Passion for fashion makes fundraiser success - MenomoneeFallsNOW

Passion for fashion makes fundraiser success - MenomoneeFallsNOW

Ships Ahoy - Oconomowoc Focus

Check out the recent article about our new Oconomowoc High School Sailing Team.
Ships Ahoy - Oconomowoc Focus

News about Oconomowoc High Speed Rail

This link just came across my desk regarding the push for high speed rail, with a stop in Oconomowoc.

Feingold and Kohl join Wisconsin's bid for high-speed rail - WKOW 27: Madison, WI Breaking News, Weather and Sports

Update to Tax Credit Info previously posted

This alert with a change, just came in. Please read.
Homebuyer Tax Credit Clarification
The RealEstateEconomyWatch.com article the GMAR sent out this morning, titled "How the New Homebuyers Tax Credit Works" by Steve Cook, contained an error that has caused some confusion among members.

The article incorrectly states that, "Existing homeowners who are also in the process of buying a home should consider delaying closing until December 1 or later to qualify for the credit."

According to NARs FAQ we sent out last night both tax credits will be effective as soon as President Obama signs the bill. And, according to ABC News, the President did sign the bill this morning. See more at ABC News


Posted are NARs fliers on the Tax Credit:

Home Buyers Tax Credit

The Greater Milwaukee Board of Realtors just released this informational piece about the tax credit. I have reproduced here, for you to read. Please call with any questions.

More on the Homebuyer Tax Credit Changes
How the New Homebuyers Tax Credit Works
from RealEstateEconomyWatch.com
by Steve Cook

The extension and expansion of the homebuyers tax credit that passed Congress November 5 allows more first-time buyers to qualify and creates an entirely new credit for existing homeowners who buy a new home.

The effective date is Tuesday, December 1 for the enhanced first-time buyer credit and for the new credit. It is not retroactive. However, first-time buyers who have been rushing the meet the November 30 deadline for the existing program need not worry. They can qualify under the new one. Existing homeowners who are also in the process of buying a home should consider delaying closing until December 1 or later to qualify for the credit.

Both credits expire next spring. Buyers must have a contract on a home before May 1, 2010 and they have until June 30, 2010 to close in order to qualify.

Key Provisions

Amounts:
- The first-buyer credit remains 10 percent of the cost of the home or $8ooo, whichever is less.
- The credit for existing homeowners is 10 percent of the value of the new home or $6500, whichever is less.

Definitions:
- A first-time homebuyer cannot have owned a home during the past three years.
- Existing homeowners must have owned and lived in their current home five out of the preceding eight years.
- Only principal residences qualify. No second homes or investment properties.

Income limits:
- The measure raises the income limits for those claiming the credit to $125,000 a year for individuals and $225,000 for couples, up from $75,000 and $150,000 in the previous first-time buyer credit. After that, the value of the credit phases out.
- The cost of the new home cannot exceed $800,000.

Cost:
- Expanding the home buyers’ credit will cost about $11 billion. The total cost of extending the first-time buyer credit and adding the existing owners’ credit is $16.7 billion.

How to Apply::
- Use IRS form 5405, which you file with an amended tax return.

Lakers Ski Swap Saturday

Lakers will be holding it's annual ski swap in the OHS cafeteria, Sat. Nov. 7th. Drop off of sale equipment will be from 7:30-9:30am. Sale starts at 9:30 and runs till 1pm. Cash or checks preferred. Come over for some great deals!