Silicon Valley Honors Fallen Soldiers with Wreaths Across America on Dec. 12
by Michelle C. Carr-Crowe
This December 12th, Silicon Valley joins Wreaths Across America to honor fallen soldiers with their annual laying of the wreaths ceremony. A non-profit organization honoring both active and fallen soldiers, Wreaths Across America started in 1992 and has grown to 350 participating locations. It first began at Arlington National Cemetary. You can see the YouTube video here http://www.youtube.com/watch?v=ZayzlDwk89o.
If you haven't seen the moving sight of a cemetary adorned with wreaths of remembrance, click http://www.wreathsacrossamerica.org.
In Silicon Valley, three different locations are participating: Golden Gate National Cemetary in San Bruno, Calif. (contact Col. Leo P. McArdle), San Francisco National Cemetary at the Presidio (contact Capt. Katrin M. Cusack), and Madronia Cemetary in Saratoga, Calif., (contact William Snider). The coordinators for the respective locations are: Col. Leo P. McArdle, Capt. Katrin M. Cusack and William Snider. You can browse through the 350 participating locations at http://www.wreathsacrossamerica.org/Locations/.
The motto of Wreaths Across America is Remember, Honor, Teach. By remembering and honoring our soldiers with these wreaths, and teaching others about the program, we bless those who gave their all, as well as their families. Whether you celebrate Christmas, Hanukkah or no holiday at all this season, these veterans are deserving of your honor and remembrance.
It's only $15 to sponsor an individual wreath for a veteran. In addition, Wreaths Across America offers a variety of ways to participate include $1 programs, corporate sponsorships, patches, and note cards, as well as Patriot Pairs. You may also sponsor a wreath in someone else’s name.
The laying of the wreaths ceremony is on December 12. Please consider supporting this worthy recognition of those who've given their all that we may live to celebrate another holiday.
For details on how to help, participate and sponsor at the local Silicon Valley locations, click any of the following links: Golden Gate National Cemetary in San Bruno, Calif. (contact Col. Leo P. McCardle), San Francisco National Cemetary at the Presidio (contact Capt. Katrin M. Cusack), and Madronia Cemetary in Saratoga, Calif., (contact William Snider).
For those who will never come back home for the holidays, consider giving a gift to honor all that they gave for us.
Monday, November 30, 2009
Saturday, November 21, 2009
JUST REDUCED! NEW LOW $$! Open Sat. & Sun. Bright & Light Willow Glen Delight! $560K
JUST REDUCED! NEW LOW $$!
Open Sat. & Sun., Nov. 21 & 22 from 1:30-4:30!
Bright & Light Willow Glen Delight!
Located on a a Beautifully Manicured Street in Exquisite Willow Glen!
2180 Cheryl, San Jose 95125
Tuesday, November 17, 2009
It's Raining Blogs: How to be an ActiveRain RainMaker
It's Raining Blogs: How to be an ActiveRain RainMaker...Join Me at VREBAR Tu., 11/17 @ 2:30
By Michelle Carr-Crowe
Have you always wanted to be an ActiveRain RainMaker? Curious about how long it might take? Why you should bother?
If you want to take your brand, business and Internet presence and inject it with Google Juice, you need to get on ActiveRain, and become an ActiveRain RainMaker.
Join me and 26 other social media and real estate professionals at the First-Ever Virtual Real Estate BarCamp, Produced by Jim Cronin & Real Estate Tomato
In "It's Raining Blogs: How to Become an ActiveRain RainMaker" I'll cover the following:
• Intro to Blogging
• Definition of Blogging
• Why Blog? Business: Free exposure, free listing ads & crossover possibilities
• Why Blog? Personal: Integrating personality, hobbies & real-life
• Getting Started on ActiveRain
• Choosing a Target Market & Strategy
• Writing Your First Blog
• 5 Do's of Blogging
• 5 Don'ts of Blogging
• Examples of a Perfect Blog
• Extra Bonus Blogs: Upping Your Points and Ranking
• Expanding Your Blog's Reach
Be part of history! Over 1,500 professionals are already signed up. You can still register for FREE here:
http://rebarcamp.com/virtual/free-registration/
See you in the Rain!
P.S. To request a copy of the written presentation, It's Raining Blogs: How to be an ActiveRain RainMaker, send an email request to me at getresultsteam@gmail.com.
By Michelle Carr-Crowe
Have you always wanted to be an ActiveRain RainMaker? Curious about how long it might take? Why you should bother?
