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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? 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 [...] 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 [...] 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 [...] 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 [...] 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 [...] 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 [...] 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 [...] 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 [...] 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, [...] 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 [...] 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 [...] 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 [...] 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 [...] |
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