Information is Power
Sometimes I feel I will forever be behind on all the things that are happening that effect me personally and my business. For those who enjoy snippets, here is some information from the revised stimulus bill.
First Time Homebuyer Tax Credit---For those purchasing and closing on a home from January 2009 to November 30, 2009, you are eligible for a $8000 tax credit which does not have to be paid back. To qualify for the $8000 tax credit, you must earn less than $150,000 in adjusted gross income for couples filing jointly. Also, you must stay in the home (assuming that it is your primary residence ) for three years or there may be some type of repayment requirement. If you bought a home from April 2008 throough the end of the year 2008, it carries other options including repayment. This is certainly something I would suggest bringing to your tax accountant.
Going Green Tax Credit--The $500 lifetime tax credit for building improvements has been increased to $1500.
Foreclosures and Short Sales Frogiveness--The forgiven debt will not be taxed as income through 2012.
These issues are too important to take my word for it, do your research. I am not a professional in taxes but at least this gives you some food for thought on three things that interest a lot of us.
Anybody has any information they want to share?