MARICOPA COUNTY HOME SALES

If you are interested in keeping up with home sales and home listings, this is a great place to receive updated news.  Arizona is a wonderful place to live. We enjoy the warm weather 85%  of the time.  By the time the cool weather hits we are ready for it!! Here is alittle information about Arizona-

Arizona was the 48th and last of the contiguous states admitted to the Union on February 14, 1912.   Population numbers for the year 2006 indicate that Arizona was at that time the fastest growing state in the United States.    Arizona is one of the “Four Corners” states – it borders Utah, Nevada, New Mexico, California, and touches Colorado.      It has an international border with the states of Baja California and Sonora in Mexico.   The population of Arizona is around six and one half million people (6,500,180).

When you say living in Wickenburg is the ideal location, I mean this IS  the ideal location.  Wickenburg is located 40 miles NW of Phoenix. Where can you live that you can water ski and snow ski in the same day.  Where can you take off on your quad or jeep into the desert and ride for hours.  Where can you jump on your horse and see some of the most beautiful country you have ever seen.   Our small town is a great place for all ages.  We are looking forward to the cops who care events that help our families in need for Christmas.   June Antos

TAX CREDIT- HOME BUYERS

This is a great opportunity for the home buyer. Everyone loves a tax break and you do not have to be a first time home buyer to qualify. I have listed some key points to help understand the tax credit.

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

  • tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
  • A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
  • Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales occurring after Nov. 6, 2009.
  • The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
  • Homes priced above $800,000 are not eligible for either the first-time home buyer tax credit or the repeat home buyer tax credit.
  • Expanded tax credit benefits apply to members of the military, the foreign service and the intelligence community.
  • Home purchases in 2010 may be claimed on an amended 2009 income tax return.
  • Persons who are claimed as dependents by a taxpayer or who are under age 18 do not qualify for a tax credit.
  • Home purchases from relatives of the taxpayer or the taxpayer’s spouse do not qualify for the tax credit. The IRS defines relatives as ancestors (parent, grandparent, etc.), lineal descendants (child, grandchildren, etc.) and spouses.
  • Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. They may, however, qualify for the repeat home buyer tax credit.
  • Neither the first-time home buyer tax credit nor the repeat home buyer tax credit have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
  • Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit. JUNE ANTOS

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