As part of the "Housing and Economic Recovery Act of 2008" that was recently signed into law, Congress has created a new, temporary federal income tax credit to provide an incentive for first-time homebuyers. The highlights of this federal tax credit are as follows:

The amount of the federal tax credit is for 10% of the cost of the home, up to a maximum credit of $7,500 . In essence, this is an interest-free loan that enables consumers to receive a tax credit on a dollar-for-dollar basis on their personal income tax return in the calendar year following the year of closing on their home. They begin paying the tax credit back the year after that and make equal installments during the next 15 years. If the homeowner sells the home at any point during the 15-year payback period, then the remaining amount is recaptured, unless they sell the home at a loss, at which point the balance is forgiven.
e.g., If a home costs $65,000, the allowable credit would be $6,500. If a home costs $120,000, then the allowable credit would be $7,500.

Eligibility is for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the past three years, but who may have done so previously. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.

Individuals, whose Form 1040 filing status is single (or head of household), are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income.

Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit.
Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.

The federal income credit can be claimed on one's individual or joint tax return for the purchase of any single-family home between April 9, 2008 through July 1, 2009. Individuals should consult a professional tax advisor for exact tax calculations.
e.g., If an individual's actual tax liability was $5,000, then after the tax credit is applied the purchaser would receive a total refund of $2,500. The refundable amount is the difference between the $7,500 tax credit and the amount of one's tax liability.
e.g., If an individual's actual tax refund was $2,000, then after the tax credit is applied the purchaser would receive a total refund of $9,500.
This tax credit is required to be repaid without interest in equal installments of 6.67% of the total credit each year for 15 years beginning the year after the tax credit is claimed.
e.g., If a homebuyer claims the $7,500 credit in 2009 on their federal income tax return for a closing that occurred in 2008, then the credit is received in 2009, so repayment begins in 2010 with an annual repayment amount of approximately $500 a year. 
 
Of the many provisions of this new housing bill, the First-Time Homebuyer Tax Credit appears to provide the most promising opportunity to impact home sales for the remainder of 2008.

For more information about buying a home, do not hesitate to contact me for assistance.

Giuliana Enriquez

(770)256-7712

I thought I should share something I did over the 4th of July weekend.  I think it is  an easy way (but a lot of work) to improve your home's front yard.  Perhaps you already knew about this way but in case here it is how I got to change the way my "mailbox yard" used to look:  

As a REALTOR and an homeowner (and a mother) it is very hard to find the time to give it to my home.   After a long time (long long time waiting for my husband to help me), I had decided to take some action!.  Luckily, my mother suggested this to me and offered to help me.  So after working very hard, we could get rid of all the weeds and grass and this was the result:

Don't you think it looks so much better now? If you would like to do this to your "mailbox yard", you just need to buy the red mulch and the pink borders and work hard (depending on how much weed and grass you have there).  I believe this makes your front yard nicer and if you are thinking of selling your home this would be an easy way (and inexpensive) to improve your curb's appeal.

Giuliana Enriquez

Si ha estado pensando en tener su propia casa y no sabe por donde empezar? Antes de buscar una casa o propiedad en Estados Unidos (USA), lea esta presentacion que le dara consejos para encontrar la casa correcta para usted y su familia como tambien por que usar los servicios de un Realtor (Agente de Bienes Raices que trabaja bajo un Codigo de Etica en USA) le ayudara enormemente. Para coordinar una cita sin obligacion alguna llameme hoy al 770-256-7712.

This swim and tennis subdivision in one of the best subdivisions in Suwanee because it has 4 Lighted tennis courts so you can play tennis even at night!. Homeowners association fees cover this, a swimming pool, a play ground, professional landscaping around the community and a clubhouse.

Because it is located in Forsyth county, homeowners here enjoy lower taxes.

If you are thinking of buying or selling your home in this subdivision or others feel free to call us or click here.

Atlanta loves tennis and I love it too. If you love it as well and would like to buy a home in a great tennis community in North Metro Atlanta Georgia give me a call or click here to help you find the perfect home while helping you get in the game and keep you up to date with all the net action in Atlanta Georgia USA:

I just can't believe how sellers accept listing their home with a realtor who agrees to list for an higher price than what the market can absorb!.

After helping my home buyer buy a 2 bed townhome in the community of Whittington in Alpharetta Georgia for $140,000, a Whittington home seller contacted me to see if I could help her.

So when I showed her the market analysis of the community for similar townhomes that were sold in the past 3 months, she was very surprised. She said she wanted to sell her home for $20,000 more!.  I told her that I would not be able to help her since it could not be more than what the market could absorb.  So I left asking her that if she changes her mind, I wouldl be happy to help her.

A few days went by and decided to check the new listings in this community.  To my surprise, her home was already listed at the price she wanted with an agent from a reputable company.  I just could not believe it.  In my opinion, her home will never sell and if it does, will be sold to a buyer who is not represented at all in the transaction.

But home sellers have to know that there are some devious agents that will at first agree with the price the seller wants just to have the listing and when the house hasn't sold, they'll come back a with a pitch to lower the price.

So home sellers: if you really want to sell, your home has to be priced right, has to be in very good condition and has to be extensively marketed.

Giuliana Enriquez,

Your Bilingual and Experienced Realtor for Buying or Selling Your Home in Roswell, Alpharetta and Woodstock, Georgia

Giuliana Enriquez-Suzuki Multi-Cultural Real Estate Professional ERA Buckhead Realty 395 South Atlanta Street Roswell, Georgia, 30075 USA	Work: 404-675-2000 Mobile: 770-256-7712 Fax: 678-672-2059 Giuliana@CasasPorTodoAtlanta.com http://www.CasasPorTodoAtlanta.com
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