David's Blog

This article was forwarded to me because I could not understand how you could get a tax credit of $8,000 by amending your 2008 tax return for a property you bought in 2009- but you can. See below. I don't know where this article came from.

 

First-Time Homebuyers Have Several Options to Maximize New Tax Credit

WASHINGTON - As part of the Treasury Department's consumer outreach effort and with the April 15 individual tax filing deadline approaching, the Internal Revenue Service today began a concerted effort to educate taxpayers about additional options at their disposal to claim the new $8,000 first-time homebuyer credit for 2009 home purchases. For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they've already filed their tax return.
The Treasury Department encourages taxpayers to explore these options to maximize their credit and get their money back as fast as possible.
"The new credit can get money in the pockets of first-time homebuyers quickly," said IRS Commissioner Doug Shulman. "For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they've already filed their tax return."
First-time homebuyers represent a significant portion of existing single-family home sales. The expansion in the first-time homebuyer credit will make it easier for first-time homebuyers to enter the housing market this year.
Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before Dec. 1 receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
The filing options to consider are:
File an extension - Taxpayers who haven't yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15. This step would be faster than waiting until next year to claim it on the 2009 tax return. Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.
File now, amend later - Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later. Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.
Amend the 2008 tax return - Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.
Claim the credit in 2009 rather than 2008 - For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return rather than claiming it now on the 2008 tax return. This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income.
The IRS reminds taxpayers the amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
IRS.gov provides more information, including guidance for people who bought their first homes in 2008. To learn more about the overall implementation of the Recovery Act, visit www.Recovery.gov.

This is the best valued home in all of Brushy Creek. Take advantage of the $8,000 tax credit for first time home buyers. You can even amend your 2008 tax return and get the $8,000 tax credit in 2009. Call and I will be glad to arrange a private veiwing. Please visit my website at www.daviddurham.com for more pictures and virtual tour.

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Ever thought about whether you should refinance or not? Rates are historically low. See the chart below

Most property owners look at the low interest rate and/or lower payment, but don't know that there is an amount to do the loan ($3,000-7,000) that is added to the loan amount of your refinance. Also, consider that if you originally got a 30 year loan and you have owned the property say five years than when you refinance with a 30 year loan you will pay the five years of interest all over again unless you drop it to a fifteen year loan. A past client called me yesterday to get my opinion on refinancing his property that he has owned for 10 years. Once I told him that he only has 20 years remaining on his note and that if he refinanced back to a 30 year note he will pay 10 years of interest all over again. He said "no thanks"

For Immediate Release Board of Trustees set new school boundaries April 8, 2009 – During a Special Called Meeting held Tuesday night the Board of Trustees approved new school boundaries for the district. The majority of the changes will go into effect during the 2010-2011 school year with the exception of the Cactus Ranch Elementary enrollment relief which will begin next school year.

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Cactus Ranch Elementary for the 2009-2010 School Year Trustees voted to send students living in the Mayfield neighborhood to Sommer Elementary and those living in the Stone Oak neighborhood to Teravista Elementary for the 2009-2010 school year. All students entering the fifth grade in August 2009 and their siblings will have the option to remain at Cactus Ranch Elementary with parents providing transportation to and from school. In 2010-2011 Mayfield and Stone Oak students will attend the new elementary campus located in the Stone Oak neighborhood area.

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Elementary School Boundaries Trustees voted to maintain the boundaries of the elementary campuses in the southeast quadrant as they currently exist. Trustees also established a new elementary attendance boundary in 2010-2011 for the elementary campus located in the Stone Oak neighborhood area that is bounded by the district line on the west and north, IH35 on the east, and FM 1431 on the south reducing the Cactus Ranch attendance area. Fifth graders in 2010-2011 will have the option to remain at their current campus with parents providing transportation to and from school.

