It’s official! The bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010 has been approved and signed. In addition, the extension also opens up opportunities for others who are not buying a home for the first time.
To help you understand what the new tax credit details mean to you and your clients, I’ve put together a concise overview of the new tax credit deadline, income caps, and more.
Tax Credit for Homebuyers
First-Time Homebuyers (FTHBs):First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners:The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Tax Credit Versus Tax Deduction
It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.
Georgia Dream "Plus" Offers More Options for First Time Home Buyers
November 23, 2009
The Georgia Department of Community Affairs announced a new down payment assistance option to its Georgia Dream Homeownership Program. The Georgia Dream "Plus" option offers down payment and closing cost assistance for first time home buyers with incomes up to 100% of their Area Median Incomes (AMI). Georgia Dream's down payment assistance options are normally restricted to borrowers whose incomes are at or below 80% AMI. This assistance comes in the form of a second mortgage loan, with a zero percent interest rate and requires no repayment until the home is sold, refinanced, or no longer used as the principal residence of the borrower.
The Georgia Dream "Plus" option provides $5,000 for down payment and closing costs to borrowers whose total annual household income does not exceed the following:
In the Atlanta MSA:
One to two person household- $71,000
Three or more person household- $82,000
In all counties outside the Atlanta MSA:
One to two person household- $61,000
Three or more person household- $70,000
"We are excited about the Georgia Dream "Plus" option. We hope this additional incentive for Georgia's home buyers will help continue the current momentum in the home buying market," says DCA Commissioner Mike Beatty.
Georgia Dream's "Plus" option can be used in conjunction with the Federal & State tax credit for first time home buyers. The "Plus" option is available to eligible borrowers through Georgia Dream participating lenders and must be used in conjunction with a Georgia Dream first mortgage loan.
There is limited funding for Georgia Dream "Plus," therefore, all interested borrowers are encouraged to check with a Georgia Dream participating lender soon. (For a list of participating lenders go to www.dcaloans.com or call 1-800-359-HOME (4663).
October 28, 2009
As a busy real estate agent in Atlanta, Georgia, I have seen a surge of activity in the past week. Many first time home buyers are making offers and trying to secure property so they can take advantage of the First Time Home Buyer Tax Credit that expires Nov 30. Most of my listings have recieved multiple offers, and as I talk to other agents with homes priced in the lower price ranges in our area, they have told me the same thing. Today CNN reported that it is likely that the tax credit will be extended to more than first time buyers.
I am excited about this possibility because this is what our economy needs to get some of the excess inventory off the market. It is all about supply and demand, and as long as supply is high and demand is low, prices will continue to decline. I have already seen the inventory go down in the under $400,000 market in the past month...... especially anything under $300,000.
The housing market will take a HUGE step back next year if this does not happen, and frankly none of us can afford that.
According to the CNN.com story today:
- The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).
- Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more.
- The tax credit would run through April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so long as they complete the transaction by the end of June, 2010.
- The income limits for both first-time home buyers and move-up buyers would be $125,000 for single return and $225,000 joint return.
- Cost of the home may not exceed $800,000 to be eligible.
- For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return.
- Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date.
- The amendment includes a military waiver provision, meaning the recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.
- The amendment also includes anti-fraud language that provides math authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older as well as requiring a HUD-1 settlement statement to be attached when claiming the credit.
Word is we should know for sure next week if this is all approved.
Decatur Electronics Recycling Day
FALL 2009 Event Scheduled for October 24, 2009
Decatur High School Parking Lot
(Corner of N. McDonough Street and Howard Avenue)
TV's will be recycled for $10 cash only with exact change.
Don't throw away that old cell phone, camera or PC component! Save it and recycle it on Saturday, October 24, 2009 at Decatur's Fall Electronics Recycling event. This semi-annual event has been hugely successful at diverting electronic equipment from landfills, where they may contaminate soil and water. Batteries will be accepted.
TV's will be recycled for a minimal fee of $10 cash only per TV set with exact change. There is no charge to recycle other items.
The event takes place Saturday, October 24, 2009 from 9 a.m. to 1 p.m. at the Decatur High School Parking lot, on the corner of N. McDonough St. and W. Howard Avenue. Electronics dropped off that day will be sorted and disassembled into raw materials or cleaned for re use.
In addition to electronics, any metro area resident can also drop off batteries of any type.
Volunteers assist in unloading items.To volunteer, please contact Sandy Johnson at 404-377-5571.
Early drop offs are not possible.
For additional information call Sean Woodson, 404-377-5571
Electronic Equipment for Recycling: See updated list for items that will be accepted at the Fall 2009 Event
Almost anything with an electrical cord can be recycled at the event EXCEPT microwave ovens, furniture, light fixtures, household appliances, lamps, vacuum cleaners..
