Agent Profile
My job is service...service to you and your real estate transactions! How can you benefit from my 25 years of experience and expertise? What can I offer to make the process more productive?
* Current information on available housing...comparative and competitive market pricing and analysis
* Daily involvement in the local real estate marketplace.
* Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business.
* Extensive network of professional resources to make the process as smooth as possible.
My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!
JANEESE JACKSON: 503-709-0802 or jj@janeesejackson.com
The “FIRST-TIME HOME-BUYER CREDIT” (AND WHAT IT MEANS TO YOU, A FRIEND OR FAMILY MEMBER)!
PLEASE pass the information to someone you know who might be in the market for their first home!!!
Q: How much is the tax credit?
A: The tax credit would be $8,000 or 10% of the purchase price, whichever is less.
Q: Who is eligible?
A: Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit (included in the 2009 Economic Stimulus Plan) is available for the purchase of the primary residence by first-time homebuyers.
Q: What defines a “first-time home buyer”?
A: According the IRS, any taxpayer who has not owned a home during the 3 years prior to the date of purchase can qualify for the credit.
Q: Do I have to repay the $8,000?
A: No. Unlike the previous $7,500 tax credit that did have to be repaid (which made it essentially an “interest free loan”), the $8,000 does NOT have to be repaid, UNLESS the home is sold within three years of purchase. If the home IS sold within that 3 years period the credit is simply reversed.
Q: What if I have no tax liability?
A: The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
Q: Are there any income limitations on the tax credit?
A: Yes. The tax credit is strictly for individuals with adjusted gross income (AGI) of under $75,000 or $150,000 for joint filers. AGI is total income for a year minus certain deductions, but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4.
Q: If my AGI is a bit more than the designated $75,000 or $150,000 respectively, can I still claim the credit?
A: It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose AGI exceeds the phase-out limits.
Q: What is the difference between a tax credit and a tax deduction?
A: A tax credit lowers your tax bill dollar for dollar. A deduction shaves money off your taxable income, so the value depends on your tax bracket. For example, if you’re in the 25% bracket, a $1,000 deduction lowers your tax bill by $250. But a $1,000 credit lowers the bill by the full $1,000, no matter which bracket you might be.
Q: What type homes qualify for the tax credit?
A: Included are single-family detached homes, attached homes like townhouses and condominiums, manufactured homes or mobile homes and houseboats (as long as all other criteria are met).
Q: What is the time frame for completing my purchase to be eligible for the “First-Time Homebuyer” credit?
A: This tax credit applies to properties purchased on or after January 1st, 2009 and before December 1st, 2009 (so there’s still lots of time). First-time home buyers who purchased a principal residence on or after April 9th, 2008 and before January 1, 2009 may qualify for the former $7,500 tax credit (which must be repaid, but operates like a zero interest loan). Purchase date refers to the date you closed escrow on the property.
Q: What if I am eligible to participate in another state or local first-time homebuyer mortgage program?
A: You may now claim the credit (previously this credit was prohibited if you participated in any other first-time homebuyers initiatives).
Q: What if the home is a short sale or foreclosure?
A: The credit does apply.
Q: What if the home is in disrepair and I’m willing to do the work but worried about getting the home financed?
A: There are two possibilities for financing: the FHA 203k loan and a conventional “Purchase & Renovate” loan (more to follow on those forms of financing).
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