Senate votes to renew tax credit for first-time home
buyers
Provision for $8,000 refund part of bill to extend jobless aid
The Senate voted Wednesday to renew the government's $8,000 tax credit for
first-time home buyers through the first six months of next year as part of a
broader bill designed to extend unemployment benefits.
For the first time, the tax credit program would also enable many homeowners
who buy a new primary residence to receive a $6,500 refund.
http://www.washingtonpost.com/wp-dyn/content/article/2009/11/04/AR2009110404564.html?hpid=topnews
BEST SCHOOLS IN THE STATE.....
St. Johns County School District ranked first in the state with
the highest overall score when school grades were released
Thursday by the state Department of Education.
Read full article at:
http://staugustine.com/stories/061909/news_061909_060.shtml
Best Places to Live 2009
U.S. News looked at areas with strong economies, low living costs, and plenty of fun things to do
Posted June 8, 2009
With the decade winding to a close, Americans have grown increasingly reluctant to gas up their moving vans. Last year, the Census Bureau's national mover rate—which represents the percentage of Americans 1 year and older who moved within the past year—hit its lowest level since 1948, when the bureau began tracking the data. And who can blame us? In the face of a terrifying banking crisis, a historic housing crash, and a grueling recession, relocating to a new city isn't exactly on the to-do list. But despite the uncertain economy, the nation's diverse topography presents an enviable menu of great places to find work, retire, or just change your scene.
In selecting our Best Places to Live for 2009, U.S. News took a thrift-conscious approach: We looked for affordable communities that have strong economies and plenty of fun things to do. The cities we selected are as distinct as America itself—ranging from a quaint suburb to a live-music mecca. But whether you prefer hiking through the Rocky Mountains, pulling a fish out of the Atlantic Ocean, or grilling hot dogs at a college football tailgate, here are 10 places that will fill up your daybook without emptying your wallet.
St. Augustine, Florida
As the nation's longest continually inhabited European-founded city, St. Augustine, Fla., considers itself the oldest city in the United States. Founded in 1565 by Spanish Adm. Pedro Menéndez de Avilés, this community of 13,000 residents on Florida's northeastern coast has managed to maintain its colonial charm. Take the Castillo de San Marcos, for example. This remarkable stone-and-mortar fort is located right in the heart of St. Augustine's cobblestoned historic district. And even though 300 years of violent storms and enemy firepower couldn't penetrate its walls, visitors can enter the 20.5-acre monument site today for just $6.
But St. Augustine's appeal extends beyond the history books. With a highly educated workforce, world-class golfing nearby—the immaculate TPC Sawgrass course is located just up the road—and that refreshing Atlantic breeze, this "ancient city" offers enough activities to satisfy even the most fanatical outdoor sports enthusiast. "Fishing, kayaking, boating—we have just about everything," says Donald Edwards, a clerk at the Avid Angler fishing shop. "I wouldn't live anywhere else."
$8000 Tax Credit for First-Time Homebuyers......
First-time homebuyers get a tax credit windfall if they buy before December 2009.
NEW YORK (CNNMoney.com) - There's a nice windfall for some homebuyers in the economic stimulus bill that President Obama signed on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.
A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:
"I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"
The short answer? Yes, Billings would get back the $8,000 plus what he'd overpaid. The long answer? It depends. Here are three scenarios:
Scenario 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 tax credit as a refund check.
Scenario 2: Your final tax liability is $6,000, but you've overpaid by $1,000 through your payroll witholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid.
Scenario 3: Your final tax liability is $6,000, but you've underpaid through your payroll witholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