We will recycle for free: Desktop computers , Telephones, Mini-towers, Telephony equipment, Laptop computers, Adding machines,Monitors, Calculators, Servers, Typewriters, Workstations, Label makers,Keyboards, Copiers, Mice, Fax machines, Joystick game controllers, Answering machines, Printers, Printer cartridges, Digital cameras , Zip drives, Batteries, Speakers, PDAs, Pagers, VCRs, Hubs, DVD players, Routers, Cable converter boxes, Scanners, Remote controls, Digital projectors, Stereo equipment ,UPS units, Radios, Main frames, Portable CD players, Component parts, Portable game players, Cables, GPS receivers, 3-in-1 devices, printer/copier/fax machines., Electric lawn mowers and garden equipment, any kind of Battery.
We will recycle television sets for $10 exact change.
Frequently Asked Questions About Decatur's Electronics Recycling Day
Q: How often is electronics recycling available?
A: Twice a year, in spring and fall on a designated Saturday morning. Please check back for the updated Vehicle Traffic Plan before the event in order to ensure a short wait and a quick drop-off.
Q: Is this limited to people who live in Decatur?
A: No, anyone may participate, including businesses and institutions from the entire metro area.
Q: Can I drop things off a day early?
A: No. Saturday morning, as advertised, is the only time we can accept your electronics.
Q: What else can be recycled at this event?
A: Currently, we recycle electronics, clean Styrofoam blocks and peanuts, and batteries of all kinds. Check this web site shortly before each event to see what we are accepting.
Q: Why should I recycle electronics?
A: Computers, printers and other electronics contain potentially dangerous chemicals such as mercury and lead which can be toxic to living things and human health if allowed to leach into our ground water from a landfill. Styrofoam takes hundreds of years to breakdown in a landfill. Precious metals can be extracted from some items, thus reducing the environmental destruction of mining.
Q: What kind of recyclables can I bring?
A: Desktop or Laptop computers , Telephones, Mini-towers, Telephony equipment, Adding machines, Monitors, Calculators, Servers, Typewriters, Workstations, Label makers, Keyboards, Copiers, Mice, Fax machines, Joystick game controllers, Answering machines, Printers, Printer cartridges, Digital cameras, Zip drives, Batteries, Speakers, PDAs, Pagers, VCRs, Hubs, DVD players, Routers, Cable converter boxes, Scanners, Remote controls, Digital projectors, Stereo equipment UPS units, Radios, Main frames, Portable CD players, Component parts, Portable game players, Cables, GPS receivers, 3-in-1 devices, printer/copier/fax machines. Other Items: clean Styrofoam free of foreign objects(peanuts, packing blocks, plates, cups, trays), and any kind of battery.
Q: Does this stuff need to be packaged?
A: No. It is easiest for us if the items are not boxed or bagged. If you want to go the extra mile, clip power cords and bring the cords and equipment.
Q: Is there anything I can’t bring?
A: We cannot recycle microwaves. Please do not bring old paper owner’s manuals.
Q: Is this stuff really recycled?
A: Yes, we vet the companies that assist us to be sure everything is recycled. responsibly, without being dumped around the globe. Our main vendor states “Bionew USA Corporation will dismantle all of the materials received in the United States down to the bare component, be it plastic, metal, circuit boards, CRT tubes, and any other e-waste/scrap, then the materials are sent downstream for recycling. Bionew has a zero waste corporate policy ensuring that none of the material brought into our facilities for recycling will end up in a landfill either domestically or internationally.” Some items such as cell phones may be refurbished and re-used.
Q: Can someone read the data on my hard drive?
A: It is your responsibility to clean your hard drive with one of the programs available commercially or for free on the Internet. Owners should be aware that there are risks of private or other information being pulled from laptop drives, and that therefore the donor assumes such risks and waives all liability for any potential disclosure of private, personal, financial, etc. information that may be extracted from the laptop by third parties who end up with the laptop, etc.
Q: Is there a charge to drop things off?
A: There is a $10.00 cash only exact change only for Televisions.
Q: Is there anything I can do to help?
A: Yes. We need more than 30 volunteers for each event. Please contact Sandy Johnson at 404-377-5571. We also find it helpful if you tell others about the event so we can have the largest participation possible.
“The House of Representatives voted unanimously Monday to extend the deadline for the home buyers’ tax credit for one group of Americans.
