Just saw this article from CNNmoney.com and wanted to pass it along.
On Thursday, CNNMoney revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new form 5405.
The two-month delay was frustrating to Florida resident Charles Teschke. “We are not broke or anything, but nevertheless we were still counting on getting the tax refund to help pay for the appliances and stuff we needed for our new home,” he said. “The IRS told me they estimate it will take four months for me to get my refund!”
First-time buyers were able to immediately file for the tax credit after Congress approved it last February as part of the stimulus program. All they had to do was file an amendment to their 2008 tax returns (the ones they filed last April) and claim the promised refund of 10% of the purchase price, up to $8,000.
They were able to e-file, and they received their refunds promptly. One reader filed a claim the first week of August, and had the check by the third week in September.
But on Nov. 6 the rules changed. That’s when Congress extended — and expanded — the tax credit, which was originally scheduled to expire on Nov. 30.
Now, the deadline is April 30, by when all contracts must be signed. (Closings must happen by June 30.) Plus, existing homeowners looking to trade up (or down) can qualify for a $6,500 refund.
And these new buyers can no longer file electronically. They have to mail in paper forms, including the new 5405, whether they are amending their 2008 taxes or claiming it on the 2009 taxes that are being filed this spring.
That is going to dramatically slow refunds, but taxpayers can’t blame the IRS. Instead, it’s people scamming the system who are at fault.
For example, in October tax preparer James Otto Price III was the first person convicted of this crime. He falsely claimed the credit for 15 clients.
So buyers must now file documentation with their taxes — including proof of residency, a signed mortgage statement and drivers license — which the e-file system is not equipped to handle.
“Because of the scams, the IRS started sending back the amended returns and asking for proof,” said Mary Mellem of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals. “The system has no way of sending along the documents they’re requiring. Taxpayers must file a paper return instead.”
The IRS points out that taxpayers can still use the electronic forms available on its Web site or consumer sites such as TurboTax; they just have to print them out, attach the proof and mail everything in. And that can take quite a while.
“Taxpayers are looking at another three months before they get their returns,” said Mellem.
So while it may not be perfect- at least you can get the process started. And if you haven’t yet bought a home or if you are looking to move into a new home- don’t forget the tax credits expire April 30th- so call me and let’s get started!
I don’t know if you had heard the news a few weeks ago, but the City of Cincinnati announced they were now accepting pizza boxes and all plastic jugs/bottles in your curbside recyling.
As a recycling geek, I was pretty excited about this added plastic section. In fact I was so excited I was talking about it at a party last week- I know great party starter- and I found out that some of my exctiement was misplaced! You see, when I saw all plastic bottles and jugs accepted, I sort of ignored the bottles and jugs bit and just focused on the plastic part.
But it turns out that jug/bottle description is important. Your yogurt jar- still not accepted 
What is accepted is any plastic where the top is smaller than the bottom – think milk jug, coke bottle, etc. Take the lids off, of course.
On the plus side, I did find out that those annoying envelopes with the plastic window that come with your junk mail. Those are acceptable! So now my husband can’t huff at me anymore for thowing the whole pile of mail in the garbage without sorting out the plastic windows.
You also don’t have to seperate paper from plastic from glass. Rumpke does that in house. For all you recylce geeks out there like me, you can find all the do’s and don’ts here at the City of Cincinnati’s site.
Over a year ago I told you that the final holdout in the proposed Rookwood Exchange area had sold. And last week, the house came tumbling down. So what’s in store for the area now?
Years ago, the plan included Crate & Barrel and the Container Store moving to the area. Both, as you probably know, stopped waiting around through all the legal delays and instead went up to Kenwood (which I think we can argue they probably regret now- what the heck is going on up there?!?).
The latest news release reveals three of the anchors of this proposed 12 acre site. A Marriott Courtyard hotel and two upscale restaurants, Capitol Grille and Seasons 52. The developer also says there will be a movie theater on site- a welcome addition since the closing of the Norwood and Kenwood theaters over the past 2 years. The first phase is projected to be open for business in 2012.
The plan also includes office space and residential units but the size, price points and mix are still being decided.
For some renderings and sketches of the site you can check out this link.
I don’t know about you but I procrastinate. Laundry, grocery shopping, I leave those things for future Sara to handle. So you may have been doing the same with buying a home and taking advantage of the tax credit. Well here is your warning. You are seriously almost out of time!
You probably think I’m exaggerating- after all the credit goes until the end of November. But here’s the problem. To take advantage of the credit you need to be closed on your new house by Nov 30th. CLOSED, not under contract, not looking, CLOSED. To go from making an offer to closed is at LEAST 35 DAYS. Meaning you need to find a house and make an offer no later than October 25th.
And to honest I wouldn’t leave it until the last day because you know thousands of other buyers are doing the same thing and I can guarantee appraiser and underwriters are going to get backed up, and you certainly don’t want to miss out on $8000 because you were a few days too late.
So if you are a first time buyer (or you haven’t owned a home in 3 years) hurry up and take advantage of the credit- why wouldn’t you? Wondering if buying is the right move for you? Check out this math. And once you’ve decided owning a home is for you, I’d be happy to help. Just give me a call and I’m sure we can find you a great house, get you under contract and closed with time to spare.
Also known as a “living roof”, a green roof is one that is covered, either partially or completely, in vegetation, sod, or some other growing material.
On my recent trip to Alaska I saw quite a few green roofs, like this one at the visitor’s center in downtown Anchorage.
But green roofs, once primarily seen in commercial settings, are popping up all over the place. read more…
