Thursday, October 29, 2009

The $8,000 Tax Credit For Buying A New Home has been expanded!

FHA delays the release of disputed audit of its finances
By Dina ElBoghdady
Washington Post Staff Writer
Thursday, November 5, 2009
The Federal Housing Administration abruptly delayed the release of a long-awaited independent audit of the financial soundness of the agency, citing potential problems with the accuracy of some of the study's economic models.
The audit, compiled by Integrated Financial Engineering of Rockville, was scheduled to be released Wednesday, and the agency's top officials planned to brief reporters on its results.
But on Tuesday evening, the agency postponed the event, saying the report had yet to be finalized. In a separate statement Wednesday, FHA Commissioner David H. Stevens said the delay was related to economic scenario tests that the agency requested "above and beyond" what was originally to be included in the audit so that the FHA could "better understand a broader range of risk scenarios..."

Fed stands by rock-bottom interest rates for near future
Policymakers detail factors that could change view By Neil Irwin
Washington Post Staff Writer
Thursday, November 5, 2009
Federal Reserve leaders are sticking with their policy of very low interest rates for some time to come, they indicated Wednesday, but gave new details of the factors they will use to decide when to change course.
Fed policymakers, following a two-day meeting, said that "economic activity has continued to pick up." But they also said that conditions are "likely to remain weak for a time," and left their target interest rate at a range of zero to 0.25 percent, as was widely expected. They also said that low rates are likely to be warranted "for an extended period..."

Senate votes to renew tax credit for first-time home buyers
Provision for $8,000 refund part of bill to extend jobless aid>
By Dina ElBoghdady
Washington Post Staff Writer
Thursday, November 5, 2009
The Senate voted Wednesday to renew the government's $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits.
For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.
The measure was attached to a bill that would provide 20 weeks of unemployment benefits in more than two dozen states with jobless rates above 8.5 percent and up to 14 weeks elsewhere. Another provision in the bill would allow businesses that had operating losses in 2008 and 2009 to seek refunds for taxes paid on profits over the past five years.
The bill, which passed 98 to 0, should reach the House floor by Thursday, House Majority Leader Steny H. Hoyer (D-Md.) said in a statement. His office said the legislation would then go to the White House for the president's signature...

Deal struck to expand home-buyer tax credit
By Robert Schroeder, MarketWatch
October 29, 2009
WASHINGTON (MarketWatch) -- Senators have struck a deal to extend a popular tax credit for home buyers beyond those buying their first house, Senate Majority Leader Harry Reid's office said Wednesday. Legislators also have agreed to extend the tax credit through the end of April, according to a Reuters report.An $8,000 credit for first-time home buyers is set to expire at the end of November. Under a compromise reached by senators, the credit would be expanded to those who have lived in their home for five consecutive years, a Reid spokeswoman said. The credit for repeat buyers would be $6,500...

Extension of home buyers' credit has wide Senate support
By Dina El, Boghdady
Washington Post Staff WriterThursday
October 29, 2009The Senate has reached a broad bipartisan consensus on extending a lucrative tax credit for first-time home buyers beyond the Nov. 30 deadline and expanding it to include some current homeowners, according to the Senate's Democratic leader. Under the plan, people buying their first home would receive an $8,000 tax credit if they sign a contract by April 30 and close on it by June 30...

Friday, October 16, 2009

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17. more... FORECLOSURE RESCUE

Tuesday, October 6, 2009


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"Vital Information for First-Time Buyers";
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"Real Estate Investment Buying Tips";
"Extending Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery";
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