HR 3590 will allow eligible military personnel and foreign service and intelligence officers to apply for the $8,000 tax credit for one year beyond its current November 30 deadline. Those meeting the underlying requirements for the credit must also be serving overseas or have spent at least 90 days deployed outside of the country during the current calendar year. It is expected that about 350,000 military personnel and an unknown number of federal employees may be affected by the new law. The bill, introduced by Representative Charles Rangel (D-NY) because it was thought that families serving overseas were being passed over for this one-time opportunity to purchase a home. It passed the Housed passed with 416 votes and 16 abstentions.
There is currently a battle being waged over extending the popular credit for all eligible persons and possibly even removing the requirement that the home be a qualified first-time purchase. Many credit the current tax break for a recent surge in the housing market after months of rising inventories and falling prices. Such an extension is strongly supported by the National Association of Realtors, the National Association of Homebuilders, and other major players in the housing industry, however, many argue against it on the basis of cost.
The Rangel bill will also prohibit the Internal Revenue Service from pursuing payback of the credit if the homeowner is deployed after receiving it. Under the original law a homeowner was required to occupy the home for 36 months or the credit would be recaptured. Because the military, the State Department and intelligence agencies frequently relocate their personnel and their families, some have been reluctant to apply for the credit even if they did purchase a home.
The bill must still be considered by the Senate but similar easy passage is expected.“
Remember it’s not a law until the Senate passes and The President. Looks like we should hear around the beginning of November on if the tax credit will be extend for First time Home Buyers. More to Follow.
I hope you are all well and your friends and families also. If you were affected by the floods this information from FEMA may help you. We also have approved vendor list to help with repairs and remediation. Contact us today if you need help.
This was provided by a FEMA/GEMA to give to our neighbors who had flooding. This is for you to share with your clients/friends/neighbors in case they haven't had the opportunity to get in touch with FEMA. There is no guarantee they will get assistance.
FEMA and GEMA
DISASTER ASSISTANCE
IS AVAILABLE NOW
If you sustained losses or damage in one of the counties declared a federal disaster area following the September 18 storms and flooding, you may be eligible for federal and state disaster aid.
FOR MORE INFORMATION, TO APPLY BY PHONE OR TO CHECK ON YOUR CLAIM, CALL:
1-800-621—FEMA (3362)
TTY 1-800-462-7585 (FOR THE SPEECH-OR- HEARING IMPARIED)
APPLY ON-LINE:
www.disasterassistance.govPlease have the following information available when you call:
· A phone number in case they need to call you back
· Social Security number
· Current mailing address
· Address of the damaged property
· Brief description of damages
· Insurance information (if you have insurance)
YOU MAY BE ELIGIBLE, BUT YOU MUST APPLY
My client (another Kelly) is an accountant and is the guest writer of the follow article. As her and I were talking she brought up some good points about the tax credits for first time home buyers. I thought it would be nice for her to share the information from an accountant's point of view. The tax credit ends soon, so share this with all your friends who have not bought a house yet!
Tax Benefits of Purchasing a Home in 2009
By: Kelly Newman, Tax Associate, Porter Keadle Moore, LLP
*
Federal First-Time Homebuyer Tax Credit
With low real estate prices and large tax credits available, now is the perfect time to purchase a home. The American Recovery and Reinvestment Act of 2009, signed into law by President Obama on February 17, 2009, increased the first-time homebuyer credit to the lesser of $8,000 or 10 percent of the purchase price for homes purchased after December 31, 2008 and before December 1, 2009. Prior to this Act, the first-time homebuyer credit was $7,500 and was subject to repayment after three years (over 15 years).
Unlike the old credit, the $8,000 credit does not have to be paid back unless the home is sold within 36 months of purchase. If the home is sold within this time frame, some of the credit will be required to be repaid. The credit begins to phase out for individual taxpayers with adjusted gross income (AGI) excess of $75,000; $150,000 for those taxpayers married filing jointly.
For purposes of this credit, a “first time homebuyer” is a buyer that has not owned a principal residence during the three-year period prior to the purchase. The $8,000 federal first-time homebuyer tax credit is a refundable credit – a dollar for dollar reduction in tax. This means that the credit can be claimed even if the taxpayer has little or no tax due on their tax return. The credit will offset any tax due (if any), and the remainder will be refunded to the taxpayer. The taxpayer may claim the tax credit once closing is complete. It is important to make sure that closing occurs by November 30, 2009. The tax credit can be claimed on the homebuyer’s 2009 tax return, or to receive a quicker refund, the taxpayer may amend his or her 2008 tax return. The taxpayer must fill out IRS Form 5405 to receive the credit.
*
Georgia Homebuyer Tax Credit
The Georgia homebuyer tax credit was signed into law on May 11, 2009 by Governor Sonny Perdue. The amount of the credit is equal to the lesser of $1,800 or 1.2 percent of the purchase price. Unlike the federal tax credit, the Georgia credit is not limited to first-time homebuyers. In addition, there are no income limits. The credit is available to buyers of single family residences who close between June 1 and November 30 of 2009.
