
 |
|
February 10, 2012
Lisa M. Krieger: Man with defibrillator demands access to his own heart's information
David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage
February 9, 2012
Laura McMullen: 10 Least Expensive Public Schools for Out-of-State Students
Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation
February 8, 2012
Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets)
February 7, 2012
Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one
Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design
February 6, 2012
Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It
Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
Jim Carney: Wrong number call may have saved her life
Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months
Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news
Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
January 18, 2012
January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
|
| |
Jewish World Review
Feb. 26, 2009
/ 2 Adar 5769
Housing credit could provide sizable boost
By
Gail Marks Jarvis
http://www.JewishWorldReview.com | (MCT)
Receiving $8,000 to buy a house is a tempting deal.
And Uncle Sam is willing to offer it to you, under certain conditions.
Under the economic stimulus plan that became law last week, if you are buying a home for the first time, you can get your hands on up to $8,000. In fact, if you are one of the savvy people who saw the housing bubble threat in 2005, sold your home and have been renting since then, this could be an especially sweet deal if you go bargain-hunting this year.
Under the rules for the new $8,000 tax credit, you have to buy your first home between Jan. 1 and Nov. 30, or have had no ownership interest in a home for the last three years, said James Seidel, director of federal taxes for Thomson Reuters.
This could be a way to help repay someone else (or yourself) for lending you money for the down payment, or to receive $8,000 to save for emergencies. Keep in mind, however, that Uncle Sam doesn't put the money directly into your hands when you need it most - at the point when you close, or complete the legal formalities, on the purchase of your home. You have to come up with your down payment first, then file your tax return and seek the $8,000 as a tax credit.
As a credit, you receive money the way you would a tax refund. The good part: This is a refundable credit, which means that even if you do not owe much in taxes, the government will give you the money, Seidel said. That makes it better than a normal credit or a deduction.
There are some caveats: You would receive less than $8,000 if the house you buy costs less than $80,000, or if you owe the government taxes that weren't taken out of your paychecks. The $8,000 is a maximum. If the house you buy costs less than $80,000, you will receive 10 percent of the price.
For people desperate for a down payment, the waiting period might not work. But for those who can turn to a relative for $8,000, the homebuyer could use the cash at the closing on their new home, move into the house, apply for the credit on their 2008 tax return, obtain the money from the government and repay the relative if necessary.
The $8,000 credit that just went into effect is a much better deal than the one aimed at luring homebuyers last year. In 2008, first-time homebuyers could receive a $7,500 tax credit, but important strings were attached: The homebuyer has to repay the sum to the government over 15 years.
In contrast, homebuyers this year can receive $8,000 without any obligation to repay the money, provided they live in the home for three years.
And if people buy a home soon, they can capture the new $8,000 credit quickly, on their tax return for 2008.
Even if you filed your 2008 tax return already, a first-time buyer can still claim the credit on a home purchased early this year. Seidel suggests filing an amended return with Form 1040X. If you plan to buy a home later this year, you can request an extension of your 2008 taxes and claim the credit as you complete your tax return by Oct. 15, Seidel noted. The other option is to claim the credit on your 2009 tax return.
Despite the attractive credit, however, buying a home is not a simple decision.
Home prices are still dropping, and unemployment is rising, so think carefully about whether your job is secure and how you will pay for your home if you lose income.
As a rule of thumb, people should not buy homes if the monthly payments will consume more than 28 percent of their income and if they are carrying balances on their credit cards from month to month.
Before buying, run through your income and expenses to make sure a house is affordable now and will continue to be if you face a layoff. For a new homeowner, keep in mind that you must calculate mortgage payments; condo fees, if applicable; property taxes; homeowner's insurance; utilities; and maintenance. As a rule of thumb, it's wise to put aside $150 a month for home repairs in case you must call in the plumber or face some other unbudgeted expense. Try working a budget with www.kiplinger.com/tools/budget/index.html.
To compare the cost of renting versus owning a house, try: www.dinkytown.net/java/MortgageRentvsBuy.html.
Also, as you look into your future, do not forget to keep savings worth at least six months' gross income handy to cover your basic needs in the event of a job loss. And consider saving for retirement a necessity, not an afterthought following mortgage payments.
For help in budgeting and other guidance on a first-time home purchase, you can speak with a housing counselor approved by the Department of Housing and Urban Development. Find one at www.hud.gov
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
Gail Marks Jarvis is a personal finance columnist for the Chicago Tribune and author of "Saving for Retirement without Living Like a Pauper or Winning the Lottery." Comment by clicking here.
Previously:
02/19/09: Rebalancing being put in different light
02/04/09: Diversification doesn't always offer insulation
01/27/09: Taking steps can help regain some control
01/20/09: How to save for college during a recession
01/12/09: Bonds still risky option to stocks
12/24/08: Some predict mid-2009 for return to investing joy
12/09/08: A small dose of short funds may be useful
11/11/08: Mutual funds can get caught in downward spiral
10/27/08: Investors can bounce back from even the worst of times
10/20/08: Want to sell? Look at 401(k), but don't leap
10/16/08: Want to be like Buffett? There are ways
09/29/08: Money protection only goes so far, so know the risks
08/26/08: Retail stocks may not be best fit for investors
08/20/08: Rear-view mirror investing can be dangerous to a portfolio
07/01/08: What do we do? My daughter didn't get a scholarship
02/25/08: Before abandoning your mutual fund
02/14/08: Dirty little secret of some funds may be haunting
01/29/08: Sorting out the stock market
01/03/08: One word for 2008 crystal-ball gazers: Caution
12/11/07: Buy and hold isn't necessarily tried and true
11/26/07: Translating the falling dollar's implications for investors
11/13/07: Gradual retirement may not be key to happiness
11/05/07: Rate cut won't offer immunity to investors
10/29/07: Employers set to help workers save in 401(k) accounts
10/22/07: Playing bounce may be costly to stock investors
10/10/07: Investors find boring often can be fruitful
10/01/07: Make up lost time with swift, smart action
09/24/07: Balance is key for investing by retirees
09/18/07: Homeowners who wait see options fade
09/04/07: Easy matter to rate fund's performance
08/27/07: Mortgage mess could be good for savers
08/17/07: Small stocks are coming with large caveats
© 2007, Chicago Tribune Distributed by McClatchy-Tribune Information Services
|
|

