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Find the home of your choice as we enter into fall while the selection is excellent! Mortgage Rates are low and the $8000 tax credit is still in effect. Do you know someone that needs to buy or sell a home? It's smart to turn to a professional real estate consultant who can get the job done. Mistakes in real estate can be costly. Buyers let US help you save a MINT on your next purchase with the ED MINTUS team, your TALKING HOUSE REALTOR with Real Living Realty Services. We're the "LARGEST RESIDENTIAL COMPANY IN THE STATE OF OHIO" that you can trust.

FIND OUT ABOUT $8000 TAX CREDIT FOR 2009

$8,000 Tax Credit Overview

The 2009 First-Time Homebuyers Tax Credit
If you’re a first-time homebuyer, you’re in luck. Congress recently passed a tax credit for first-time homebuyers, which gives them the opportunity to earn up to $8,000 when purchasing a home. Read on to find out how this credit works and whether or not you qualify for it.

What Constitutes a First-Time Homebuyer?
You may be classified as a first-time homebuyer and not even know it. Obviously, if you haven’t previously owned a home you fall into the category of first-time homebuyer. But did you know that if you haven’t owned a principal residence (a location where you spend more than 50% of your time) in the past 3 years you also constitute what we call a first-time homebuyer? It’s important to note that if you’re married, both you and your spouse qualify for this tax credit if neither of you have owned a principal residence in the past 3 years. If either of you have, you don’t jointly qualify. If you’re unmarried, you can jointly purchase a home with somebody if one of you qualifies as a first-time homebuyer. The catch is that you have to allocate the credit amount to the individual who qualifies. This sometimes happens if a parent decides to jointly purchase a home with a son or daughter. Remember, you still qualify for this tax credit even if you have a vacation home or rental property that isn’t used as a primary residence.

How Does the Credit Work?
This tax credit is refundable, which means if you subtract your tax liability from $8,000, you receive a credit. However this is assuming you purchase a home that’s at least $80,000 (since $8,000 is 10% of the purchase price). For example: If you have a tax liability of $3,000, you can earn a $5,000 credit. If you have no tax liability, you may qualify to receive an $8,000 credit. If you’re lucky enough to have the government owe you money in taxes—let’s say $1,000—then you could potentially receive an up to $9,000 credit toward the purchase of a home.

Do I Qualify for the Credit?
If you’re a first-time homebuyer, here are a few things to consider. First, a qualifying home must be a single-family, primary residence. This can include condos, co-ops and townhouses. Secondly, your income has a bearing on whether you’re a fit for this credit. The full amount of credit is available for individuals with modified gross incomes (MAGI) of no more than $75,000 (single) or $150,000 (married). The credit phases out above these income levels, and at $95,000 (single) or $170,000 (married), the amount of the return reduces to zero. You must be purchasing a home in the U.S., and you can’t take advantage of both this tax credit as well as the Washington D.C. First-Time Homebuyers tax credit. Lastly, homes must be purchased between January 1, 2009 and December 1, 2009 in order to qualify. An official purchase date is the day the closing of a home occurs and homeownership is transferred to the new residents. For new construction, the “purchase date” is the date you occupy the home. So this date must be before December 1, 2009.

Modified Adjusted Gross Incomes
When determining your income level and whether you qualify for a tax credit, it’s important to know what a modified adjusted gross income (MAGI) is and how to calculate yours. Your modified adjusted gross income can be found by first determining your adjusted gross income (AGI). AGI is your total income for a year minus adjustments or above-the-line deductions, but before itemized deductions or personal exemptions are subtracted. AGI is the last number on page 1 on Forms 1040 and 1040A. For Form 1040-EZ, your AGI appears on line 4. It includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements.

To determine modified adjusted gross income (MAGI), add to AGI amounts like foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs. As always, consult your tax advisor for more information.

How Can I Earn a Partial Tax Credit?
If your individual income is between $75,000 and $95,000 or if your joint income is between $150,000 and $170,000, then you are in what we call the phase-out area. This is the income bracket where you will receive a partial tax credit, but not a full one.