In order for a purchase to qualify for the credit, (1) the residence must have been for sale prior to May 11, 2009, or (2) the owner’s acquisition debt must have been in default on or before March 1, 2009 or the property must have been foreclosed on or held by the bank or mortgage company. The homebuyer may claim one-third of the credit available in each of the next three tax years, and may carry forward unclaimed amounts. Unlike the federal tax credit, taxpayers may not amend their 2008 Georgia tax return to immediately receive the credit. The credit must be applied to 2009 and subsequent tax years. Also unlike the federal credit, there is not a limit to how long the buyer must own the property.
*
Additional Items to Consider
In addition to the first-time homebuyer tax credit, there are other tax advantages to home ownership. Taxpayers that itemize their deductions are able to deduct their mortgage interest paid, as long as their mortgage amount is less than $1 million. For most homeowners, the bulk of their mortgage checks go towards interest, so this is a large tax deduction. In addition, property taxes paid for the current tax year are tax deductible. Lastly, when you sell your home, up to $250,000 in sales gain ($500,000 for married joint filers) is tax-free, as long as the homeowner owned the property for two years and lived in it for two of the five years prior to the sale.
There are many tax benefits to purchasing a home, particularly with the current tax credits available. Remember that you must close on your home by November 30, 2009 to qualify, so if you plan to take advantage of these credits you should begin the home-buying process as soon as possible!
.
Kelly Newman is a certified public accountant and tax professional at Porter Keadle Moore, LLP, a regional CPA firm located in Atlanta, GA. Kelly can be reached at knewman@pkm.com.
This is the FUNNIEST thing I have seen in a while about Timothy Geitner, Obama's Treasury Secretary who can not sell his house:
http://tinyurl.com/cantsellhouse
WATCH IT!
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”
The Pending Home Sales Index in the Northeast rose 0.4% to 81.2 in June and is 5.8% above a year ago. In the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. The index in the South jumped 7.1% to 100.7 in June and is 8.9% higher than a year ago. In the West the index rose 2.9% to 100.4 but is 0.2% below June 2008.
NAR President Charles McMillan is hopeful that a recently elevated level of contract cancellations will ease. “Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise,” he said. “This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we’ll see an even closer relationship between contract activity and closed transactions.” McMillan said NAR is continuing to press the appraisal issue. “We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines,” he said.
NAR’s Housing Affordability Index (HAI) remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
“A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970,” Yun said. “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales.”
A median-income family, earning $60,700, could afford a home costing $289,100 in June with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.
Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. “It appears home sales are on a sounder footing and inventory is gradually being absorbed.”
Kelly's notes:
Based on these indicators don't wait for the price on that house to go down further. I have clients that are practically stealing houses. 10% of the homes on the market are selling within 30 days, and these are the "steal of a deal" houses. Call me so I can help you STEAL A HOUSE TOO! 678-576-7075
Dog owners must find alternative means of confining pets
Residents who chain or tether dogs to fixed objects while they are unattended must find an alternative means of restraining their pets beginning September 4, 2009. In March, the Board of Commissioners voted unanimously to ban the practice of chaining or tethering dogs.
The introduction of the amendment attracted dozens of animal advocates who supported the ban. According to the Humane Society, “A dog kept chained in one spot for hours, days, months or even years suffers immense psychological damage. An otherwise friendly and docile dog, when kept continuously chained, becomes neurotic unhappy, anxious and often aggressive.”
Additionally, the Humane Society warns that tethering is dangerous to dogs because they become targets for other animals, humans and biting insects. Tethers can become entangled with other objects, which can choke or strangle dogs. Tethers can also cause dogs necks to become raw and covered with sores because of poorly fitted collars along with the animal straining against the collar in constant attempts to escape Collars can also become embedded in a dog’s neck without proper care and fitting.
Under the amended ordinance, dogs cannot be tethered to a fixed object unless held by an attendant or by the owner.
Options for properly restraining dogs include dog runs, mesh fencing and chain link fences. Chain link fences are stronger and more durable; however, residents of cities and unincorporated areas within Fulton are urged to check with their local governments for any required fencing permits and homeowners associations to determine the appropriate types of fencing before purchasing fencing or fence construction supplies.
For additional suggestions or supplies, owners should visit their local hardware or home improvement stores. Additionally, Barking Hound Village, the County’s Animal Services provider, has instructions for constructing appropriate fencing. Call 404-794-0358 or visit www.bhvf.org.
For more information on the dog-tethering ban in Fulton County, contact the Department of Environment and Community Development’s Code Enforcement Division at 404-612-2723.
