It's fall and it's time to plant bulbs! The landscaping of this home has plenty of spring bulbs and we have just planted 120 more.
Jonquils are one of the first signs of spring and this home explodes with color in the spring.
If you are visiting this blog, chances are you stopped by the house and viewed the home from the curb, what you are missing is a beautifully landscaped backyard and the beautiful interior.
Called to schedule an appointment to view this home, you will be glad you did, this could be your dream home.
Three bedroom/1 bath with room to add an additional half bath or full bath. This home has a new roof and a new sodded back yard. Large deck for entertaining. Fenced yard with privacy fence. Don't let this one get away. Listed for 179,900.00, this great location may be just what you are looking for. If you have been looking and are wanting to capitalize on the $8,000.00 Tax Credit, don't forget, this Tax Credit will expire on 12/1/2009. Located near the Silver Comet Trail and two blocks from Tolleson Park, this quiet neighborhood has lots of amenities. Looking forward to meeting you! Agents protected, full 3% commission.
"I have loved living in Smyrna! It's a 20 minute drive to Downtown Atlanta and a 20 minute drive to the Atlanta Airport. Smyrna is close to the city with access to the city-life yet Smyrna has a hometown feeling. Oakview Drive is a very quiet street with wonderful neighbors. My home is conveniently located near the Silver comet Trail and Tolleson Park which offers an Olympic size pool, tennis courts, soccer fields and softball fields. This home sits on a small hill that affords a lot of privacy from the street level traffic. This home has Southern exposure and lots of windows, bright and sunny which can make a huge difference during the winter months." Call 770-310-9088 with any questions. Agents Protected Email: 1133oakviewdrive@gmail.com
*Three Bedrooms, 1 bath *New Roof *Separate laundry room/mudroom with entrance from inside of the house and also an exit to the outside, lots of natural light, newly renovated with bead board wainscoting and wall cabinets for storage *Hardwood floors throughout *Plenty of closets; walk-in closets in bedrooms *Crown molding throughout *Bright sunny kitchen *New vinyl floors in kitchen *New kitchen sink and faucets *Updated vinyl windows that tilt inside for easy cleaning *Lots of kitchen cabinets with updated hardware *New counter tops *Updated kitchen light fixtures *New stainless steel computer workstation in the kitchen *Bright sunny living room *Coat closet in the living room *Master bedroom has room darkening custom Levalor blinds *New interior and exterior paint *House is four sided brick *All interior doors have been sanded * painted w/all new hardware and new door knobs *New updated exterior lighting *New exterior doors & storm doors *Private fenced backyard with lots of shade *House faces South and gets lots of natural light *Large deck off kitchen & laundry room *New large outdoor building/shop in backyard *Beautiful landscaping w/box woods, azaleas, dogwoods,hydrangeas and crepe myrtles w/lots of perennials
For most people, buying a home is the biggest purchase they'll make. Even experienced buyers can be run into situations that can be confusing and stressful. Below are some tips that will help prepare you for your home search and purchase as well as reduce delays and worries that can accompany buying a home.
Pre-Qualify For A Mortgage - Advantages of getting pre-qualified are:
Helps you narrow your search to only those homes in your price range.
Lets sellers know you are serious when you make an offer.
Avoids delays in the negotiation process.
Helps you set up a budget for your household.
Clean Up Your Credit
Eliminate credit card debt as much as possible and pay down as many as you can.
Get a copy of your credit report to see what the lenders will see.
Cancel unused cards.
Have credit history errors.
Don't fill any new credit card application you receive in the mail.
Be wary of companies that say they can repair your credit. Check with your state attorney general before contacting a debt repair company.
Getting A Mortgage
Shop for a mortgage and compare the terms of various lenders. Aside from rates, points, etc. find out how long you can lock in a rate and get it in writing.
Find out what points are involved. There are two kinds of points, pre-paid interest points which lowers your interest rate and origination points which is basically a fee to get the loan.
You also need to find out what closing fees (attorney, filing, taxes, etc.) are involved.
Do you want a fixed or adjustable rate (ARM)? Adjustable rates are lower than a fixed rate for the first few years but can go up whereas a fixed rate never changes.