Arnold Ahlert
Mitch Albom
Jay Ambrose
Michael Barone
Barrywood
Tony Blankley
Lori Borgman
Stratfor Briefing
Mona Charen
Linda Chavez
Richard Z. Chesnoff
Ann Coulter
Greg Crosby
Alan Douglas
Larry Elder
Suzanne Fields
Frank J. Gaffney
Bernie Goldberg
Jonah Goldberg
Julia Gorin
Jonathan Gurwitz
Paul Greenberg
Argus Hamilton
Victor Davis Hanson
Betsy Hart
Ron Hart
Nat Hentoff
Marybeth Hicks
David Horowitz
Jeff Jacoby
Renee James
Paul Johnson
Jack Kelly
Ed Koch
Ch. Krauthammer
Michael Ledeen
John Leo
David Limbaugh
Kathryn Lopez
Rich Lowry
Michelle Malkin
Jackie Mason
Ann McFeatters
Dale McFeatters
Dana Milbank
Jeanne Moos
Dick Morris
Jim Mullen
Deroy Murdock
Judge A. Napolitano
Bill O'Reilly
Kathleen Parker
Star Parker
Dennis Prager
Wesley Pruden
Tom Purcell
Sharon Randall
Robert Robb
Cokie & Steve Roberts
Heather Robinson
Pat Sajak
Debra J. Saunders
Martin Schram
Culture Shlock
David Shribman
Roger Simon
Michael Smerconish
Thomas Sowell
Ben Stein
Mark Steyn
John Stossel
Cal Thomas
Dan Thomasson
Bob Tyrrell
Ben Wattenberg
Diana West
Dave Weinbaum
George Will
Walter Williams
Byron York
ZeitGeist
Mort Zuckerman

Robert Arial
Chuck Asay
Baloo
Chip Bok
Dry Bones
Lisa Benson
John Branch
John Cole
J. D. Crowe
John Deering
Brian Duffy
Everything's Relative
Mallard Fillmore
Glenn Foden
Jake Fuller
Bob Gorrel
Joe Heller
David Hitch
Jerry Holbert
Lee Judge
Steve Kelley
Jeff Koterba
Dick Locher
Jimmy Margulies
Rick McKee
Michael Ramirez
Kevin Siers
Jeff Stahler
Ed Stein
Danna Summers
John Trever
Gary Varvel
Kirk Walters

Mr. Know-It-All
Dr. Peter Gott
GET A JOB! by Marty Nemko
Richard Lederer
Frugal Living
Tech Maven
On Nutrition
Bookmark These
Bruce Williams
|