When do I get my return?

How do I file for the tax credit? And when do I get my return?

I have been with potential buyers recently who are eligible for the tax credit and have asked this question. The first question is understandable but the second question I was concerned about. They were under the impression that since it is 2010 they had to file for the tax credit on their 2010 taxes (which makes since). This is not the case at all. If you are eligible for the tax credit, and you close on a new home before June 30, 2010 you can file for this tax credit on your 2009 taxes. 

I am not an accountant, so I will not go into to much detail about the actual process of the filing, but if you have already filed your 2009 taxes, you can amend them with the tax credit form. The form you are going to be filing is the 5405 First Time Homebuyers Form (http://www.irs.gov/pub/irs-pdf/f5405.pdf). If you have not yet filed your taxes you must attach this form with your filing. 

Once you have filed it is only a matter of time until you will receive your tax credit. I am not going to estimate how long it will take the IRS to drop your check in the mail because that would be foolish. There is a great Q & A site on the IRS site that can answer a lot of other questions you might have about this credit. You can get to it by going to: http://www.irs.gov/newsroom/article/0,,id=204671,00.html. 

I hope this is helpful. 

Good Questions from First Time Homebuyers.... Part 1

I am going to start a series of blog posts answering questions that I hear in the field from homebuyers. Many of the questions may be obvious to many of you more experienced homebuyers, but I hear them often enough that they are worth discussing. I don’t want the fear of asking questions to hinder qualified buyers from making a decision to own a home as opposed to renting, so I would like to touch on them here. 

If you have a questions that you would like to have answered we would love to hear it. Send it to us by commenting on the blog or email me at Justin.Core@floridamoves.com.  

First Question:

Should I work exclusively with an agent to buy, or find homes online and call the listing agents on the homes that I like?  - Lorri Doss, Huntsville, AL

This is a good question that a lot of buyers want to ask. The answer on both sides boil down to exclusive representation. Many buyers feel that agents are just trying to make a sale as quickly as they can. What you, as a buyer need to find, is an agent that you know and trust that has your best interest in mind. The problem that sometimes arises with buyers that call agent after agent is there is no consistency in the buying process.

1. Listing agents are committed to their seller’s best interest first and foremost. 
2. Buyers without representation have a limited and unrealistic view of the market. 
3. Limited and delayed information of market activities inhibit them from making educated offers and decisions. 
4. Sellers that negotiate on their own behalf ultimately pay more for homes due to emotional ties throughout negotiations and not enough information from previous sales.
5. Once your agent knows what you are looking for, they can alert you to new properties that come on the market.

There are a myriad of reasons to work with a  agent throughout your home-buying process. In the future we will discuss the best way to find an agent that will represent your best interests and how to work with them to find you the best house at the best price.  It takes team work to be as efficient as possible in finding and securing a home. 

Stay tuned for more questions from homebuyers. 

Vote No On 4

"VOTE NO ON 4" CAMPAIGN LAUNCHES WEB VIDEO ON AMENDMENT 4

Video tells the story of St. Pete Beach, the first town in Florida to adopt a local version of Amendment 4

(Orlando, FL - March 10, 2010) Citizens for Lower Taxes and a Stronger Economy today stepped up its campaign against Amendment 4, launching a web video on St. Pete Beach--the first community in Florida to adopt a local version of the proposed constitutional amendment. The video can be viewed online atwww.florida2010.org.

"St. Pete Beach is proof positive that Amendment 4 doesn't work," said Ryan Houck, executive director of Citizens for Lower Taxes and a Stronger Economy. "This idea has led to higher property tax rates, fewer jobs and endless litigation in St. Pete Beach. It's the last thing Florida needs in the midst of a recession."[i]

While Florida voters are set to soon decide the fate of Amendment 4 - a statewide Vote on Everything initiative - St. Pete Beach voters have already chosen to rein in their own local experiment by a decisive margin.

Citizens for Lower Taxes and a Stronger Economy leads opposition to Amendment 4, coordinating a grassroots network of more than 30 campaign chairs and over 1300 volunteers. To date, more than 220 organizations have opposed Amendment 4. More join the fight every day.

The St. Pete Beach TIMELINE:

November, 2006: St. Pete Beach narrowly adopts a local version of Amendment 4, requiring a referendum for all changes to the local comprehensive plan. Amendment 4 supporters promise that they just want to give "the people a right to vote."

June, 2008: St. Pete Beach voters approve a new comprehensive plan at the ballot box.

June, 2008: After losing the election, Amendment 4 supporters in St. Pete Beach file a string of legal challenges to invalidate the will of the people.

September, 2008: Numerous administrative challenges are subsequently filed by Amendment 4 co-author and co-founder Ross Burnaman.

June, 2009: The St. Petersburg Times reports that St. Pete Beach has exhausted its legal budget months before the end of the fiscal year.[ii]

September, 2009: Amidst rising legal bills, St. Pete Beach raises the property tax rate.[iii]

October, 2009: Court-ordered mediation collapses when Amendment 4 supporters refuse to join the City and the business community in supporting a compromise.[iv]

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[i] St. Petersburg Times on September 22, 2009 ("St. Pete Beach tax rates goes up, but will it be felt?"):http://www.tampabay.com/news/localgovernment/st-pete-beach-tax-rate-goes-up-but-will-it-be-felt /1038346

[ii] St. Petersburg Times on June 1, 2009 ("St. Pete Beach's legal costs bust budget")

[iii] St. Petersburg Times on September 22, 2009 ("St. Pete Beach tax rates goes up, but will it be felt?"):http://www.tampabay.com/news/localgovernment/st-pete-beach-tax-rate-goes-up-but-will-it-be-felt/1038346

[iv] St. Petersburg Times on November 4, 2009 ("Mediator declares impasse in talks to end St Pete Beach development lawsuits"): http://www.tampabay.com/news/localgovernment/mediator-declares-impasse-in-talks-to-end-st-pete-beach-development/1049083

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For more information go to: http://Florida2010.org

Paid political advertisement - paid for and sponsored by Citizens for Lower Taxes and a Stronger Economy, Inc., 610 South Blvd, Tampa, FL 33606