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Middle School Boundaries Trustees established boundaries for a new middle school at the site of the current Stony Point 9 th grade center which reduces the Hopewell and Ridgeview attendance boundary. The area is generally bounded by Hwy 79 on the south, the district line on the east, Old Settlers Blvd on the north, and a line just east of Texas Baptist Children’s Home on the west not including the Greenhill neighborhood. Trustees also expanded the CD Fulkes Middle School boundary to incorporate the entire Callison Elementary boundary and reduced the current Ridgeview Middle School boundary by that amount. The area is roughly along and south of Hwy 45 between IH35 and Schultz Lane to the southern district line not including Melagrano Apartments but including Louis Henna Townhomes just north of Hwy 45. The Canyon Vista Middle School boundary was also extended to east of Research Blvd and the Deerpark Middle School boundary was reduced by that amount. The area is roughly bounded by Research Blvd on the west, McNeil Road on the north, the quarry on the east, and the district line on the south. Eighth graders in 2010-2011 will have the option to remain at their current campus with parents providing transportation to and from school.

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High School Boundaries High school attendance boundaries were approved for the 2010-2011 school year. Trustees created an attendance boundary for Cedar Ridge High School and reduced the Stony Point High School boundary. This area is generally bounded by the district line on the south and east, Hwy 79 and the Onion Creek Village neighborhood on the north, and IH35 on the west. In addition to this area, the Wells Branch area currently attending Round Rock High School is assigned to Cedar Ridge High School . This area is roughly bounded by IH35 on the east, the district line on the south, Hwy 45 with the exception of the La Frontera area on the north, the quarry on the west, and down Merrilltown Drive from FM 1325 to Bratton Lane , then north on Bratton Lane to just below Long Vista Drive. Trustees voted to expand the Round Rock High School boundary to include the Great Oaks Elementary area which reduces the McNeil High School boundary. This area is roughly bounded by RM 620 including the Highlands Horizon neighborhood on the south, O’Connor Drive with the exception of the Monterone Apartments on the north and east, and an imaginary line just west of The Woods of Brushy Creek neighborhood including The Park at Brushy Creek Apartments. The Stony Point High School boundary was expanded to include the Mayfield Ranch and Stone Oak neighborhood which reduces the Round Rock High School boundary. This area is bounded by the district line on the west and north, IH35 on the east, and FM 1431 on the south. Trustees also voted to extend the Westwood High School boundary to include the area bounded by Research Blvd on the west, McNeil Road on the north, the quarry on the east, and the district line on the south which will reduces the McNeil High School boundary.

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High School Grade Levels Affected by Change Trustees approved opening Cedar Ridge High School with a freshman and sophomore (sophomores must have complete credits) class. Students zoned for Cedar Ridge High School will not have the option to stay at their current campus unless the student is on an approved transfer to a program or academy not available at Cedar Ridge High School . The two grade level option will be applied to all high school boundary changes affecting existing high school campuses in the 2010-2011 school year and that the district provide transportation for incoming freshman students who elect to begin their freshman year within their newly assigned high school boundaries during the 2009-2010 school year.

On Friday, March 31st, myself and over 1000 other Texas REALTORS®, visited the Capitol to make our voices heard on important issues that affect Texas REALTORS® and homeowners, including real estate transfer taxes, mandatory price disclosure, appraisal reform, business vehicle exemption application forms, eminent domain and E & O Insurance. 

I was able to meet with State Representative Dan Gattis and State Senator Steve Ogden during my time on the Hill.  It was great to be part of such a strong show of support by Texas REALTORS®, in fact, it was the largest group of REALTORS® to take part in the annual day of Hill Visits.  The House and Senate issued special resolutions proclaiming March 31 as REALTORS® Day at the Capitol.  I am always thrilled to be part of the political process at work, and to share my opinions with elected officials. 

I got a great flyer from Mike Montgomery with Extraco Mortgage that he wanted me to share with you.  It explains the revisions to the first time homebuyer tax credit that was put in to place last year and was revised for 2009.  This chart explains alot of the differences between the 2008 version and the 2009 version and exactly who qualifies for the credit.  If you qualify and want to take advantage of not only this credit, but also the historically low interest rates that we are seeing right now, then NOW IS THE TIME TO BUY!!  If you'd like me to email you a copy of this flyer, shoot me an email at david@daviddurham.com and I'll get one over to you.