% or $6,000. Actual tax credit = $2,000. Recapture - 3 Year Residency Ø Tax credit must be repaid if the home is resold within three years Ø This provision is designed to prevent flipping homes in order to get the tax credit Claiming the Credit? Ø 2009 Tax Return Ø Amended 2009 Tax Return Ø 2010 Tax Return
Located in beautiful Southwestern Illinois ... Just 20 minutes from downtown St. Louis. Our goal is to offer buyers and sellers the best Real Estate services possible, through a network of five highly successful offices staffed by 200 expertly trained REALTORS working as a team to provide you with extraordinary service. Our strategic location near St. Louis, enables us to service people who want beautiful surroundings while working in the city. The company has five offices located in Belleville, Edwardsville, Highland, O'Fallon and Troy. Coldwell Banker Brown Realtors is the #1 agency in the Metro East, (as ranked by the St. Louis Business Journal book of lists) having assisted thousands of customers and clients providing one-stop buying or selling and related services like financing, relocation, concierge, and closing. We anticipate your housing needs and exceed your marketing expectations. We have national reach and regional focus with extensive national resources through our Relocation Network with over 3,600 real estate offices worldwide, yet our agents are fluent in the nuances of each individual neighborhood in the areas we serve. We simplify the complex process of home buying and selling by integrating all the real estate services needed before, during, and after you move. Our exceptional highly trained agents provide superior market knowledge and matchless expertise. Our sales associates will take care of all the details of buying or selling your home. We offer innovative and specialized marketing where your home will be promoted in local, regional and national vehicles. Our wide variety of marketing channels provides our agents with all the tools necessary to sell your home quickly and efficiently. 
Coldwell Banker Brown Realtors has been awarded the prestigious Chairman's Circle award for twelve consecutive years placing the company in the top 5% of Coldwell Banker companies in the nation. Proud of our great heritage as D.W. Brown Realtors, and pledged to a greater tomorrow as Coldwell Banker Brown Realtors, we work hard to surpass your expectations. Our goal is to anticipate our customer's needs before they do. To serve you once is an honor, but we strive for lifelong customer relationships. We are affiliates of the 100 year old Coldwell Banker Real Estate organization, with a global market base; a full range of real estate services; and the industry’s leading, corporately owned, internet-based marketing program. We focus on attentive service through our professional REALTORS® to provide convenient one-stop shopping. We are proud to offer services for our clients making the buying process easier. Our mortgage company Mortgage Makers, and title company, Gateway Title, work to prequalify and make certain your contract closes on time. Coldwell Banker Brown Realtors is committed to helping you plan for your future through exceptional services. Our real estate services include:
Communities we serve in Madison County, St. Clair County, & Bond County:
The same trust, service and work ethic that has led us to decades of consecutive record real estate sales can be effectively utilized by you when it comes to buying or selling your home or relocating to the area. |
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