If you go with a fixed rate do you want a 15, 20 or 30year loan? If you can afford the higher monthly payments of a shorter-term loan then you will pay substantially less interest over life the term and you'll build up your equity faster.
How much do you have for a down payment? If your down payment is 20% or more of the purchase price then you may be able to avoid monthly Private Mortgage Insurance (PMI) charges.
Documents you'll need are: latest bank statements, latest W-2s and tax returns, copy of latest pay stubs, child support or alimony records, IRA and 401k statements, investment account statements.
If part of your down payment is a gift from a friend or relative you'll need a letter from the donor explaining that you are not obligated to repay them.
When you apply for a loan your lender is required by law to give you the following: Truth-in-Lending Disclosure, A Home Buyer's Guide to Settlement Costs, ARM Disclosure, Your Annual Percentage Rate or "APR". Make sure you receive these documents and read them.
When you apply for a loan the following will be done by your lender: an appraisal of the property you wish to buy, review of you credit history, employment and bank account verification.
Making An Offer On A Home
Before making an offer get full disclosure on the condition of the property, any liens or back-taxes, easements, etc.
Get a copy of any neighborhood association rules and by-laws, if you have a home business and the association has restrictions on these kinds of activities then you need to know before you offer to buy. Consult a real estate attorney if you have questions and contact the association chairperson for clarifications.
Get a Comparative Market Analysis (CMA) of the home to find out what comparable homes in the area are selling at, your real estate professional can help you with this.
In addition to the offer price put down, in writing, any contingencies or terms that you wish the seller to meet.
Keep contingencies reasonable so that you don't kill the deal, and make it negotiable.
Conveyances, if you are told that a major appliance comes with the home, make sure that it's mentioned in the offer.
Also make sure all the details of the transaction are written down.
When you make an offer you will be expected to put up an "earnest money deposit" to show that you are serious about buying the property, normally no more than 1-2% of the offer price.
Keep in mind that when you make an offer it can become a contract, it only needs the seller's signature to become binding. Make sure your offer is reasonable and attainable for you and the seller.
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use the links below to find out more about the tax credit.
$8,000 Home Buyer Tax Credit at a Glance:
The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
The Law’s Other Provisions
In addition to the tax credit, the American Recovery and Reinvestment Act of 2009 has several other provisions that will benefit home buyers and the housing market. The legislation:
Will help home buyers in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac loan limit of $729,750 through the end of 2009.
Allows state housing finance agencies to help buyers at closing by advancing the credit as a loan using proceeds from tax-exempt bonds.
Extends the tax code section 25C credit for energy-efficient home improvements through the end of 2010; increases the credit rate from 10 percent to 30 percent; raises the lifetime cap from $500 to $1,500; expands the list of eligible improvements.
For 2008 operations, expands the net operating loss carryback period from two years to five years for small businesses (businesses with average gross receipts of no more than $15 million over the previous three years).
Temporarily allows exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriates $2 billion in HOME funding for affordable housing projects.
Provides a "patch" for the Alternative Minimum Tax for tax year 2009.
Increases bonus depreciation and section 179 small business expensing for business investment in 2009.
Increases New Markets Tax Credit allocating authority for 2008 and 2009.
Delays for one year—from 2011 to 2012—the start of the three percent government contractor withholding requirement.
Home Buyer Resources
Buying a home can be complicated, but fortunately a lot of expert advice is available to help people navigate the experience. These online resources can help make the process smoother.
Frequently Asked Questions About the Home Buyer Tax Credit
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
Who is eligible to claim the tax credit? First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
What is the definition of a first-time home buyer? The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
How is the amount of the tax credit determined? The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
Are there any income limits for claiming the tax credit? Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
What is "modified adjusted gross income"? Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit? Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
Can you give me an example of how the partial tax credit is determined? Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
How do I claim the tax credit? Do I need to complete a form or application? Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
What types of homes will qualify for the tax credit? Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
I read that the tax credit is "refundable." What does that mean? The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead? Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit? Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.
In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program? Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit? No. You can claim only one.
I am not a U.S. citizen. Can I claim the tax credit? Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.
Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return? Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.
The National Council of State Housing Agencies (NCSHA) has compiled list of such programs, which can be found here.
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest? Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.
