Delaware Valley Real Estate - OnPoint with Letitia Stevenson

 Happy Thanksgiving...Some Food For Thought

With the holidays just around the corner, many of us will be traveling so I'm sending a quick post to wish my everyone a Happy Thanksgiving. And, I wish to leave you with some food for thought - a few of my favorite "Thanksgiving" quotes.

• A thankful heart is not only the greatest virtue, but the parent of all the other virtues.  ~Cicero
• Feeling gratitude and not expressing it is like wrapping a present and not giving it.  ~William Arthur Ward
• As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them.  ~John Fitzgerald Kennedy
• Not what we say about our blessings, but how we use them, is the true measure of our thanksgiving.  ~W.T. Purkiser

Be Safe! Have a Happy Thanksgiving and a Great Holiday Season!!

YouTube Adds Support for 1080p Full HD Video

Announced Friday on its blog, YouTube will provide support for viewing videos uploaded in 1080p at their native resolution, up from 720p output. Now YouTube will support display of 720p (1280×720) or 1080p (1920×1080) video, depending on resolution of original source. Also, YouTube will re-encode any previously uploaded 1080p-capable video.

For more information, please visit YouTube Blog: 1080p HD Is Coming to YouTube

Home Buyer Tax Credit 2010 - Revised November 2009

It's official. On November 5, 2009, Congress passed Home Buyer Tax Credit Extension & Expansion.  Then on Friday, November 6, 2009, President Obama signed it into Law effective November 7, 2009. This bill extends the tax credit of 10% of home's purchase price (up to $8,000) for first-time homebuyers through April 30, 2010. In addition, a new tax credit of 10% of home's purchase price (up to $6,500) has been added for qualified existing home owners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. 

CREDIT AMOUNT 

First Time Home Buyer: $8,000 ($4,000 married filing separate)

Current Homeowner: $6,500 ($3,250 married filing separate)

ELIGIBILITY 

First Time Home Buyer: May not have had an interest in a principal residence for 3 years prior to purchase

Current Homeowner: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years

DEADLINES
Period: Nov 7, 2009 through Apr 30, 2010. All contracts must be in effect no later than April 30, 2010 and close no later than June 30, 2010 Septemper 30, 2010 (Closing Deadline Updated 7/2/2010).

INCOME CAPS
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more may be eligible for receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Married joint tax filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more may be eligible for a partial credit. However, joint filers who earn $245,000 and above are ineligible.

MAXIMUM PURCHASE PRICE
$800,000

DEPENDENTS 
Ineligible

ADDITIONAL REQUIREMENTS (ANTI-FRAUD RULE)
Purchaser must attach documentation of purchase to tax return

MORE INFORMATION

For more information, please check out these links.

 Federal Housing Tax Credit (NAHB)

 Home Buyer Tax Credit (NAR)

 Homebuyer Tax Credit Changes (Comparison Chart)

 FAQs Home Buyer Tax Credit Changes

 First-Time Homebuyer Credit (IRS)  

 Home Buyer Tax Credit: Latest News (NAR)

Please Note: Income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you purchased a home between January 1, 2009 and November 6, 2009, please read Home Buyer Tax Credit 8000 - Expires November 30, 2009.

RELATED POSTS

• Home Buyer Tax Credit 8000 - First Time Home Buyer (Extended), Expires April 30, 2010 
• Home Buyer Tax Credit 6500 - Current Homeowners (Repeat Buyers), Expires April 30, 2010
• Home Buyer Tax Credit for Military - First Time Home Buyers and Current Homeowners
• Home Buyer Tax Credit 8000 - First Time Home Buyer, Expires November 30, 2009
• First Time Home Buyer Tax Credit Comparison Chart (2008 - 2010)

If you have any real estate questions, please contact me. Whether buying, selling, or just curious to learn more, I'm here to assist you.  Please contact me with your questions. I look forward to hearing from you.

This post is provided for informational purposes only. If you have specific questions or individual concerns regarding the tax credit, please contact a tax professional or the Internal Revenue Service at 800-829-1040.