So, how does the recent Stimulus package affect you?  From what we understand, here are some of the details-

Temporary credit for homebuyers-
The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500.  It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for less than 3 years.  And it would extend the credit's expiration date to Dec. 1, 2009, from July 1.  Those eligible for this credit mush have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.  The full credit is available to those making $75,000 or less ($150,000 for joint filers).

Making Work Pay Credit-
The bill provides a $400 credit per worker and a $800 credit per dual-earner couple.  the full credit would be paid to people making $75,000 or less ($150,000 per dual-earner couple).  A partial credit would be paid to those making above those amounts but no more than $100,000 ($200,000 for couples).

The credit would also be refundable, which means that even very low-income families who don't make enought to owe income tax would be able to claim it.  For most working individuals, the credit will be paid over time at roughtly $15 per period, assuming 26 pay periods in a year.

Break for higher imcome families-
The bill includes a one-year provision to protect middle- and upper-middle-income families from having to pay the Alternative Minimum Tax.  The AMT was intended primarily for high-income taxpayers but has in recent years threatened to engulf those lower down the imcome scale.

Have more questions?  Ron would be glad to answer any questions regarding how this stimulus package affects your real estate or help direct you to the right people who can answer your questions!

Call Ron at 303-359-8717 or e-mail him at Ron@TheElstonGroup.com