House Buying Coaching For Ownership and Investing

Builders are trying to cash in on the home buyer tax credit- building up spec homes in hopes to lure first time homebuyers and 'move up' buyers as well.

These buyers come from somewhere and if they're buying these new homes, they're not buying existing homes. It's an emotional move as brought out in the Wall Street Journal article, but is it the right one for people?

Remember how we got in this mess in the first place!

Buyers still have to be careful and not buy just because they can or because there's a deadline to beat.

I've included direct links to IRS forms that new buyers will have to fill out if they will be taking advantage of the tax credits (see Tax Credit category on the right)

Current home sellers can add to the attractiveness of their home by providing financing through lease to own programs or owner financing.

Here's a link to a Free Rent to Own Ebook.

We all have a responsibility in how we get out of this housing crisis.

Dennis

So you took advantage of Uncle Sam's generosity and are now sitting pretty in your new home.

But wait! There's more!

According to Accountweb.com, you have to properly file the First Time Home Buyer and Credit repayment with our rich Uncle Sam as well.

Part of the documentation includes, showing that you didn't buy a home from a relative, incude settlement statements, confirmed that you haven't owned a home in the past 3 years.

There's also info on the increases to the standard deduction Schedule L

So save yourselves some serious headaches by getting to know these new tax requirements and hire some pros to help you with it.

Here's a sneak peek:

Form 5405
Schedule L
Form 4684

If you're like me and accounting/tax puts you in a semi comatose state, hire a pro- but at least familiarize yourself with the law.

Dennis