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.
Here are some notes on this credit. If you’d like to read more, the most comprehensive source I’ve found, interestingly enough, is a site put together by the National Association of Home Builders.
- First-time buyers include people who have not owned a home in the last three years.
- There are income limits on this credit: full credit applies to those with modified adjusted gross income (MAGI) of $75,000 or less for single taxpayers and $150,000 or less for married taxpayers filing a joint return. 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.
- This is a tax credit, rather than a deduction, and it’s “refundable” meaning that if you owed $10,000 in federal tax and received the full credit, then you’d only owe $2,000. If you owed only $2,000 in federal taxes (and you were receiving the full credit) then you’d get a check for $6,000 from the government.
- Generally, tax payers need to live in the home for at least three years or face recapture of the credit amount.
| The Savvy Home Buyer |
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This workshop covers the home-buying process in detail. It includes:
• deciding on the price point that is right for you • understanding mortgages, mortgage expenses, and getting pre-approved • finding a home • property due diligence and comparative market analysis • elements of the offer • home inspection, purchase and sale, mortgage contingency, walk-through and closing • special discussion of paths to affordable homeownership.
Wednesday March 4th 6:00 – 8:00 register here
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| Real Estate Investing |
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This session covers the nuts and bolts of real estate investing, and draws on interviews with local investors and lenders. Topics include: • real estate vs. other types of investments • owning and managing rental property • renovation and resale • condominium conversion • detailed real-life examples • a real estate plan for the future.
Wednesday March 25th, 6:00 – 7:30 register here
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| Creating a Green Home |
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This workshop will explore: • How to make your existing home more energy efficient • Green materials that you might consider using for a renovation • Green building techniques and considerations. We will have samples of green building materials on hand and will draw on interviews with local green builders and renovators.
Wednesday April 8th, 6:00 – 7:30 register here
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On March 6th, the Cambridge Community of Realtors is hosting its annual benefit for Our Place, the daycare center for homeless children, run by the Salvation Army in Central Square, just down the street from our office. The benefit this year is a Mardi Gras Soiree at the Charles hotel and the goal is to raise $50,000 to be donated directly to Our Place, which serves 38 homeless children each day and about 100 children annually. The invite to the event is below. Our founder, Bill Scott is VP of CCR this year and we’re hoping to help make this event a success.