Facts about Dog Tethering
Dog Tethering is inhumane.
The practice can lead to injuries and psychological damage. A dog that is kept chained or tethered in one spot for days and months at a time can become anxious and aggressive. Their necks can also be injured from straining to escape their tethers or chains. Some dogs develop sores around their necks or strangle themselves because of poor care. Others can become entangled with objects or suffer neglect while tethered to fixed objects.
The U. S. Department of Agriculture and animal advocates such as the Humane Society warn of the dangers and cruelty of restricting a dog’s movements through tethering.
Tethered dogs are often victims of neglect.
Tethered dogs are left frequently without enough water, placed in locations that do not protect them from the sun on hot summer days or from the winter cold. They often do not receive affection although many dogs are often highly social animals when given proper care and attention.
Tethered dogs can be dangerous to people.
Dogs that are constantly tethered for days and months at a time are often highly aggressive and territorial. Documented reports indicate that their victims are often people, particularly children, who wander into their vicinity without realizing the danger.
Tethered dogs are dangerous to other animals
Unfamiliar animals also face potential attack. Animals at risk include smaller dogs, cats, rabbits and other pets who may unknowingly wander into a tethered dog’s space.
Tethering Ban in Fulton County
Section 34-205(b) of the Fulton County Code of Ordinances is hereby amended to add the following new subparagraphs:
(5) It shall be unlawful for the owner, custodian, or harborer of any dog to restrain or anchor such animal by means of a tether. Notwithstanding the prior sentence, a dog may be temporarily restrained by means of a tether while the dog is attended by its owner, custodian, or harborer.
(6) Any tether used to temporarily confine a dog while attended by its owner, custodian, or harborer as provided in subsection (5'), above, must be attached to a properly fitted collar or harness and shall not be wrapped directly around the dog's neck. Such tethers shall not be excessively heavy or weighted to inhibit the dog's movement.
Healthy Alternatives to Tethering
(From Fulton County Animal Services)
Bring your dog inside.
This is the ideal situation for your dog to become part of the family. Fulton County Animal Services along with Dogs Deserve Better will be glad to teach you how to walk him, help you housetrain, and show you how to teach him what is okay and is not okay to chew on. A well-trained dog is a loyal friend for life.
Spay and neuter.
Fulton County Animal Services is glad to fix your pets for free! A neutered male is less likely to try to escape a fence or 'mark' in the home. A spayed female dog will not go into heat so she will not roam looking for a mate. In addition, spaying reduces unwanted litters of puppies- helping to decrease the number of strays in our communities.
Install a fence.
A secure fence, at the appropriate height, gives your dog limited freedom and makes house training easier with quick access to the outdoors. Fencing can be cheap and easy to put up. We are glad to provide information on organizations that will help you build or improve fences and dog runs in your yard.
For further information, contact Fulton County Animal Services at 404-794-0358
www.FultonAnimalServices.Com or Dogs Deserve Better at: 1-877-636-1408
www.DogsDeserveBetter.org
Calling all first time home buyers! Now is the time to buy a house to take advantage of $9,800!
The deadline for all the tax credits for first time home buyers is CLOSING on November 30, 2009 (meaning the actual closing must take place by No. 30). With this in mind, you need to look at having a house under contract by the first to middle part of October and plan on the closing by the first to middle part of November. The reason for the mid November closing is to give you a couple weeks in case something has to be pushed back a few days.
The tax credits equal $9,800**. There is the federal tax credit of UP TO $8,000 this year and UP TO $600 per year Georgia tax credit for 3 years. Below is some information on the tax credits:
**Some Income Restrictions may apply. Call Kelly for more information: 678-576-7075.
In February President Obama signed the American Recovery and Reinvestment Tax Act of 2009 which expanded and enhanced the first time homebuyer's credit enacted in 2008. Prior to the changes under the 2009 Act, a first-time homebuyer was eligible for a $7,500 "credit" for the purchase of a principal residence from April 9, 2008 to June 30, 2009. Although labeled a credit, it was a disguised interest free loan that had to be paid back to Uncle Sam in equal installments over 15 years and in some situations earlier, if the new owner stopped using the home as a principal residence or if the house was sold.
The enhanced credit applies to home purchases from January 1, 2009 through November 30, 2009. It has been increased to the lesser of $8,000 ($4,000 for a married taxpayer filing a joint return) or 10% of the of the home's purchase price. Repayment is not required provided the home is used as a principal residence for at least 36 months. Other good news is that the credit continues to be refundable. However, income phase-outs apply ($150,000 to $170,000 for married filing joint taxpayers, $75,000 to $95,000 for all other taxpayers) which makes the credit unavailable to "higher income" taxpayers.
