Idaho Association of REALTORS Government Affairs November 9, 2009

Federal Tax Report

On votes of 98- 0 and 403 – 12, the Senate and House have respectively passed legislation that includes an extension and expansion of the homebuyer tax credit. President Obama signed the legislation on Friday, November 6. Many parts of it take effect immediately. As of the signing of the legislation, the income limits increase to $125,000 adjusted gross income on a single return and $225,000 on a joint return. In addition, the so-called "move-up" credit is also in effect as of November 6. Thus, individuals who have used a home as a principal residence for 5 consecutive years of the past 8 years will be eligible for a $6500 refundable tax credit for purchases completed between November 6, 2009 and April 30, 2010.

Homebuyer tax credit summary

• Add or change the weather stripping on your front door and any other doors to the outside of your home
• Add fireproof electrical insulation around your switch plates
• Add insulation around your window trim
• Add insulation around or weather stripping to your attic trap door(s)
• Insulate or add weather stripping around any bathroom fans vented to your attic
• Insulate your garage and attic
• Keep your fireplace damper closed when not in use
• For basements
• Insulate the perimeter of your basement (the rim joists)
• Seal ducts and insulate any spots where pipes intersect with the floor or ceiling
• Insulate your basement

Home Warranty of America

Idaho Association of REALTORS Government Affairs November 9, 2009

Federal Tax Report

On votes of 98- 0 and 403 – 12, the Senate and House have respectively passed legislation that includes an extension and expansion of the homebuyer tax credit. President Obama signed the legislation on Friday, November 6. Many parts of it take effect immediately. As of the signing of the legislation, the income limits increase to $125,000 adjusted gross income on a single return and $225,000 on a joint return. In addition, the so-called "move-up" credit is also in effect as of November 6. Thus, individuals who have used a home as a principal residence for 5 consecutive years of the past 8 years will be eligible for a $6500 refundable tax credit for purchases completed between November 6, 2009 and April 30, 2010.

Homebuyer tax credit summary

Moscow Mayoral and City Council elections are today.  Polls are open until 8:00 PM.  Latah County Fairgrounds is the polling place for all precincts.   The election is for 3 Council Members for a 4 year term and a Mayor for a 4 year term.  Be sure to let your voice be heard.