Columbus HUD Homes

I just received this post about the stimulus bill from my accountant Steve Covert. It is lengthy, but contains lots of information if you consider buying Columbus Houses.  You can find Steve’s contact information at the end of this article.

On February 13, the House of Representatives, by a vote of 246 to 183, and the Senate, by a vote of 60-38, passed H.R.1, the American Recovery and Reinvestment Act of 2009 (the Recovery Act), a stimulus bill that includes tax breaks for businesses and individuals. The Recovery Act thus is now cleared for the President’s signature.  The President is scheduled to sign the Act into law on Tuesday February 17th.

The  “American Recovery and Reinvestment Act of 2009” (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax relief for low and moderate-income wage earners, individuals and families with college expenses, and home and car purchasers. I’m writing to give you an overview of the more widely applicable tax changes affecting individuals, families and businesses  in the new law. Please call our offices for details of how the new changes may affect you and your business.

Expanded first-time credit for first-time home buyers. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10% of the purchase of a home (up to $75,000) by first-time home buyers. The provision applied to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit were required to repay any amount received under this provision back to the government over 15 years in equal installments (or earlier if the home was sold). The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The new law enhances the credit by eliminating the repayment obligation for taxpayers that purchase homes on or after January 1, 2009. It also extends the credit through the end of November 2009, and bumps up the maximum value of the credit from $7,500 to $8,000. Read more »

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