Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

How to Get the Extended Home Buyer Tax Credit

You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:
1. Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
2. Decide whether to:
• apply the credit to your 2009 tax return, filed on or before April 15, 2010;
• file an amended 2009 return; or,
• apply the credit on your 2010 return, filed on or before April 15, 2011.
3. Attach documentation of purchase to your return.

Documentation of Purchase

Details concerning the precise documents required to confirm your purchase have not yet been released.

When to Apply the Credit

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to:
• Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
• File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
• Claim the credit on their 2010 tax returns.

Applying the Credit to Your 2009 Taxes

You will need to do three things to claim the credit on your 2009 tax return:
1. Fill out Form 5405 to determine the amount of your available credit;
2. Apply the credit when you file your 2009 tax return or file an amended return;
3. Attach documentation of purchase to your return or amended return.

Thought of the Day

Adults are just kids who owe money.

Home Buying Tax Credit

If you are looking to purchase a home for the first time and want to recieve the Tax Credit of up to $8,000 you better act now. You need to settle by November 30,2009 as the credit expires on December 1, 2009. Call Maryland Residential Realty for information at 410-719-0760.

www.MDResidentialRealty.com

Maryland is Wealthiest State in the U.S.

Maryland once again ranks number one as the "Wealthiest State" in the United States with an average income of $70,545 and that is up from 2008 by $1,500.

Maryland also ranks high in Education. Not only do we have the best school system in the country but 35.2 percent of Marylanders have a Bachelors Degree ranking us as number 5 in the U.S. and we rank number 3 in the U.S. with advanced dgrees.

The only thing that we seem to be bad in is commuting. We are the 2nd with an average commute of 31.5 minutes, second only to New York.

What are your thoughts on thi

Baltimore County Executive Candidate

Baltimore County Councilman Kevin Kamenetz is considering running for Baltimore County Executive. With that in mind there will be a "Meet and Greet" fundraiser on Thursday, October 29, 2009 at Rolling Road Golf Club. The cost of this event will be Fifty Dollars per person and includes Hoer's d'oeuvres, Sodas and a Cash Bar. The event starts at 6:30PM and ends at 8:30PM. If you would like tickets please contact George Brookhart at 410-719-0760.

George Brookhart
www.MDResidentialRealty.com

Success

Success is not the key to happiness> Happiness is the key to success. If you love what you are doing, you will be successful>

Baltimore County's Economy Now and the Future

Come here David Iannucci, Executive Director of Baltimore County Economic Development speak about Baltimore County's Economy, now and the future. This event will take place on Tuesday, September 22, 2009 starting at 6:00PM. The location is BWTECH@UMBC Incubator, 1450 S. Rolling Road, Catonsville, Maryland 21228. There will be drinks and Hors D' Oeuvres and the cost is $20 per person. for more information go to . Maryland Residential Realty is Proud to be a sponsor of this event. You can also call 410-719-9609.