Who will be subject to the new taxes imposed in the health legislation?

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Ready to buy? Then here’s what documentation you need to prepare so a mortgage banker can let you know exactly what loan amount and purchase price you can qualify for…

Filed under: Buying, Finance, IRS, Making Home Affordable, Money-Saving, Mortgage, Mortgage Rates, Real Estate Market, VRN | No Comments »

This is a question as a real estate agent I often hear. Sellers typically want their property tax assessment to be low so that their taxes are low, so they almost always feel that their home is worth more than the tax assessment indicates.

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Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

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Who Qualifies for the Extended Credit?

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The FairTax ensures that everyone earning above the poverty level would pay federal taxes. Loopholes would not exist and Social Security and Medicare funding would be ensured.

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Everyone knows tax increases are coming.

But a Wall Street Journal editorial explains that these hikes will be bigger than expected, with taxes on dividends nearly tripling.

Last week, the Senate Budget Committee passed a fiscal 2011 budget that includes a 164 percent increase in the top dividend tax rate to 39.6 percent from 15 percent now.

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The measure, which is expected to be signed by Gov. Arnold Schwarzenegger, would waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale.

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