More Details on Home Buyer Tax Credit

As you may have heard, Congress did extend the $8000 first-time home buyer tax credit. They also allow the tax credit to be used at closing with an FHA loan! There are some income limits to qualify for the full tax credit.

Congress also opened the tax credit to repeat home buyers who've lived in their homes for 5 consecutive years of the 8 years prior to this purchase--up to $6500 for a primary residential purchase! And no, the old home doesn't have to be sold first. This among other quirks gives all home buyers a great potential bonus.

The deadline is purchasing a home between 6 November 2009 and 30 April 2010.

Get the full scoop here: http://www.federalhousingtaxcredit.com/faq2.php#

Consider how you or someone you know might you benefit. Feel free and email me with your questions at BethBakerOwens@comcast.net

Gardening for Colorado

Before the snows flew last week, I realized some of my plant choices have fared better than others this year. Do you notice the same thing? The dry extremes in temperatures make this a challenging climate for gardeners. Some gardners, like my friend Pete, are able to develop microclimates around his yard. His results are amazing. Mine are not so great. I'm forever looking for hardy plants that have year round appeal, low water needs, noninvasiveness, and insect resistance. Now, here is a resource for Colorado and other mountain and high plains gardeners. In a joint effort by the Denver Botanic Gardens, Colorado State University, and area horticulturists and nurseries, we have Plant Select. Check out the web site for durable and lovely plant suggestions, nurseries, and more. Or, if you like books with beautiful plants, especially for winter garden planning, consider their colorful volume with suggestions. You can order the book at the web site. This coming spring, ask your nursery if they have Plant Select varieties for you to consider adding to your garden.

http://www.plantselect.org/index.php

$8000 Tax Credit Extended?--It's TBD

Many people have asked me if news reports about the US Congress extending the $8000 tax credit for first time home buyers are true or not. The bill containing language to extend the $8000 first time home buyer tax credit is in the middle of the legislative process. Last Friday I received a request from NAR to send letters to my 2 Senators and US representative. That request was the clear sign that the final votes had not yet been taken.

Here's an excerpt from an email with a colleague who called Linda Goold at NAR, the National Asso of Realtors, for clarification.

"Linda Goold serves as the Director of Federal Tax Programs for the National Association of REALTORS® and works for the NAR in Washington, DC. She is an advocate for NAR tax policies that protect and enhance ownership and investment in both residential and commercial real estate.

The current news reports are misleading. Senate has agreed to the content of the home buyer tax credit extension with some modifications, BUT senate not taken vote on final passage. It will be GOING UP FOR VOTE MONDAY EVENING at 5:30pm. Then it would have to go back to the house, but expectation is that the House will take it up the next day and approve it without amendment, and then it will go to President.

When I asked how long it might take to go before the President, Linda said that sometimes it takes a while, and sometimes it will occur the next day – it has to be printed on parchment and go through an administrative process. This bill extension of home buyer tax credit is included in an extension of unemployment insurance benefits, which Linda says she has "to think the president will want to sign it as soon as possible. Hopefully it’ll be accomplished a week from now, but no guarantees.""

So, the extension is to be determined (TBD).

I'll let you know what the results are after the bill is signed and the dust settles.