First Time Home Buyers can get $8k.

If you are a First Time Home Buyer, the United States government wants to motivate you to purchase a home to help alleviate the current vacant home inventory. There are a few things to know about the tax credit but if you are eligible and in the market for a property, this is the time to strike. Some highlights of the conditions and benefits of this tax credit are as follows:

The Conditions

• You must fit the definition of a first time home buyer which is defined as someone who has never before owned a property or someone who has not owned a primary residence for at least 3 years prior to a purchase. For married tax payers this time period rule is applicable to both of you. Meaning if your spouse has owned property within the time period rule you are both out of luck.
• There are income requirements. There is a reduced tax credit if you are single and make more than $75k (MAGI) or are married and file a joint return and combined make over $150k (MAGI).  If you are single and make 95K (MAGI) or married and file a joint return and combined make over $170k (MAGI) the tax credit is reduced to zero.
• The property must be purchased between January 1, 2009 and December 1, 2009
• The tax credit is equal to 10% of the purchase price of the property.

The Benefits

• Any home that is purchased to be as used a primary residence can be eligible for a tax credit.
• The tax credit  is refundable meaning if your tax liability is less than 8k you get difference as a refund. For example if you owe $4k in taxes then with this credit that 4k is wiped out and the US government will write you a check for $4k.

Sources:

• http://www.federalhousingtaxcredit.com/2009/faq.php
• http://www.msnbs.msn.com/id/29527512

Tenant’s Perception is Landlord’s Reality.

In this economy there is shift in mental thinking from features to savings, and from want to need. The article Perception is Reality talks about the downward pressure on rental rates in New York City. The perception may be part mental and part reality but the bottom line is the relationship between the renter and landlord. The right fix is finding a middle ground to preserve good tenants and for tenants to respect a landlords position and willingness to preserve the relationship.

What are Two Flats?

In the United States, a two flat is a two story residential property with two units and two seperate entrances.  The only difference between a two flat and a duplex is that two flats refer to the 2 story duplex style, usually have a brick facade, and the term is most often used in a handful of cities such as Chicago and Buffalo. Internationally, the term two flat or flat is used more extensively.

Follow Us on Twitter.

Twitter is a great way to stay connected and informed with others with similar interests or goals. We will make use of twitter so you will have one more way to have direct access to us. You can follow us at:

• Twitter.com/Duplexes

What is a Twin Home?

A common confusion is thinking a twin home is the same as a duplex. A twin home looks like duplex, walks like a duplex, but doesn’t act like a duplex. Twin homes do look like duplexes, and do have a shared common wall but the main difference is the ownership interest. A twin home has an individual owner who has rights and responsibilities for their own side and for their own lot. In other words, twin homes are basically half-homes with with their own respective lot with a lot line landing between the two homes.

Duplexes are two properties on one lot. You can have duplexes that have different owners but they have a condo ownership interest meaning that there is shared lot ownership.