Credit Eligibility
To be eligible, the purchaser must be a first-time homebuyer. A first-time homebuyer is an individual (and his or her spouse) who has not owned a principal residence during the three year period ending with the date of purchase of the qualifying residence. A qualifying residence may be a house, condominium, mobile home or houseboat.
In general, a purchase is nearly any acquisition by the taxpayer, although certain transactions are not considered, such as purchases between related persons, gifts and inheritances.
Georgia Single-Family Residence Tax Credit
House Bill 261 establishes an individual income tax credit for the purchase of a single family residence located in Georgia. To be eligible, the purchase must be made between June 1, 2009 and November 30, 2009. The property must be a single-family structure including a condominium that a single family occupies for residential purposes.
The single-family structure must have been for sale prior to and after May 11, 2009, or must be a residence that has been foreclosed by the mortgagor or mortgagor's agent or an owner- occupied residence for which the owner's acquisition indebtedness was in default prior to March 1, 2009.
The credit is the lesser of 1.2% of the purchase price or $1,800. Accordingly, the maximum credit is reached on a home purchase of $150,000 or more. The amount of credit claimed per year cannot exceed the lesser of 1/3 of the credit or the taxpayer's income tax liability, thereby limiting the credit to $600 per year. Any unused credit may be carried forward indefinitely and there is no carryback allowed. There is no requirement that the federal credit be allowed for the Georgia credit to apply.
Frequently asked questions:
Q: When must I pay back the credit for the home I purchased in 2009?
A: Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009. Obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.
Q: If I claim the first-time homebuyer credit for a purchase in 2009 and stop using the property as my principal residence before the 36 month period expires after I purchase, how is the credit repaid and how long do I have to repay it?
A: If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at the time the income tax for the year the home ceased to be your residence is due. The full amount of the credit is reflected as additional tax on that year’s tax return.
Q: I plan to build a home and occupy it in 2009. Can I claim the first-time homebuyer credit now and use the funds toward the down payment or other ongoing construction costs?
A: No. To qualify for the first time homebuyer credit, the residence must be purchased. By statute, a residence which is constructed by the taxpayer is treated as purchased on the date the taxpayer first occupies the residence.
Q: I bought my home in 2009 (early) and filed my 2008 tax return claiming the $7,500 first-time homebuyer credit that has to be repaid. Now the expanded law provides for an $8,000 credit that does not have to be repaid. What do I need to do to get the $8,000 credit that does not have to be paid back?
A: You can file an amended return.
Q: I am in the process of buying a home. I expect to close the deal before December 1, 2009. Can I claim the first-time homebuyer credit now? That would allow me to use the fund for a down payment.
A: No. You may not claim the credit in anticipation of a purchase that has yet to happen. Until you have finalized the purchase of your home, which for most purchases occurs at the time of the closing, you do not qualify for the credit.
Over 43% of homes sold under $200,000 are Distressed Properties. Check back soon for the next article about why you want an agent who knows how to negotiate these kind of deals.
HB 261 was signed into law on May 11, 2009 by Governor Sonny Perdue! We applaud House Sponsor Ron Stephens (Savannah), House Ways and Means Chairman Larry O'Neal (Warner Robins) and Senate Chairman Chip Pearson (Dawsonville) for their tireless efforts in the passage of this important legislation. Unlike the federal tax credit, the Georgia credit is not limited to first-time homebuyers, and there are no applicable income limits. The amount of the credit is 1.2% of the purchase price up to $1,800 spread over three years. The credit is only available to buyers of eligible single family residences who close between June 1 and November 30 of 2009.
Questions answered:
1. Is this tax credit limited to first time homebuyers?
NO, all purchasers of an eligible single family residence in Georgia that file a Georgia income tax return can claim the credit.
2. Can the Georgia credit be combined with the federal $8,000 first time homebuyer tax credit?
YES, if buyers meet the qualification for each credit they may claim both. Each credit operates independently from the other. One is claimed on your federal income tax return, the other is claimed on your Georgia income tax return.
3. Is it true this credit is limited to the purchase of a single family residence?
YES, the tax credit is limited to the purchase of one single family residence.
Single-family residences (including condominiums) are eligible if they are:
* New residences, residences occupied at the time of sale, or previously occupied residences, if such residences:
- Were for sale prior to the effective date (5/11/09) and were still for sale after the effective date;
* Owner-occupied residences with respect to which the owner’s acquisition debt is in default on or before March 1, 2009; and
* Residences with respect to which a foreclosure event has taken place and which are owned by the mortgagor or the mortgagor’s agent.
4. Is it true that eligible single family residences must have been listed prior to May 11, 2009 in order to qualify for the credit?
