Maria Morton

• The $8,000 tax credit is for first-.me home buyers only. For the tax credit program, the IRS defines a
first-.me home buyer as someone who has not owned a principal residence during the three-year
period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the purchase price of a primary residence, up to a maximum of
$8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or a.er January 1, 2009 and on or before April 30,
2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase
completed by June 30, 2010 will qualify.
• For homes purchased on or a.er January 1, 2009 and on or before November 6, 2009, the income
limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased a.er November 6, 2009 and on or before April 30, 2010, single taxpayers with
incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax
credit.
• The credit is claimed using Form 5405, which is filed with an original or amended tax return.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit

• The credit is available for homes purchased a.er November 6, 2009 and on or before April 30, 2010.
However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase
qualifies provided it is completed by June 30, 2010.
• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five
consecu.ve years out of the last eight years. (They must have lived in the same principal residence for
any five-consecu.ve year period during the eight-year period that ended on the date the replacement
home is purchased.)
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the purchase price of a primary residence, up to a maximum of
$6,500 (or $3,250 for a married individual filing separately.)
• The tax credit applies only to homes priced at $800,000 or less.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000
qualify for the full tax credit. The new law raises the income limits for homes purchased a.er
November 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income
(MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The
exis.ng MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers s.ll apply to
purchases on or before Nov. 6, 2009.
• The credit is claimed using Form 5405, which is filed with an original or amended tax return.

Closing on Dec. 30 vs. Jan. 3 is a good question for your tax person. From my point of view, Dec 30 is a Wednesday which is a good closing day in our area - after the hectic beginning of the week but still 2 days left to correct any errors that come unexpectedly at closing. Jan 3 seems to be a Sunday which is a tough, if not impossible, day on which to schedule a closing. - Fri Nov 13 2009, 16:11

There is a house that just came on the market. It's a 4 bedroom, 2 bath house on 1.5 acres - with an orchard! This is a house that has been in the same family since it was built in 1940. Not in Leawood or Olathe but Overland Park around 69th & Lamar. And it's priced under your budget. - Fri Nov 13 2009, 16:02

Mission Hills and Old Leawood have an established history of maintaining value through wars, recessions, and stock market rides. Olathe prices increased in the years after the railroad transit station was started. (Warren Buffet & BNI) This is a 20 year project and no one knows what effect the station will have on surrounding real estate values (and traffic) but the expectation is that it will be a positive one. Whispering Hills is nice but just doesn't have the history to compare to Old Leawood or Mission Hills. For Resale. - Tue Nov 10 2009, 22:25

No, but if you specifically ask the inspector if he will do this as part of his inspection, you may find one to accept that challenge. Be sure to get the sellers' permission and be prepared to pay for damages and repair of the structure. Most of the drywall you're worried about was used in FL, AL, & LA - down south. FEMA used a fair amount in the emergency housing they provided to the victims of Katrina - but that's a separate can of worms. - Tue Nov 10 2009, 22:37