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48128 : Real Estate Advice

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  • Home Buying3
  • Home Selling1
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Activity 4
Thu Jun 8, 2017
Ljababy asked:
Also someone showed up today and left a note that it was purchased by him and wanted to get a key and we have not even gotten notice it was sold yet. Should I not at least wait to receive…
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Sun Apr 3, 2011
Maureen Francis & Dmitry Koublitsky answered:
Banks vary on when they will foreclose after payments are missed. 3 months is not uncommon though. Then after that there is a 6 month redemption period, assuming you don't live on acreage. After that the bank will either have to evict you or they will offer you cash for keys. So about 9 months or more, total.

You might call the bank first and see if they will negotiate any principle reduction to save your credit and not have to move. I would also recommend you consult an attorney about the ramifications of foreclosure.
... more
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Wed Feb 25, 2009
Andy Hargreaves answered:
No, you will not qualify if he's on the deal as well. See below. The home would need to be in your name only.

FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Shaded
February 2009

FEATURE
CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008

REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit:
(08) Lesser of 10 percent of cost of home or $7500
(09) Maximum credit amount increased to $8000

Eligible Property
(08) Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
(09) No change All principal residences eligible.

Refundable
Yes.

Reduces (or can eliminate) income tax liability for the year of purchase.
(08)Any unused amount of tax credit refunded to purchaser.
(09)No change --Purchasers will continue to receive refund for unused amount when tax return is filed.

Income Limit
(08) Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).
Phases out above those caps ($95,000 and $170,000).
(09) No change -- Same income limits continue to apply.

First-time Homebuyer Only
(08)Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
(09)No change - Still available for first-time purchasers only. Three-year rule continues to apply.

Revenue Bond Financing
(08)No credit allowed if home financed with state/local bond funding.
(09)Purchasers who utilize revenue bond financing can use credit.

Repayment
(08) Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
(09) No repayment for purchases on or after January 1, 2009 and before December 1, 2009

Recapture
(08)If home sold before 15-year repayment period ends, then outstanding balance of repayment amount (09)recaptured on sale. If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.

Termination
(08) July 1, 2009
(09) December 1, 2009


Effective Date
(08) Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
(09)All revisions are effective as of January 1, 2009
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Wed Jul 2, 2008
smith3gary answered:
Cade,

From your question, I gather that you were not able to rent out the home for "fair market value" (without a loss). I'm not a tax professional but suggest contacting your CPA or tax professional to find out the limitations of being able to do so year after year. You do not want the IRS to disallow your rental or take away your chance to depreciate this property as allowed. http://www.irs.gov/publications/p527/index.html look under not rented for profit.

Also, you do not indicate how long you owned the home in Dearborn. If it was less than two years, there may be tax consequences for selling. These are just my thoughts, again I am not a tax professional.
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