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Here are the IRS's top 10 tax tips for home sellers : 1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale. 2. If you
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Homeowners' mortgage interest deduction may be at risk, as Congress and the Administration look for ways to deal with the enormous and looming deficit. The deficit reduction plan presented by the National Commission on Fiscal Responsibility and Reform
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Several tax changes will go into effect on Jan. 1, 2012 -- some good, some not so good. Here are the most important changes you should know about: Tax breaks that have been reduced for 2012 Several tax breaks will be reduced, but not eliminated, for 2012.
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Even though the First-time homebuyer Tax Credit is expiring April 30th to be under contract, and June 30th to close, the credit extends one more year for military personel and certain government workers: Members of the military and certain other federal
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Happy New Year to you! I want to take this opportunity to thank you for reading this blog. I recently heard some statistics that say there are currently 9 billion webpages and 200 million blogs! I don't take it lightly that someone is choosing to
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The Senate passed the extention/expansion of the First-time Home buyers $8000 tax credit earlier this week, and the House passed it yesterday. Many expect the president to sign it into law today because it also includes an extention of unemployment benifits.
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Many potential buyers are asking if the $8000 First-time home buyer's tax credit will be extended or expanded to include all buyers. I wrote an earlier post on the subject . The issue has broad bi-partisan support in Congress, most legislators and
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The first-time homebuyer's $8000 tax credit is getting cred. Home sales are up in almost all markets accross the country, with the majority of sales being first-time homebuyers. But many economic experts think its not enough. Many believe that the
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The NATIONAL ASSOCIATION OF REALTORS ® says more than 50 percent of home sales in March involved first-time buyers. Many took advantage of the short sales and foreclosed homes (that make up about 1/3 of our local real estate market.) Experts believe
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Increases in the tax credits for energy efficient home improvements were included in the recent economic stimulus package. The tax credit was increased from 10%of the cost of the improvement to up to 30%. The old credit had a lifetime maximum of $500,
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One of the unfortunate things that happened in the last housing bubble was that people began to view real estate as an investment akin to stock market investments . Historically, real estate has always had the expectation of a long-term equity builder.
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As most of you probably have heard, the Senate passed the ammendment to the American Recovery and Reinvestment Act of 2009 (H.R. 1), a $ 15,000 tax credit for homebuyers , but we have a few days to go before we can count on a final rendition, while the
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