Signed and sealed…a $787 Billion Stimulus Plan made up of tax cuts and spending programs aims at reviving the US economy. Although the package was scaled down from nearly $1 Trillion, it still stands as the largest anti-recession effort since World War II. Home owners and potential homebuyers stand to gain from key provisions in this stimulus plan.
Here is what we know as of today: first-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. The 2008 credit-interest free loan is not taxable income. However, it is repaid as additional tax. The 2009 credit is not taxable. In the event the taxpayer disposes of the principal residence in 36 months, the recapture rules of the 2008 law will apply—it becomes an interest free loan to be repaid.
(Submitted by Rose Kelly, Sales Manager, Universal Lending Corp.)
Your home staging checklist:
Are all countertops clean and clear?
Have you removed unnecessary furniture throughout the house?
Is the refrigerator free of children's art and magnets? Check the bathrooms
Are the surfaces clean and clear?
Are shower curtains clean and hung properly?
Is the flooring clean and fresh?
Are towels neatly hung? Check the walls
Is paint and wallpaper fresh and clean?
Are the walls free from cracks and holes?
Is there anything on the walls that need to be removed? Check the floors
Is the carpet clean and free from stains?
Are hard surface floors clean and free from stains? Check the windows
Are all the windows clean?
Are draperies and blinds clean? Pet check
Remove any signs that this is a pet's home. Check the aroma
Air out the home prior to showings. Set the mood prior to showings
Open draperies and blinds.
Turn on the radio to a soft music station, set the volume low.
If you have time, bake a batch of cookies or muffins to create a warm, welcoming aroma.
Have you removed unnecessary furniture throughout the house?
Is the refrigerator free of children's art and magnets? Check the bathrooms
Are the surfaces clean and clear?
Are shower curtains clean and hung properly?
Is the flooring clean and fresh?
Are towels neatly hung? Check the walls
Is paint and wallpaper fresh and clean?
Are the walls free from cracks and holes?
Is there anything on the walls that need to be removed? Check the floors
Is the carpet clean and free from stains?
Are hard surface floors clean and free from stains? Check the windows
Are all the windows clean?
Are draperies and blinds clean? Pet check
Remove any signs that this is a pet's home. Check the aroma
Air out the home prior to showings. Set the mood prior to showings
Open draperies and blinds.
Turn on the radio to a soft music station, set the volume low.
If you have time, bake a batch of cookies or muffins to create a warm, welcoming aroma.
Friday, February 20, 2009
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