The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports

Columns

October 5, 2009

My Turn: Now is the time to buy a house

This week's "My turn" column is by Joan Fox and Barbara Roberts. brokers and owners of Prudential Fox Properties in Oneonta and Cooperstown.

Time may be running out to take advantage of the federal government's first-time homebuyer's tax credit.

If you buy a house for at least $80,000 before Dec. 1 and make less than $75,000 a year ($150,000 for couples), the government will give you $8,000!

You can use this money to reduce your bank fees (related to the purchase) or put it into your pocket. It's called a tax credit because the government considers it a refund of your federal taxes _ even if you owe less than $8,000 in federal taxes.

In other words, if you qualify, buy a house this year and owe and pay $2,000 in federal taxes in 2009, Uncle Sam will send you a check for $8,000.

All of your federal taxes will be refunded, and you'll get a gift of $6,000. If you owe $6,000 in federal taxes and have already paid $2,000, Uncle Sam will send you $4,000. The other $4,000 will cover the additional federal taxes you owe.

The federal government defines a "first-time homebuyer" as anyone who has not owned a home in the past three years.

The tax credit may be applied only to primary residences, including single-family homes, townhomes, condominiums and co-ops.

In Central New York it can take up to two months to complete a home sale. Mortgage lenders are seeing an increased volume of applications and are scrutinizing borrowers' paperwork and property appraisals much more closely.

Unless the Nov. 30 deadline is extended (and many believe it will be), that means first-time buyers should select a property and make an offer by the end of this week to safely meet the deadline.

First-time buyers are advised that the purchase of a home, especially the first one, is a decision that should not be taken lightly.

Text Only
Big Chuck D'Imperio
Cary Brunswick

Chuck Pinkey
Guest Column

Lisa Miller

Mark Simonson
Rick Brockway

Sam Pollak
William Masters
  • Schreibman tops Chris Gibson on women's issues

    As the time to vote draws near, we need to remember how money can run politics more than we can. Raising funds is a prominent (if not the dominant) task of getting elected. Raising issues is also crucial, but those efforts are subject to distortion and fear-mongering.

    September 18, 2012

  • Republicans feelentitled to allthey can garner

    An entitlement is a legal benefit available from the government to individuals who are within a defined category of recipients, such as needing insurance for unemployment or health services.

    September 4, 2012

  • Romney focuses on self; Obama emphasizes unity

    Mitt Romney criticizes President Obama for saying a person's success is rooted in his community, and is not all his alone. Romney belittles this with his belief in individual initiative. He is better at the put-down than the push-up.

    August 21, 2012

  • Romney shows little regard for common man

    The Republicans in Congress have voted over and over, 33 times, redundantly and uselessly, to rescind what they call Obamacare.

    August 7, 2012

  • Scouts' gay ban creates problem where none exists

    The Boy Scouts of America's "emphatic reaffirmation" of its vow to exclude any and all homosexuals from its hallowed ranks is ill-considered and pathetic, especially in view of its having reviewed the matter for two years.

    July 24, 2012

Additional Content
Join the Debate
Helium
Additional Resources
CNHI News Service
Poll

Do you plan to attend the Baseball Hall of Fame Induction?

Yes
No
Not sure
     View Results