Author Archive
March 9th, 2010
First Time Home Buyer Tax Credit Begins Final Countdown
By: Rob Jordan
The tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence is in it’s final stages. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. So buyers need to be IN ESCROW by the end of April, and CLOSE by end of June.
Here are some common questions and answers regarding the tax credit. (Information obtained from Federal Government website.)
1. Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit.
2. What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.
3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit?
Yes. For sales occurring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
5. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). Please note that although the Form is titled “First-Time Homebuyer Credit,” this is the correct form for claiming both the $8,000 first-time homebuyer tax credit and $6,500 repeat buyer tax credit.
No other applications are required, and no pre-approval is necessary.
6. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members.
7. I read that the tax credit is “refundable.” What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
8. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).
9. Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
10. Is there a way for a home buyer to access the money allocatable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
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Posted by Rob Jordan on March 9th, 2010
December 1st, 2009
Movie Theaters Coming to the Lakes?
The Lakes may soon offer a movie theater
The Lakes
By: Rob Jordan
The City of Thousand Oaks is looking at the possibility of adding a movie/entertainment complex to bolster the financial performance of the Lakes shopping center adjacent to the Civic Arts Plaza. The 2-stage project was always planned to include an entertainment component, but only the first phase of shops and restaurants has been completed to date. An outside study concluded that more parking and a cinema would make the center more appealing and accessible. A more formal tie-in with the neighboring Civic Arts Plaza might also boost activity. Nate and Al’s delicatessen is the newest tenant to open at the Lakes. Drop by for a scrumptious meal!
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
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Posted by Rob Jordan on December 1st, 2009
November 23rd, 2009
It’s A Dog’s Life in Westlake Village
Do you own an unruly pooch and are looking for your 30 minutes of fame?
Cesar Millan
By: Rob Jordan
Dog Whisperer Cesar Milan is looking in the Westlake Village area for dogs needing doggy rehabilitation. If you have a problem pooch, grab your video camera and shoot a 5-7 minute video highlighting your pet’s canine transgressions… bad behaviour, quirky, fearful… and send it in to the show’s producers (National Geograhic.) If you’re selected, there’s an in-person audition on November 24. Be sure to be on your best (I mean worst) behaviour! For additional information, contact Contact bethearley@msn.com.
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
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Posted by Rob Jordan on November 23rd, 2009
November 13th, 2009
Oak Park Students Praise Vets
It’s refreshing to see appreciative children
Courtesy of the Acorn
By: Rob Jordan
This Wednesday at Brookside Elementary, 12 veterans stood when they heard 4th graders sing the theme song from each of the four United States military branches. The Vets represented Army, Navy, Air Force and Marines.
“We are so thankful to you for all you have done to keep our country safe and free,” said Emily Stephens, a fourth grader at Brookside. Smith’s grandfather, a veteran, was amongst the crown receiving due praise.
These young children began to understand the debt paid by our soldiers who give their lives for our country. It’s nice to see some recognition being given to those who deserve it.
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
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Posted by Rob Jordan on November 13th, 2009
October 30th, 2009
Famous Daves BBQ in Westlake
Try Dave’s BBQ and spice up your taste buds
By: Rob Jordan
Famous Dave's BBQ
Famous Daves BBQ has opened in the restaurant space at Westlake and Thousand Oaks Blvd vacated by Applebees a while back, and it was packed the night we went in. Though new to this area, there are about 150 other Famous Dave restaurants across the country. The menu is varied and interesting, the service was great, and the prices were reasonable.
No remodeling was done to the space, so they will have the big bar in the middle, surrounded by circular high top tables and just a couple of booths. Around the perimeter of the restaurant there are booths and tables galore for families and large parties. We had the appetizer combo, which featured ribs, wings, cheesesticks and more. There was a bunch of food and great for sharing. For dinner we had a rib combo plate, a brisket sandwich and pulled pork. All were yummy.
Famous Daves feels a bit like Wood Ranch, but they have a much broader menu. This is a winner.
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
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Posted by Rob Jordan on October 30th, 2009
October 14th, 2009
Thousand Oaks Girl to Sail Solo Around the World
At only 15, Abby plans to sail around the world
Abby Sunderland. Courtesy of LA Times.
By: Rob Jordan
Wasn’t it just a few months ago that Zac Sunderland of Thousand Oaks became the youngest person (17) to sail solo around the world? Now his younger sister Abby wants to break his record!
