Extended Tax Credit… Did you know?

To qualify for the extended tax credit deadline, service members must have served on official extended duty outside of the United States for at least 90 days during the period beginning January 1, 2009 and ending April  30, 2010.  If so, they have until April 30, 2011 to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
 
The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.

For more info:  http://www.irs.gov/newsroom/article/0,,id=215594,00.html 

It’s here! It’s HERE! The West End Dog Parade

Saturday, May 8th at 11AM start- Rose Circle Beltline to Gordon White Triangle to the Art Festival

www.AtlantaWestFest.com

www.AtlantaWestFest.com/dogs  sign up to get a “Doggy Bag”… come as you are or dress up ! We’ll have music, kids, balloons and FUN seeing our dogs strut their stuff.

Not to mention that I’ll be half the night making these Doggy Bags so you MUST come. LOL…

Tax Benefits of Homeownership

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume:

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______

$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

Info from: REALTOR.org