REALTOR® Magazine-Daily News-IRS Sets New Rules for Tax Credit

REALTOR® Magazine-Daily News-IRS Sets New Rules for Tax Credit

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Why Has Palm Springs Been the Presidents Destination for Decades ?

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Since the 1950s  Presidents have visited, golfed and relaxed in the Palm Springs area . Starting with President Eisenhower who started frequenting Palm Springs in the 1950s and made several trips whereby the house he stayed in at Smoketree Ranch was dubbed  'the Western White House', and later he lived in Eldorado Country Club  in Indian Wells. President Kennedy was no stranger to Palm Springs , a lot was written about it . President Nixon visited and it is said that VP Spiro  Agnew  lived in the Desert after leaving office. President Ford made Rancho Mirage his home in Thunderbird Country Club until his passing. President Bush Sr visited and golfed and so did  President Reagan President Clinton  frequented the Desert and for years golfed and was involved in the Humana Challenge in La Quinta .  President Obama made over 5 trips to the Desert , and will be coming back after he leaves office, and it has been rumored that he bought or pl...
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California Distressed Homeowners Debt Tax Forgiveness - WHO Qualifies ?

If you are a Californian who went through a ShortSale , Foreclosure or Loan Modification , the State of California yesterday passed the long Mortgage Forgiveness Debt Relief legislation . Who and What Qualifies For The California Mortgage Forgiveness Tax Relief ?  Debt can be forgiven by the State of California up to $500,000 for taxpayers who file as married/registered domestic partners (RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately. Your total indebtedness limit is $800,000 for taxpayers who file as married/registered domestic     partners (RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately. The debt must be secured by a Qualified Principal Residence. The debt can include 1st & second mortgages. The indebtedness incurred in acquiring the property, in constructing the property or by su...
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Gov. Schwarzenegger signed the Homebuyer Tax Credit legislation, into law.

Great news for California home buyers and home builders. A $200 million Home Buyer Tax Credit Bill was signed by Governor Schwarzenegger this afternoon. The Bill  allocates $100 million  to First Time Home Buyers , and $100 million for repeat buyers of new or existing homes.  The programs will run between May 1, 2010 and December 31, 2010  with a final closing date of August 1, 2011 provided a binding and enforceable contract was entered into prior to December 31, 2010. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years.  Buyers must live in the home for at least two years or forfeit the credit and repay it to the State.  This Tax Credit will overlap with the Federal $8000 & $6500 Tax Credits, which expire on April 30, 2010. Start your Desert Cities MLS search  here. Brought to you by  Abraham Baghbodorian 
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