Articles & Events 03/20/2010
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Are You In a Flood Zone?
With the recent changes made by FEMA many homes in Visalia that were previously not in a flood zone are now in a flood zone, and many homes that were previously in a flood zone are no longer in a flood zone. To find out where you are currently located in the FEMA flood zone map just use this handy link.
For more information about FEMA, FEMA's Visalia flood zones, flood insurance, and related topics just click here.
Comprehensive Spring-cleaning that Clears Your Bases
Spring-cleaning isn't what it used to be. In today's busy households, it
can be difficult for one parent, let alone two, to find time to dedicate
to a big annual floor-to-ceiling deep cleaning. One solution is to
prioritize your tasks, taking a more realistic approach to home cleaning
and organizing. First, approach your cleaning by room, rather than
chore. Then, by separating spring must-do's from warmer-weather
good-to-get-done's, you can get essential tasks out of the way, and
apportion other work for later in the spring or early summer. Here are
some common-sense strategies to help refresh your home without
putting your life on hold this season.
KITCHEN
Spring-cleaning must-dos:
- Deep-clean fridge and freezer
- Sort and file items in junk drawer (look for income tax receipts!)
- Self-clean oven interior if needed
- Clean window interiors and exteriors
Can do later:
- Almost any and all cleaning can be divided up and conquered year-round, including detailing tile, deep-cleaning and conditioning wood, washing walls, cleaning light fixtures
BATHROOMS
Spring-cleaning must-dos:
- Cleaning window interiors and exteriors
Can do later:
- Almost any and all cleaning can be divided up and conquered year-round, including detailing tile and grout, washing walls, cleaning light fixtures
LIVING AREAS
Spring-cleaning must-dos:
- Replace winter drapery with summer curtains (send the former to the dry cleaners)
- Clean light fixtures
- Store any knickknacks that were on display over winter, replace with spring/summer accessories or fresh flowers
Can do later:
- Almost any and all cleaning can be divided up and conquered year-round, including washing walls, cleaning molding and baseboards, cleaning and polishing wood, cleaning and protecting leather furniture. (If you can postpone larger cleaning tasks to summer, it may render the overall spring project less daunting.)
BASEMENT
Spring-cleaning must-dos:
- Get rid of junk; donate items in good condition, dispose of broken items
- Check furnace filters and replace if needed
Can do later:
- Shop-vac any dust or debris from workshop
- Mop floors
- Clean windows indoors and out
CLOSETS
Spring-cleaning must-do:
- Sort, clean and pack away winter clothing and sports gear and footwear, donating items no longer needed and disposing of any damaged items
Can do later:
- Install a customized closet organization system if desired
GARAGE
Spring-cleaning must-do:
- Put snow removal gear in storage
- Store winter tires, if applicable
- Shop-vac and (if needed) degrease floor
Can do later:
- Dust ceiling rafters
- Clean warm-weather sports equipment and then move into accessible garage location
SOURCE: American Home Shield
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current
home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Recent news:
IRS Releases Revised Tax Forms, Instructions for Claiming Tax Credit (Jan. 25)
Economists' Podcast: Lawrence Yun Discusses Market Recovery, the Tax Credit, and Employment (Jan. 12)
Economists' Commentary: Existing-Home Sales and the Tax Credit (Dec. 22)
Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
- The maximum allowable credit for first-time home buyers is $8,000.
- The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
- The price of the home.
- The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
