Joe Jenkins - Blog

Tax Credit Open To Military

joe.jenkins@coldwellbankerlegacy.com — Fri, 02 Jul 2010 17:13:23 GMT

For qualified members of the military, foreign service and intelligence communities, the home buyer tax credit remains available. The extended time for the credit applies to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Those who qualify have until April 30, 2011, to sign a contract and must close by June 30, 2011.

To qualify, personnel from the three groups must have been on what is called “a period of official extended duty” that took them outside of the country for at least 90 days between December 31, 2008 and ending before May 1, 2010.

For more information, go to www.federalhousingtaxcredit.com. Click on “service members” in the first paragraph of the material on the site.

For everyone else, the tax credit expired April 30, 2010, with closing required by the end of June.

Tankless Water Heater Never Goes Cold

joe.jenkins@coldwellbankerlegacy.com — Fri, 02 Jul 2010 17:12:29 GMT

A tankless water heater never runs out of hot water, says a new report at www.houselogic.com. Instead of the traditional tank, the heater is filled with small pipes that are surrounded by a gas burner or an electric coil. The water is heated on demand, as it is used, saving from a quarter to a third of the cost of heating water, perhaps $100 annually.

Always having hot water available means less is available at any given time.

Installing multiple tankless units offers a solution. The tankless units are the size of a small suitcase, so several can be placed together near the locations in your house needing hot water, which increases efficiency.

Tankless gas may be double the price of the traditional water heater with additional spending for installation. Tax credits are available for gas units but not for the less efficient electric. The cost problem means tankless heaters may be best for small homes with fewer simultaneous needs for hot water.

People Comparing Cities Like Albuquerque

joe.jenkins@coldwellbankerlegacy.com — Fri, 02 Jul 2010 17:11:38 GMT

People around the country who compare cities tend to like Albuquerque. Five new reports are summarized here. These observations indicate a bright future for the metro. All appeared this year. Nationally, readers of these reports will take a closer look at our city. Meanwhile those of us with the good fortune of already living in Albuquerque may find a new treasure.

Men’s Health gave Albuquerque an A minus for residents’ overall health. Only four of the 100 cities reviewed did better. The report, in the May 2010 issue, says, “We calculated the percentage of people who are overweight, the percentage with Type 2 Diabetes, the percentage who haven’t left the couch in a month; the money spent on junk food; and finally, the number of people who ate fast food nine or more times in a month.”

Overall Ranking: 95th of 100. (The lower the rank the better.) ??Overweight: 94th.? Obese: 75th. ?Type 2 Diabetes: 85th.? No Physical Activity: 75th.? Fast-Food Visits: 61st. See www.menshealth.com/mhlists.

“Gourmands can find some undiscovered gems” in smaller cities, reports a surprised sounding Livability.com in the April 2010 issue. Albuquerque, already considered one of America’s Best Places to Live by Livability.com’s editors, came in seventh of the “10 most surprisingly vibrant cities for foodies to flex their taste buds.” Albuquerque’s dining scene marries “traditional New Mexican cuisine with an independent spirit and hunger for diversity.”

Not only do national observers like Albuquerque, it is relatively inexpensive for them to get here. The March 29 issue of Business Travel News (www.nxtbook.com) offers the 2010 Corporate Travel Index. The report averages hotel rates, car rental rates and food costs for 100 cities. There are 13 cities less expensive than Albuquerque and 86 more expensive. Albuquerque ranks between Salt Lake City and Corpus Christi, Texas. The business traveler spends $11.88 for an Albuquerque breakfast, $19.65 for lunch and $42.23 for dinner. The daily total is $84.82.

Albuquerque places 17th among the nation’s top 50 bike friendly cities, says Bicycling Magazine, (www.bicycling.com). The report considers cities with a population of more than 100,000. Essentials include segregated bike lanes, municipal bike racks and bike boulevards. To make the list, “a city must also support a vibrant and diverse bike culture, and it must have smart, savvy bike shops.”

Albuquerque is the best city in which to be an independent movie maker, says MovieMaker magazine (www.moviemaker.com) in the Winter 2010 issue. “Movie making can happen anywhere—as long as there are creative artists willing to make a go of it and a community of supporters happy to nurture their talents,” MovieMaker says.

Time Growing Short For Buyer Tax Credits

joe.jenkins@coldwellbankerlegacy.com — Fri, 09 Apr 2010 17:35:57 GMT

Time is growing short for you to find your new home and take advantage of the federal home buyer tax credit program. The credits are available to both first time buyers and to those currently owning a home. The good news is that if you have signed a purchase contract by April 30, as long as the purchase is closed by June 30 the tax credits will be accessible. The 61-day period for closing should be sufficient because nearly all home purchases close within 60 days. Any home that will be the buyer’s principal residence qualifies, so long as the purchase price is no more than $800,000. Both single taxpayers and married couples filing a joint return may qualify for the full tax credit amount, whether they are first time buyers or current owners. Income limits apply to both credits. The National Association of Home Builders estimates that about 70% of all buyers should qualify for some type of credit. For the purpose of the credit program, “first time buyer” means the purchaser has not owned a home for three years. A current home owner must have owned and occupied the same home as a primary residence for five consecutive years during the last eight years. For first time buyers, the credit is 10% of the purchase price, up to the maximum available credit of $8,000. The credit for current owners is also 10% of the purchase price but with a maximum of $6,500. An income up to $125,000 qualifies an individual filing taxes as a single person for the full credit. For married couples filing jointly, the limit is $225,000. The income limit refers to the taxpayer’s “modified adjusted gross income.” People earning more than the cap may qualify for a partial credit. The tax credit applies to the buyer’s taxes on a dollar-for-dollar basis. If the buyer’s taxes are less than the credit, the buyer gets a refund check. Plenty of homes are being offered for sale. We’re ready to help you find that perfect new home and then guide you through the closing.