I saw these questions from Ed DeMarco on Twitter. My answers: 1. Have the M.I.D. apply towards primary residence only (not second homes), and lower from $1,000,000 to $500,000. Those buying in hopes of a bigger write off will still buy a house, and take the partial...
From the latimes.com: According to new estimates compiled by the nonpartisan Joint Committee on Taxation — Congress' top technical resource on all tax law matters — the mortgage interest deduction is not quite as big a hole in the federal budget as previously...
Hat tip to SM for sending in this from CNNMoney.com: Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government. According to a report from the Inspector General for Tax Administration,...
From the WSJ: The real-estate lobby wants Congress to extend the amount of time that potential home buyers have to complete transactions that qualify for the $8,000 federal home-buyer tax credit. To qualify for the tax credit, buyers had to sign purchase agreements by...
The $100 million in tax-credit money is holding up OK. If every applicant got the full $10,000, we're about a quarter of the way done, after nine business days: Applications for First-Time Buyer Credit received as of 5/13/2010: As Of # of Applications 57% of the...
The State of California's tax credit amount is 5% of the sales price, or $10,000, whichever is less. Because the state thinks that not every buyer will qualify for the entire $10,000, they are only reducing the tally of available money by $5,700 per applicant, and...
Here's a larger set of weekly pendings, hoping to quantify the impact of the state housing tax credit on detached sales in San Diego County. Number of New Detached Pendings April SD Co. '09/'10 NSDCC '09/'10 3-9 514/467 43/63 10-16 479/551 41/60 17-23 453/544 47/61...
Many realtors practice the "win-lose" way. They'll stand in the way of creating a win-win solution so all parties are satisfied, and instead bury the other party every chance they get. Take the dishwasher story for example. I mentioned earlier about the listing...
To qualify for the $8,000 federal tax credit, buyers have to secure a "binding" contract by the end of today, and close escrow prior to June 30th. Has there been a mad rush over the last week to lock down a contract? Yes, buyers are looking feverishly, but it...
Let's keep a running tally of new pendings/contingents up to April 30th, to see if there is a last-minute surge to buy before the housing-tax-credit deadline. Detached listings: Listing Status All SD NSDCC ACT 6,610 1,396 PEND 3,901 425 CONT 2,557 157 SOLD, Last 30...
