Edmunds Realty and Insurance

Doug and Elaine Baker - Update Northern Ireland

2009-04-21T13:32:00.001-04:00

http://www.pcusa.org/missionconnections/letters/bakerd/bakerd_0903.htm#top

The American Recovery and Reinvestment Act of 2009

2009-03-15T20:45:00.002-04:00

The 3 changes to the first-time home buyers tax credit program include:

Tax credit has been increased to $8,000.
Homes have to be purchased between January 1, 2009 and December 31, 2009
No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.

The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.
The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.
To qualify for the full tax credit, married couples' modified adjusted gross income (MAGI) should be under $150,000 and single filers' MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.
There is no recapture or repayment clause IF the home is owned for at least 36 months.
The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.
The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.
The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.
The American Recovery and Reinvestment Act of 2009

Banks can't do Real Estate

2009-03-12T16:22:00.001-04:00

Yesterday, President Obama signed into law the FY2009 Omnibus Appropriations Act that permanently prohibits banks from entering the real estate brokerage and management businesses.
Consumers are now protected from potential conflicts of interest and inhibited competition that could have arisen, had banks been permitted to enter into real estate transactions.
The bill includes the provision NAR has been seeking on behalf of members and consumers to maintain the national policy against mixing banking and commerce and reinforce that real estate is commerce and not financial in nature.
NAR provides a myriad of information on this subject including history, FAQs and timeline of progress.
This is a victory in which we can all be proud, and a step in the right direction toward stability in our industry for REALTORS® and consumers.

Hamster Sam, a friend of mine

2009-03-12T10:14:00.005-04:00

Hamster Sam, a friend of mine
Wednesday, March 11, 2009

Meet Dave McDonald and Hamster Sam http://www.hamstersam.com/
I met Dave McDonald last year in Columbia at the South Carolina Association of School Librarians (SCASL) while helping Randa with the 2008 conference. He is the author, illustrator, and publisher of The Secret Adventures of Hamster Sam: Attack of the Evil Boll Weevils. Dave is a very interesting man who enjoys sharing his humor and making others laugh. He practices the advice of Hamster Sam to "think outside the cage." Last year I bought his book and had him sign it. He responded by drawing a picture for Randa and me which Randa has framed in her library at school. Today at the 2009 SCASL conference in Greenville, SC I attended a class he was presenting and he taught me and others in the room to draw. Who would have thought it? Me drawing. But I did and now know I can. And as he was leaving the conference center today he presented Randa and me each with a drawing. Randa's a drawing of Miles the Inchworm on a stack of books saying "Miles the Inchworm reads with Randa!" and mine a drawing of me saying to Hamster Sam "Now I can draw you!"I just wanted to share Dave's talent with others. His website is http://www.hamstersam.com/ and his Blog is http://www.davemcdonaldstudio.blogspot.com/I hope you have fun with Dave McDonald, Hamster Sam, the cotton bolls "Eli" and "Whitney," The Evil Boll Weevils, Miles the inchworm and others.
Cricket
3/11/09