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First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the First Time Homebuyer Credit. An eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.
Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
There is more information at the
Internal Revenue website
California Passes Large Tax Credit for Home Buyers
California has initiated its own home buyer tax credit. The credit is for 5% of the purchase price, with a maximum credit of $10,000. That's a dollar-for-dollar reduction against income tax payments that would otherwise be due. Home buyers must claim the tax credit in equal installments over three consecutive years, beginning with the year of purchase. Purchasers are required to live in the home as their primary residence for two years or forfeit the credit.
To be eligible, first-time home buyers can purchase a new or existing home. Repeat or move-up home buyers are eligible for the credit only if they buy a new home.
Buyers of existing homes must close escrow between May 1 and December 31, 2010. The credit is available to buyers of new homes who sign purchase agreements between May 1 and December 31, and close escrow by August 1, 2011.
Separate from the California tax credit is the federal tax credit. The federal home buyer tax credit will expire soon. If you want to take advantage of this tax credit, you must act fast. The tax credit is available to buyers who sign purchase agreements on a new or existing primary residence home between December 1, 2009, and April 30, 2010. Buyers have until June 30 to close the mortgage loan on their new home.
More Water News
On Wednesday, March 31st Daniel Lopez of the
Monterey County Herald wrote on the water situation here on the Monterey Peninsula. It is a well written article and there is more to the article than our rates doubling. I encourage you to read it.
On Tuesday, April 6th, the Board of Supervisors will consider approving the Regional Water Project Agreement, which will set the stage for a new, sustainable water supply in Monterey County.
First Time Home Buyer Tax Credit
Just a reminder that the First Time Home Buyer tax credit is still available. The criteria to qualify is you have to have a fully accepted purchase contract agreement in place by April 30, 2010, and you have till June 30, 2010 to close the transaction.
This is a wonderful
federal credit opportunity to take advantage of.
Carmel Chimneys
The other day, my husband and I took a walk through Carmel. I brought my new Nikon camera with me, just in case I saw something I wanted to take a picture of. Before I knew it, we were snapping pictures of all the unusual chimneys in Carmel. Here are a few of my favorite.
District NOT Moving Into Stage 3 Rationing
The Monterey Peninsula Water Management District (MPWMD) voted unanimously NOT to enact Stage 3 rationing as a response to the State Water Resources Control Board (SWRCB) Cease and Desist Order (CDO). The decision was based on the assumption that Cal-Am users would begin greater water conservation with the newly approved and now implemented water rate structure.
The legal challenges continue as the District, joining forces with Peninsula cities, is seeking relief from the recently approved change of venue order to Santa Clara County.
Dates have not yet been determined as to when the venue appeal will be considered or, depending on the success of the venue appeal, when the court would consider action on the stay of the SWRCB CDO currently in place. Stay tuned as this issue will certainly evolve over the next few days and weeks.
