Eagle Idaho is a desireable, upscale community nestled along the base of the Boise
foothills. Eagle offers high-end, quality-crafted homes, fine dining, boutique shopping
and a friendly community. The Boise river meanders through Eagle and you'll often
find folks walking the greenbelt or enjoying a peaceful picnic along the banks.
Eagle offers convenient access to the entire Treasure Valley and provides direct
routes to northern ski areas, foothills hiking, river rafting and other fun Idaho
outdoor activities. If you prefer newer construction homes in an upscale market
then Eagle is the place for you. Pictured above is Rembrandt’s Coffee House in Eagle’s
quaint downtown area.
North Boise is one of the most sought after communities in the Boise area. Affectionately
referred to as The North End, here you will find classic architecture and character
in the turn of the century and early 1900's era homes. Many homes in The North End
have been fully restored to their original condition with a complementary touch
of modern conveniences. If you enjoy tree-lined streets, patio-dining at corner
restaurants and quiet and peaceful neighborhoods then be certain to see a few Boise
homes in this area during your visit. Pictured above is Boise’s historic Harrison
Boulevard which runs from Boise’s thriving downtown through the heart of The North
End.
March 12, 2010
Understanding the ins and outs of the Homebuyer Tax Credits
by Crista Martin
The "Worker, Homeownership and Business Assistance Act of 2009" has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. Additionally, the act authorized a tax credit of up to $6,500 for qualified repeat home buyers. What does this mean? Tax credits, low interest rates and high inventory levels are providing some truly impressive opportunities for home buyers.
First-time Home Buyer Tax Credit of up to $8,000
- The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Repeat Home Buyer/Move-Up Tax Credit of up to $6,500
- To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.-
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Although a buyer may not qualify for the full tax credit, it is worth talking to your Accountant about qualifying for a partial credit. To claim either the full or partial tax credit, fill out the IRS Form 5405 (even though it is named the First-Time Homebuyer Credit, it is used for both types of credit). Provide the completed form along with a copy of your HUD1 Settlement statement to your tax preparer. Buyers may claim their tax credit on their amended 2008 tax return, on their current 2009 tax return or an amended 2009 return.
If you have additional questions about the program or are ready to start the home buying process, please contact Crista Martin.
208-373-1064
Continue Reading »