Abby doesn’t have a driver’s license yet, and can’t drive to the mall, but she can sail around the world on her own? Sounds crazy. She’s picked a “safer” route around Cape Horn at the tip of South America, and thinks she can avoid pirates on her journey which will take six or seven months if she does not stop.
But this is all depends on her landing a major sponsor and securing an Open 40 sailboat designed for fast cruising. If that happens in a timely manner, she will begin in November. She turns 16 on Oct. 19 and plans a nonstop, unassisted voyage that’s expected to last about six months.
Let’s keep her in our thoughts and prayers!
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
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Posted by Rob Jordan on October 14th, 2009
October 12th, 2009
Drive Through Flu Clinic H1N1
Local cities host flu shot clinic
By: Rob Jordan
The 5 local cities of Agoura, Calabasas, Hidden Hills, Malibu and Westlake Village are sponsoring a drive-thru flu shot clinic on Saturday, November 14th. Citizens who meet the age and vaccine guidelines will receive the appropriate flu vaccine(s.) Details are still being worked out, but save the date and check your local newspapers such as the Acorn for details.
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
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- " . $name . "
Posted by Rob Jordan on October 12th, 2009
October 4th, 2009
Nate and Al’s Deli Opening at The Lakes in Thousand Oaks
Say goodby to Sushi Ko restaurant (we’ll miss you) and say hello to Nate and Al’s.
By Rob Jordan
Beverly Hills deli (owned by the Mendelson family) ready to expand to it’s 2nd location. Their first restaurant has been in operation since 1945.
The city of Thousand Oaks is excited about the new arrival. At the Lakes, there are some very popular restaurants: PF Changs, a big whopping ClaimJumper, and California Pizza Kitchen, plus a Brighton and other high end boutiques. My observation of late is there are lots of people sunning themselves in the Summer, and skating in the Winter, but not shopping up a storm in any season.
The Conejo Valley already has several big name delis: Agoura Famous Deli, Pickles, Brents, local haunt Jacks, and Roxy’s. Lets hope Nate and Al get a very positive reception, they have a reputation that deserves it.
To learn more visit, Nate and Al\’s Deli
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
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Posted by Rob Jordan on October 4th, 2009
September 24th, 2009
Westlake’s Fox Sports Grill
“NEW FOX SPORTS GRILL… Not a Home Run yet, but at least a Triple!”
By: Rob Jordan
Wednesday night is date night. Has been for 17 years. Time for us to get away from work, the kids, homework, and the stress of the day. So we go out for dinner and conversation.
On Wednesday, we tried the new Fox Sports Grill in Westlake. It’s a hit in the making.
We arrived about 6 and a smiling pair of hostesses greeted us and sat us in the bar area.
Right away you’ll notice the multitude of flatscreens on the outside walls and 2 big overhead projection TVs which dominate the bar. Our drink order was taken right away. They have enough specialty drinks to make it interesting, and a straight-forward beer and wine selection. We were considering appetizers when a nice fellow sat down at the table next to us and said “you gotta have the home-made fried chips, topped with blue cheese, tomatoes, bacon and secret sauce.” Sounded good to us!
This “guy” next to us turned out to be Gary Allen, one of the owners, and his wife Robin. What a nice couple! So for the next hour or so we chatted a bit with these two “financiers”, and got to know the place.
Business is booming! It’s standing room only on big game nights, and come early to get your favorite seat. Weekends are packed, and they’re going through cases of wine faster than the rep can deliver! There’s no recession in Westlake Village, at least when it comes to dining out. The Fox Sports Grill appeals broadly. It’s not an “over the top” sports bar, with memorabilia all over the place; it’s a nice bar and restaurant with a sports flavor. I think I heard some scuttlebutt about basketball greats Kevin Garnett and Shaq either coming, going, had been seen there, or something like that. So there is a buzz about the place. It’s possible that the local high school games will end up on the big screens there. At a minimum Gary hopes that the restaurant will become a before or after the game hangout, for locals and visiting teams alike.
This place is a hit. You can come and hang out at the bar and watch your favorite team. Be prepared for noisy males yelling and cheering. But there are loads of tables for families, and the patio looks very inviting, with it’s own tables, sofas and cushy chairs and that cool fire thing. The menu is varied. The prices are reasonable. What’s not to like?
Fox Sport Grill. On Lindero Canyon, between the freeway and Costco.
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
- Rob Jordan
- Web Site
- " . $name . "
Posted by Rob Jordan on September 24th, 2009
