Boundary Lines January 15 , 2010

Vo lume 1, I s sue 1

First-Time Home Buyer Tax Credit

(The mini facts)

$8,000 for 1st time home buyers

Close on your home purchase

between November 7, 2009 and

April 30, 2010, or have a binding

written contract by April 30, 2010

and close by July 1, 2010.

Decide whether to: o apply the credit to your

2009 tax return, filed on or

before April 15, 2010;

o file an amended 2009

return; or,

o apply the credit on your

2010 return, filed on or

before April 15, 2011. Attach documentation of purchase

to your return.

Bringing the Dream of Homeownership Within Reach

Tax credit for longtime homeowners If you’re a longtime homeowner—

meaning you’ve lived at your

principal residence for five

consecutive years out of the last

eight—you may qualify for a

homebuyer tax credit worth up to

$6,500. You must purchase a new

principal residence between Nov. 7,

2009, and April 30, 2010. Like the

first-time homebuyer tax credit that

applies to these dates, you can settle

as late as June 30, 2010, as long as

you have a binding contract by April

30.

The same $800,000 cap on the

purchase price applies to longtime

homeowners, as do the same income

restrictions. The credit begins to

phase out for joint filers at modified

If your primary residence is at the condo complex, then no, you are not allowed to deduct the HOA fees, as they are considered more of a personal living expense. On the other hand, if you own a condo and rent it to tenants in order to make money, then yes, you are able to take a deduction of the HOA fees. The fees are then considered an ordinary and necessary expense to run your business.

Buyers purchasing in 2010 will have the

option to:

Claim the credit on their 2009

return, even if the purchase is completed after December 31,

2009;

File an amended return for 2009

if their purchase is completed

after April 15, 2010; or,

Claim the credit on their 2010

tax returns.

For more information:

Betty Anne Burns (985) 630-1755

Ends

faculty, and school policies. You can also provide explanations of how projects and daily work conform to the state standards.

The purpose of a newsletter is to provide specialized information to a targeted audience. A school newsletter can be a great way to develop a strong relationship with parents.

First choose a short title for your newsletter— something like "School News," or ―Back to School.‖ As you choose the title, also take time to think about the newsletter’s theme. What important messages do you want to send parents and families?

Next, establish how much time and

adjusted gross income of $225,000

($125,000 for individuals), and

disappears at $245,000 ($145,000

for individuals). Married couples

filing separately are eligible for up

to half of the $6,500 credit.

For both first-time and longtime

buyers who want to claim the tax

credit for a purchase made after

Nov. 6, 2009, the IRS requires

proof. Attach a copy of the

settlement statement you received

at closing to your return. You must

be at least 18 years old.

Homeowners Association Fees Q. If you own a condo, are you

able to deduct the expense of monthly HOA fees on your tax return?

A. Yes and no, depending on your situation.

Real Estate 101

Betty Anne Burns Broker, Realtor, Instructor “SELL” Phone (985) 630-1755

NorthShore Native

NorthShore Expert!!!

The Real News by Betty Anne

Betty Anne Burns

Broke r, Rea l to r, I ns tructo r, e Pro

Keller Williams Realty Services, 1522 W Causeway Approach, Mandeville, LA 70471 (985) 727-7000 Each office independently owned and operated.

Cards For The Troops

There is a website that I encourage you to visit.

www.CardsForTheTroops.us Notice this is a dot ―.US‖ site and NOT a dot ―.com‖. Here is a place where, for as little as $3.00 per month, you can reach out to a member of the Armed Forces and let them know that they are appreciated and remembered. Every month, for a year, your Soldier will receive a handwritten greeting card/letter, from you and several times during the year they will receive a goodie package containing brownies, toiletries etc.

Please let a Soldier know you care and appreciate their sacrifice.

Let A Soldier Know You Care!

There is a saying

in the Real Estate

Industry.

“A $15.00 gallon of

paint, is worth

$1,500 on the

wall.”

Secret!!!

Boundary Lines The Real News by Betty Anne

$72,900 As-Is Value: $100,000 PEARL RIVER LA Bed/Bath: 3/2 Sqft: 1,159 Year: 2001 HUD Home Owner Occupant, Insured with Repair Escrow Great investment property or first home.

Bid deadline 01/24/10 at 23:59:59 For more information contact:

Betty Anne Burns @ 630-1755

$160,000 – Jahncke Landing Build your ―Dream Home‖ in this beautiful waterfront community. Walk into historic downtown Covington, visit the Farmers Market or Trail Head. Like to bike, run or jog? Take advantage of the Tammany Trace.

For more information contact: Betty Anne Burns @ 630-1755

Keller Williams Realty Services, 1522 W Causeway Approach, Mandeville, LA 70471 (985) 727-7000 Each office independently owned and operated.

Country Living at it’s Best

Features: Inground Gunite Pool, Lit Basketball Court, 20x14 Workshop, Dog Kennel, Fence&Cross Fenced, Covered Patio, Screen Porch(set up for Hot Tub),& Whirlpool Tub/Sep Shower in Master Bath. Survey&Flood Map(Zone X) in File. Acreage has tons of Rd

For more information contact: Betty Anne Burns @ 630-1755

TO LATE!!! SOLD

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