Here’s an example of how you can determine your partial tax credit. Let’s say as a single individual you have a modified adjusted gross income of $79,000. Your income exceeds $75,000 by $4,000. Dividing $4,000 by $20,000 (the difference between $75,000 and $95,000) gives you 0.2. When you subtract 0.2 from 1.0, the result is 0.8. Then multiply $8,000 by 0.8 to get $6,400. $6,400 is your partial tax credit. For additional information, contact your tax advisor, or check out the following phase out charts:

Is There a Repayment Process?
The best part about this credit is that there’s no repayment as long as you don’t sell the home within three years of purchase. If you choose to do so, the entire amount of credit is due back to the government at the time of sale. But this only applies to homes purchased in 2009, and it’s the biggest difference between the 2008 tax credit of $7,500 and this year’s credit of $8,000. Last year’s credit acted as more of an interest-free loan.

How Do I Claim the Tax Credit?
You can easily claim the tax credit on your federal income tax return. Start by completing the IRS Form 5405 to determine your tax credit amount, then claim this amount on Line 69 of your 1040 income tax return. Be sure that you qualify for the credit before filling in these forms.

Can I Claim the Credit on My 2008 Tax Return?
It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return. The NAR and industry partners tried to get the credit made available at closing but the IRS balked. In addition, it was explained that even if a system could be devised, it would delay closings by several weeks. Make sure to contact your tax advisor for details on the process.

Can I Receive the 2009 Credit If I've Already Filed for the 2008 Credit on my 2008 Returns?
Yes, you may be able to file an amended 2008 tax return with a 1040X form. Make sure to work with your tax advisor to execute a successful return.

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Help for homebuyers.

If you're purchasing a new home, I'll help you find one that meets your needs and complements your lifestyle. Once you've made your selection, I can assist you in acquiring financing, negotiating with the seller and completing the transaction. The secret of my success as a Real Estate Consultant is: EXCEED EXPECTATIONS! Two words that say so much. About always going above and beyond the call of duty in service to all my customers. About always putting YOUR INTERESTS first. About giving 110% all the time and never giving up until the job's done. "YOUR PRIORITIES ARE MY PRIORITIES". It's about experience, commitment, hard work, enthusiasm, integrity and results. All wrapped up in those 2 simple words, "EXCEED EXPECTATIONS". Remember BUYERS, "IF YOU WANT TO SAVE A "MINT" ON YOUR NEXT HOUSE TALK TO "US" AT THE MINTUS TEAM" by e-mail at either Ed.Mintus@RealLiving.com or Edward.Mintus@gmail.com or phone at 513-424-9844 or 513-217-5934 or on the web at www.EdMintus.com

	Work on your behalf to streamline your home search, first expanding your choices, then helping you narrow the field.
	Research "comparable" properties to determine a fair price and terms.
	Prepare your Purchase Agreement and accompanying legal documents.
	Negotiate for the price, terms and conditions that are agreeable to you.
	Follow-up with your mortgage lender, the title company, the seller's agent and others until the house is yours.

Help for homesellers.

If you're selling a home, I will help you achieve your goals in the shortest amount of time - with the least inconvenience possible. The secret of my success as a Real Estate Consultant is: EXCEED EXPECTATIONS! Two words that say so much. About always going above and beyond the call of duty in service to all my customers. About always putting YOUR INTERESTS first. About giving 110% all the time and never giving up until the job's done. It's about experience, commitment, hard work, enthusiasm, integrity and results. All wrapped up in those 2 simple words, "EXCEED EXPECTATIONS". Remember SELLERS, "IF YOU WANT YOUR HOUSE TO TALK, TALK TO ED AND THE MINTUS TEAM" by e-mail at either Ed.Mintus@RealLiving.com or Edward.Mintus@gmail.com or phone at 513-424-9844 or 513-217-5934 or on the web at www.EdMintus.com

	Help establish a reasonable selling price for your home within its fair market value.
	Market your home through the Multiple Listing Service (MLS).
	Counsel you on the visual presentation of your property and suggest ways to enhance its marketability.
	Coordinate the advertising of your home using Real Living/HER's industry-leading marketing technologies.
	Pre-qualify buyers when possible.
	Coordinate the details of your closing with all parties involved.

Focus on you.

I'm committed to serving my clients. I work toward one goal - to make sure you're pleased with your home. I can provide a complete lineup of in-house services, from contract right through closing. It's top-flight professionalism at every step, on everything you need, including:

	Mortgage
	Title
	Home Warranty
	Auction
	Relocation

Excellent results.

Real Living Realty Services has expanded tremendously in Southwestern Ohio, and is now the 5th largest real estate firm in America. Together, we've sold more than $6 billion in residential real estate.

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