YES, the original intent of the bill was aimed at reducing the housing stock that has been on the market for an extended period of time.
5. Is it true that only eligible buyers that close between June 1, 2009 and Nov. 30, 2009 can claim the credit?
YES, the intent of credit is to stimulate the market by encouraging potential buyers to get off the fence and BUY NOW!
6. How do I determine the amount of tax credit I am eligible for?
The tax credit will be for 1.2% of the purchase price, with a maximum credit of $1,800 (whichever is less). Homes purchased for $150,000 or more will receive a maximum of $1,800.
7. Can I claim all $1,800 on my 2009 income tax returns?
NO, the total amount of your credit must be claimed in one-third increments over a three year period. The maximum credit per year is $600 if you are eligible for the maximum $1,800. Any excess or unused credit may be carried forward to apply to succeeding years’ tax liability.
8. Can I amend my 2008 Georgia income tax return to claim the credit?
NO, the tax credit cannot be applied against prior years’ tax liability.
9. I am looking for investment property or a second home, is the credit available for the purchase of owner-occupied residences only?
NO, all eligible single family residences qualify for the credit. However, each taxpayer can claim the credit one time only.
10. Is there an income limit for buyers who claim the credit?
NO, there are no income limits applicable to this credit.
11. Is there a limit to how long a buyer must own the property to claim the credit?
NO, there is not a limit to how long a buyer must own the property.
12. Does any portion of the credit require repayment for any reason?
NO, if you are awarded the credit there are no penalties that would require you repay any portion of the credit.
Newsweek rated the top 1,500 public high schools.
The Top four in Georgia are:
Rank: School: City:
| 90 | Walton | Marietta | Ga. | | | |
| 212 | North Gwinnett ** | Suwanee | Ga. | | | |
| 213 | Campbell ** | Smyrna | Ga. | | | |
| 215 | Chamblee Charter | Chamblee | Ga. | | | |
Congratulations to Chamblee High! This is good news for all Brookhaven residents. For the complete list click on this link: Newsweek top High Schools
HGTV is currently casting homes and homeowners in the metro Atlanta Area to be featured on HGTV's new makeover show.
We are looking for desperate homeowners and their homes that are willing to be on camera and have their (exterior home) makeover taped for our show --in return you will get a funded and spectacular makeover from our talented and professional team.
Homes: Should be the eye sore of the block. Maybe the house is painted horrible red, or the paint is peeling, the landscape is overgrown or dead, the drive way is cracking, the shutters are missing, cant find the house numbers, or over time, the house has lost its charm and has been stripped or covered in layers of different architecture styles.
If this is you (or someone on your street) please submit your/their information right away. All homeowners must be willing to participate.
Bonus: When the eye sore home is selected several other homes on the
street will get "mini" makeovers by our team.
Please submit the following:
1) Photo of the outside of home from street
2) Photo of just the house
3) photo of homeowners
4) name of homeowners
5) cell phone numbers
6) neighborhood & city you live in; including address
7) why your home is the eye sore of the block
8) nominate 2/3 other neighbors that need "Mini Makeovers" (change front door, maybe mailbox, house numbers, light fixtures, etc) on the block, These neighbors must be willing to participate. Please provide phone numbers.
All info must be submitted before May 1, 2009.
Email or call Kelly Marsh for the address to send your submission:
404-531-3258
25kelly@gmail.com
Electronics Recycling Day
Event Scheduled for April 25, 2009
Electronics Recycling Day has been scheduled for Saturday, April 25, 2009 from 9 a.m. – 1 p.m. in the Decatur High School parking lot. Call 404-377-5571 for information.
Decatur High School Parking Lot
(Corner of N. McDonough Street and Howard Avenue)
TV's will be recycled for $10 cash only with exact change.
Don't throw away that old cell phone, camera or PC component! Save it and recycle it on Saturday, April 25, 2009 at Decatur's Spring Electronics Recycling event. This semi-annual event has been hugely successful at diverting electronic equipment from landfills, where they may contaminate soil and water. Batteries and Styrofoam will also be accepted.
TV's will be recycled for a minimal fee of $10 cash only per TV set with exact change. There is no charge to recycle other items.
The event takes place Saturday, April 25, 2009 from 9 a.m. to 1 p.m. at the Decatur High School Parking lot, on the corner of N. McDonough St. and W. Howard Avenue. Electronics dropped off that day will be sorted and disassembled into raw materials or cleaned for re use.
In addition to electronics, any metro area resident can also drop off batteries of any type, Styrofoam peanuts, and clean Styrofoam blocks free of foreign objects.
Volunteers assist in unloading items.To volunteer, please contact Sandy Johnson at 404-377-5571.
