Karen Monshaugen’s Blog

Q:  I’m planning on buying a home for $50,000.  Will I get a tax credit of $8,000?

A:  No.  The credit is equal to 10% of the home’s purchase price, up to a maximum of $8,000.  So your credit would be $5,000.

  Best price in Estate section of Bentwater!  Bentwater Bay Estates is a gated community next to Bentwater Yacht Club! Almost 1/2 acre lot, bulkheaded, very wooded, with a fantastic view out to the lake. Plenty of room for a beautiful home and pool and still have some trees!

 For more information on this property and others please visit: www.LakeConroeFineLiving.com

Karen Monshaugen, Broker Associate

Office: 936-525-3220

Karen@LakeConroeFineLiving.com

If you are a first time homebuyer and are looking for government programs to help assist you for your loan, visit www.MyFirstTexasHome.com .

The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase.  Ownership of vacation property or rental property does not disqualify home buyers from this program.
The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009. 
To qualify for the full tax credit, married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000.  If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment.  However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.
There is no recapture or repayment clause IF the home is owned for at least 36 months.
The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house.  So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009.   However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.
The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.
The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes. 

FIRST-TIME HOMEBUYER TAX CREDIT As Modified in the American Recovery and Reinvestment Act

Major Modifications Italicized

CONTACT ANY KELLER WILLIAMS REALTY AGENTS IN LAKE CONROE FOR TICKET’S

TO CONROE’S GOT TALENT!!!

CONROE’S GOT TALENT!Saturday, March 7, 2009Crighton Theatre234 N. Main St.Conroe, TX 773016:00 PM – Silent Auction Begins7:00 PM – Talent Program BeginsAll Are Invited To Come & See This Area’s Top Entertainment ActsEvent Includes A Live & Silent AuctionAudience Will Vote For Top 3 Winners – First Place Wins $1,000Don’t Miss Out On The Fun!Event Tickets - $20 per personTickets Available At:

 Presented by Keller Williams Realty Conroe/Lake Conroe/HuntsvilleAuction Items Needed - Donations are Tax Deductible – Visit www.conroesgottalent.comProceeds Support Montgomery & Walker County Charities, including Bridgewood Farms

Lake Conroe area Chamber of Commerce is hosting a blood drive on Monday, Feb. 16th from 10:00am to 2:30pm at the Chamber Office located at 505 West Davis in Conroe.

 Please contact the Chamber for more information 936-756-6644

Auditions for Conroe’s Got Talent will be held in the Keller Williams Realty at 2200 North FM 3083 West, this Thrusday 02-12-09 from 5pm-9pm.  They will be able to play music track on a MP3, CD/DVD.  Also they will have a piano and PA available with 1 mic.2The Auditions will be videotaped for the selection commitee to view along with the mail in video auditions.  You do not need a video audition if you come to the live auditions.

If you know anyone that has talent please come out and show them what you’ve got.

Call Bob Fitch   713 614 9351    email:  rjfitch@cebridge.net for additional information.

100 Years or More:

Brick siding: lifetime of the home

All wooden floors: lifetime of the home

Cellulose insulation material: 100 plus years

50 – 100 Years

Late, copper, and clay and concrete roofs: 50 plus years

Copper gutters: 50 plus years

Kitchen cabinets: up to 50 years

Vinyl flooring: 50 years

30 – 50 Years

Thermostats: 35 years

Wooden windows: 30 years

French interior doors: 30 – 50 years

10 – 20 Years

Built in audio systems: 20 years

Aluminum windows: 15 – 20 years

Asphalt shingle roof: 20years

Gas range: 15 years

Cultured marble countertops: 20 years

Dryers and refrigerators: 13 years

Air conditioning units: 10 – 15 years

Interior and exterior paint: 15+ years

Electric or gas water heater: 10 years

5 – 10 Years

Security systems: 5 -10 years

Smoke detectors: 5 – 10 years

Dishwasher: 9 years

Microwaves: 9 years

Carpet: 8 – 10 years

Study done by the National Association of Home Builders

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.6. Freedom.

The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.