Furthermore, you were supposed to send 1099-INT annually to your tenant. Additionally, Under the Rent Security Deposit Act the landlord has to put a security deposit in a separate bank account that pays interest. The landlord must tell tenant in writing the name and address of the bank where the deposit is being kept, the amount of the deposit, the type of account, and the current interest rate for that account.
Looks like you haven't done that. One of the option is to go to the bank and ask them what was the escrow interest they were paying on average every year during this time frame. They will help to calculate total for you, most likely. You might also need to check on 1099-INT... more
I was dissapointed after moving in an living here for a while. There are a lot of amenities like the pool and the playground for the kids. But there the environment is not very good. The people who run the place (the "board") have no interest in the residents. They make arbitrary rules and they only focus on financial stuff. Yes, finances is a major part of the board's job, but it's not the only job. What about safety issues around the premises or our privacy inside our apartments.
The board pretends to know nothing whenever an employee misbehaves or breaks the law. When you complain, the board's lawyers send you a nasty letter denying everything and threatening if you continue to complain.
The playground is nice for the kids, but I don't feel comfortable with my kids playing there during the day with that creepy guy who is supposed to be responsible for landscaping and the security patrol. We're not the first parents who have had a problem with this.
I've only lived here for a short time but, if it wasn't for the terrible real estate market, I'd sell and move into a condo or a rental.... more
Here is what the IRA Has TO SAY
First-Time Homebuyer Credit – Purchases Made In 2009 And 2010
The Housing and Economic Recovery Act of 2008 created a new refundable tax credit, beginning in 2008, for individuals who are qualified first-time homebuyers of a principle residence in the United States. Topic 611 explains the general rules that apply to this credit for 2008. The American Recovery and Reinvestment Act of 2009 made changes to the credit for qualified purchases made in 2009.
Original Rule Changes For 2009:
Qualifying taxpayers who buy a home after December 31, 2008, and before December 1, 2009, can claim a first-time homebuyer credit of 10% of the home's purchase price, up to $8,000 ($4,000 for married filing separately).
Qualified 2009 homebuyers do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date.
Taxpayers who qualify for the 2009 credit can elect to claim the credit either on their 2008 tax return or on their 2009 tax return.
The Worker, Homeownership, and Business Assistance Act of 2009 extended the First-time Homebuyer Credit deadline to include qualifying purchases made by taxpayers who enter into a written binding contract before May 1, 2010, to close on the purchase of a principal residence before July 1, 2010.
Rule Changes For Qualified Purchases Made After November 6, 2009:
Credit Limitation: The credit limit remains $8,000 for qualified first-time homebuyers, however, long-time residents who owned and used the same principal residence for any 5 consecutive years of the last 8 years prior to purchasing a subsequent new principal residence, may now qualify for a tax credit of up to $6,500.
Income Limitation Is Increased: The Modified Adjusted Gross Income Limitation at which the credit will begin to be phased-out is increased to $125,000 for single taxpayers and $225,000 for joint taxpayers.
Purchase Price Limitation: No credit shall be allowed for the purchase of any residence if the purchase price of such residence exceeds $800,000.
Restriction for Age and Dependents: No credit shall be allow for the purchase of any residence unless the homebuyer (or spouse if married) has attained age 18 as of the date of such purchase. In addition, no buyer may take a credit if he or she can be claimed as a dependent on someone else's return.
Documentation Requirement: Buyers will be required to submit a copy of their settlement statement to claim the tax credit.
Claiming the Credit: Under the new law, as under the old, 2009 homebuyers may claim the credit on either their 2008 or 2009 returns, and 2010 buyers may claim their credit on either their 2009 or 2010 returns.
For more information on the new rules for 2009 and 2010 you may refer to the following references on the IRS Website at www.irs.gov.: The Form 5405 Instructions, the 2009 IRS News Release (IR-2009-14, Feb. 25, 2009), the First-Time Homebuyer Credit Information Center article, and additional topics on this subject.
This come directly from the IRS... more
Ljji hi...
As you may know, in NJ we start with signed contracts (signed by buyer and seller) that then go through a 3 day attorney review, during which time either party can get out of the contract with no reason given.
The home is considered to be "under contract" once the attorney review is complete. The buyer then generally has 10 days in which they can have inspections done.
You ask a good question............as to whether the attorney review has to be complete in order for the contract to be considered "binding"., for the purposes of the buyer's credit.
I would tend to think that having the contracts fully signed and initialed would be enough, but I will check with a local attorney tomorrow, and find out for sure.
I will get back to you if I find out that the attorney review needs to be completed.
Good luck!
Debbie Rose
Prudential NJ Properties... more
Alondra,
I am a Realtor who specilizes in REO and BANK OWNED properties in Northern New Jersey, including CLIFFSIDE PARK and FAIRVIEW. You may reach out to me with any questions that I can help you with. I can be contacted at:
OFFICE: 201-945-1070
CELL: 973-280-5987 OR
Email: bbg261@aol.com... more
How did you find the foreclosed home? If it's listed in the Multiple Listing System, you can see it with the agent you're working with or the listing agent by contacting them directly. If it's listed in the newspaper as a Sherrif's Sale you'll have to go to the Sheriff's sale.
Any property listed in a MLS system can be shown by any real estate agent who is a member of that MLS. If you haven't found a real estate agent and the property is listed in the MLS, you need to get in touch with an agent and find someone you can work with who is a full time professional. If you need a source to go to in order to find a good agent, there are some good resources.
For example, http://www.crs.com and http://www.wcr.org and http://www.rebac.net These are all good places to go to get a CRS designation is not easy and requires you to take courses and prove a certain amount of closed business; this is the top designation a sales agent can get. The Women's Council of Realtors is an organization that attracts the "best and the brightest" who are full time professionals focused on improving their knowledge and skill levels. REBAC has a course of study that provides the buyer's agent designation known as the ABR. These networks are all excellent resources for finding a top agent.
However, bear in mind always that you and the agent you choose must be able to communicate so you might find that despite excellent credentials, you just can't work with an agent. Contact a few and see who you can communicate best with and go on to that foreclosure or others.... more
Yes, great place, great builder, great niche community without water slides, golf courses, amusement parks, circuses, and light towers, or windmills, statues of horses, and out of place names. There actually is a creek which is deep and there is much wildlife still in the area. The homes are beautiful and the neighborhood is small and quaint with nice wide streets, over-sized lots and close to a new mall popping up near the freeway but far enough away to be in the country. Load up the wagon and head to Sloan Creek. One of the nicest little slices of town left.... more
Hi David,
I want to alert those who might attempt to answer your question that they can find more location information for Fairview in the upper left corner of this page. Above the text 'Trulia Voices-Farview' there is a breadcrumb that shows the state and county that Fairview belong to.
I hope this will help get you some good responses.
Best Wishes,
Emily Gibson
Customer Service Representative... more