Early drop offs are not possible.
For additional information call Sean Woodson, 404-377-5571
Electronic Equipment for Recycling: See updated list for items that will be accepted at the Spring 2009 Event
Almost anything with an electrical cord can be recycled at the event EXCEPT microwave ovens, furniture, light fixtures, household appliances, lamps, vacuum cleaners..
We will recycle for free: Desktop computers , Telephones, Mini-towers, Telephony equipment, Laptop computers, Adding machines,Monitors, Calculators, Servers, Typewriters, Workstations, Label makers,Keyboards, Copiers, Mice, Fax machines, Joystick game controllers, Answering machines, Printers, Printer cartridges, Digital cameras , Zip drives, Batteries, Speakers, PDAs, Pagers, VCRs, Hubs, DVD players, Routers, Cable converter boxes, Scanners, Remote controls, Digital projectors, Stereo equipment ,UPS units, Radios, Main frames, Portable CD players, Component parts, Portable game players, Cables, GPS receivers, 3-in-1 devices, printer/copier/fax machines., Electric lawn mowers and garden equipment, any kind of Battery. Clean Styrofoam free of foreign objects(peanuts, packing blocks, plates, cups, trays.)
We will recycle television sets for $10 exact change.
Frequently Asked Questions About Decatur's Electronics Recycling Day
Q: How often is electronics recycling available?
A: Twice a year, in spring and fall on a designated Saturday morning. Please check back for the updated Vehicle Traffic Plan before the event in order to ensure a short wait and a quick drop-off.
Q: Is this limited to people who live in Decatur?
A: No, anyone may participate, including businesses and institutions from the entire metro area.
Q: Can I drop things off a day early?
A: No. Saturday morning, as advertised, is the only time we can accept your electronics.
Q: What else can be recycled at this event?
A: Currently, we recycle electronics, clean Styrofoam blocks and peanuts, and batteries of all kinds. Check this web site shortly before each event to see what we are accepting.
Q: Why should I recycle electronics?
A: Computers, printers and other electronics contain potentially dangerous chemicals such as mercury and lead which can be toxic to living things and human health if allowed to leach into our ground water from a landfill. Styrofoam takes hundreds of years to breakdown in a landfill. Precious metals can be extracted from some items, thus reducing the environmental destruction of mining.
Q: What kind of recyclables can I bring?
A: Desktop or Laptop computers , Telephones, Mini-towers, Telephony equipment, Adding machines, Monitors, Calculators, Servers, Typewriters, Workstations, Label makers, Keyboards, Copiers, Mice, Fax machines, Joystick game controllers, Answering machines, Printers, Printer cartridges, Digital cameras, Zip drives, Batteries, Speakers, PDAs, Pagers, VCRs, Hubs, DVD players, Routers, Cable converter boxes, Scanners, Remote controls, Digital projectors, Stereo equipment UPS units, Radios, Main frames, Portable CD players, Component parts, Portable game players, Cables, GPS receivers, 3-in-1 devices, printer/copier/fax machines. Other Items: clean Styrofoam free of foreign objects(peanuts, packing blocks, plates, cups, trays), and any kind of battery.
Q: Does this stuff need to be packaged?
A: No. It is easiest for us if the items are not boxed or bagged. If you want to go the extra mile, clip power cords and bring the cords and equipment.
Q: Is there anything I can’t bring?
A: We cannot recycle microwaves. Please do not bring old paper owner’s manuals.
Q: Is this stuff really recycled?
A: Yes, we vet the companies that assist us to be sure everything is recycled. responsibly, without being dumped around the globe. Our main vendor states “ARC International Corporation will dismantle all of the materials received in the United States down to the bare component, be it plastic, metal, circuit boards, CRT tubes, and any other e-waste/scrap, then the materials are sent downstream for recycling. ARC has a zero waste corporate policy ensuring that none of the material brought into our facilities for recycling will end up in a landfill either domestically or internationally.” Some items such as cell phones may be refurbished and re-used.
Q: Can someone read the data on my hard drive?
A: It is your responsibility to clean your hard drive with one of the programs available commercially or for free on the Internet. Owners should be aware that there are risks of private or other information being pulled from laptop drives, and that therefore the donor assumes such risks and waives all liability for any potential disclosure of private, personal, financial, etc. information that may be extracted from the laptop by third parties who end up with the laptop, etc.
Q: Is there a charge to drop things off?
A: There is a $10.00 cash only exact change only for Televisions.
Q: Is there anything I can do to help?
A: Yes. We need more than 30 volunteers for each event. Please contact Sandy Johnson at 404-377-5571. We also find it helpful if you tell others about the event so we can have the largest participation possible.