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Dennis Norman UPDATE -July 2 – The President has signed the bill into law….It’s official, the deadline is September 30th to close.. UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will Continue reading… House Passes Bill To Extend Closing Deadline For Home-Buyer Tax Credits Dennis Norman UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing date until September 30th… UPDATE-June 30th-As the Willie Nelson song goes. “Turn out the Continue reading… Senate Passes Key Amendment to Extend Closing Deadline for Homebuyer Tax Credit
Dennis Norman The deadline to purchase a home to qualify for the extended home-buyer tax credit was April 30th with a deadline of June 30, 2010 to close the sale. Since the deadline to purchase I have heard from many buyers with questions and concerns as they realize that, while they made the April Continue reading… Closing Deadline For Homebuyer Tax Credits May Be Extended 61 Percent of Those Looking for or Considering Buying a Home Had No Plans to Use the Tax Credit Dennis Norman According to a survey from Better Homes and Gardens Real Estate, the majority of people looking for, or considering buying, a home had no plans to take advantage of the First-Time or Move-Up/Repeat Home Buyer Continue reading… Home Prices and Interest Rates May Offset Loss of Tax Credits Dennis Norman Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this tax season, along with instructions and guidelines for other documentation that must accompany your tax return. Tweet This Post Ted Gayer, co-director of Economic Studies, Brookings Institute According to this article, the Joint Committee on Taxation (JCT) has scored a Senate homebuyer tax credit at $16.7 billion. How does the JCT $16.7 billion cost estimate square with my previous back-of-the-envelope calculation of the cost of the tax credit of $73.9 billion? Continue reading… More on the Homebuyer Tax Credit Dennis Norman I have done several posts on the homebuyer tax credit and received and answered hundreds of questions about the tax credits on the various blogs I write for. There appears to be a lot of demand for the credits by homebuyers but also appears to be many questions. If you have questions about Continue reading… Helpful homebuyer tax credit video from NAHB First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying Continue reading… New updated info from IRS on Homebuyer Tax Credit Dennis Norman National Association of REALTORS Report: According to the latest report released today from the National Association of REALTORS(R), existing home sales in October jumped 10.1 percent to a seasonally adjusted-annual rate of 6.10 million units in October from a revised level of 5.54 million in September, and are 23.5 percent higher than the 4.94 Publishers note: If you have been reading our blog for a while you are probably aware we have been supporters and advocates of the home-buyer tax credit as well as the extension and expansion of the credit, which happened last week. We realize however, there are people that do not support the credits for a Continue reading… And now for the other side of the coin on the home-buyer tax credit Dennis Norman UPDATE 11/06/09 5:14 p.m. – Thanks to Denis T who was commenting on this post, click here to go to the IRS site with information on the new tax credits. UPDATE 11/06/09 1:00 p.m. – I just heard that a short while ago President Obama signed the bill into law. IT’S OFFICIAL! So if you are in Continue reading… Home buyer tax credit extension update; House Passes Bill…On to President for approval Dennis Norman UPDATE 11/05 2:00 pm – The House has passed the bill by a vote of 403 – 12 – It now goes to the President who is expected to sign today or tomorrow. UPDATE 11/05, 12:35 pm- To read the section of H.R. 3548 that contains the details concerning the first-time home-buyer tax credit Continue reading… Home buyer tax credit extension update; Senate Passes Bill Dennis Norman UPDATED: 6:15 pm Central Time- The Senate voted 85-2 this afternoon to end debate on the amendment..This is clears a procedural hurdle and will allow the bill and amendment to be voted on by the Senate, most likely on Tuesday or Wednesday….If passed by the Senate it would then need to go back Continue reading… Home buyer tax credit update-November 2, 2009 Dennis Norman In yesterday’s update I had some rather encouraging news about the possible extension of the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. The good news was that there is an agreement amongst the powers that be with regard to Continue reading… Home buyer tax credit update-October 30, 2009 Dennis Norman I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association of Continue reading… Home buyer tax credit update Dennis Norman I think we all know by now how important the home-buyer tax credits have been for our industry, providing the only real increase in home sales that we have seen for some time. Unfortunately, the credits are set to expire November 30th. Ron Phipps, First Vice President, National Association of REALTORS Last week Ron Phipps, Continue reading… NAR First VP Ron Phipps testifies before Congress to urge extension of home-buyer tax credits; warns of housing market freeze without credits Dennis Norman By: Dennis Norman The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday. NAR Regional Vice President Joseph Continue reading… Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery; HVCC a problem, Says NAR Dennis Norman By: Dennis Norman Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased. The MBA Continue reading… MBA urges US House Small Business Committee to Extend and Expand Homebuyer Tax Credit Dennis Norman By: Dennis Norman The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year.
According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have purchased a home without Continue reading… REALTORS Urge Congress to Extend Homebuyer Tax Credits Dennis Norman By: Dennis Norman The National Association of REALTORS(R) is working hard to get the message out to consumers about home-buying opportunities in the current market. One of the ways NAR is going this is by it’s “Real Estate Today” radio show which has been steadily increasing it’s local affiliates across the country and, just this Continue reading… NAR working to get the word out on the first-time home buyer tax credit |
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Connecting St. Louis Information St. Louis The author and owner of this site are providing the information on this web site for general information only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided as is, with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose Powered by WordPress & the Atahualpa Theme by BytesForAll. Discuss on our WP Forum |
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