If you want to take your brand, business and Internet presence and inject it with Google Juice, you need to get on ActiveRain, and become an ActiveRain RainMaker.
Join me and 26 other social media and real estate professionals at the First-Ever Virtual Real Estate BarCamp, Produced by Jim Cronin & Real Estate Tomato
In "It's Raining Blogs: How to Become an ActiveRain RainMaker" I'll cover the following:
• Intro to Blogging
• Definition of Blogging
• Why Blog? Business: Free exposure, free listing ads & crossover possibilities
• Why Blog? Personal: Integrating personality, hobbies & real-life
• Getting Started on ActiveRain
• Choosing a Target Market & Strategy
• Writing Your First Blog
• 5 Do's of Blogging
• 5 Don'ts of Blogging
• Examples of a Perfect Blog
• Extra Bonus Blogs: Upping Your Points and Ranking
• Expanding Your Blog's Reach
Be part of history! Over 1,500 professionals are already signed up. You can still register for FREE here:
http://rebarcamp.com/virtual/free-registration/
See you in the Rain!
P.S. To request a copy of the written presentation, It's Raining Blogs: How to be an ActiveRain RainMaker, send an email request to me at getresultsteam@gmail.com.
It’s Raining Blogs…I Mean Meteors…Catch God’s Big Show at 1:00 am, Nov. 17 & 18
It’s Raining Blogs…I Mean Meteors…Catch God’s Big Show at 1:00 am, Nov. 17 & 18
By Michelle C. Carr-Crowe
Tonight and tomorrow night, God and nature are putting on a free show, the Leonid meteor shower. Like me, try to take a nap during the day so you can stay up to see the fun.
Created by Comet Tempel-Tuttle, the Leonids are an annual event, usually seen in late fall. (Note: Some earlier Internet postings incorrectly attributed it to the Comet Swift-Tuttle.) Each time the Leonid meteor shower passes through the inner solar system it sprinkles debris, (mostly ice and rock), varying in size from as large as a standard marble to as small as a grain of sand.
"We're predicting 20 to 30 meteors per hour over the Americas, and as many as 200 to 300 per hour over Asia," said Bill Cooke of NASA's Meteoroid Environment Office.
According to experts like Cooke, the best time to watch will be from 1:00 am PST through dawn each day. The good news is this year it occurs close to the New Moon phase, enhancing visibility.
Meteor showers are named by the constellation from which meteors appear to fall, a spot in the sky astronomers call the radiant; for example, the Perseid meteor shower’s origin appears to be located near the Perseus constellation, the Leonid’s near Leo (aka the Lion).
This year’s Leonids are reputed to be especially interesting due to its various colored hues, ranging from the usual white or silver to aquamarine or blue.
Tips for viewing:
1) Take at least a 1 hour nap during the day.
2) Go to the bathroom before you leave for your stargazing destination.
3) Find a safe, dark place to watch, one not subject to an onslaught of headlights.
4) Dress warmly with several layers, as well as gloves, hat and overcoat.
5) Bring a bottle of water, and a thermos of hot chocolate, coffee, tea or soup, plus a small snack.
6) Bring a blanket (preferably with a waterproof layer on one side to put on the ground) or a comfy reclining camp chair, PLUS a blanket to snuggle under.
7) Sit or lay back and relax your eyes to maximize your peripheral vision.
8) ENJOY!
For maximum enjoyment, allow at least one hours for viewing; the first 15 minutes will be spent acclimating your eyes to the darkness, then give yourself at least 30 minutes to view. If meteors are falling at 20 per hour, that’s about 1 every 3 minutes; at 30 per hour, that’s 1 every 2 minutes. Assuming you may miss about 20 percent due to looking in the wrong direction or closing your eyes, that means you may see as few as 8 or as many as 15 in 30 minutes.
By Michelle C. Carr-Crowe
Tonight and tomorrow night, God and nature are putting on a free show, the Leonid meteor shower. Like me, try to take a nap during the day so you can stay up to see the fun.
Created by Comet Tempel-Tuttle, the Leonids are an annual event, usually seen in late fall. (Note: Some earlier Internet postings incorrectly attributed it to the Comet Swift-Tuttle.) Each time the Leonid meteor shower passes through the inner solar system it sprinkles debris, (mostly ice and rock), varying in size from as large as a standard marble to as small as a grain of sand.
"We're predicting 20 to 30 meteors per hour over the Americas, and as many as 200 to 300 per hour over Asia," said Bill Cooke of NASA's Meteoroid Environment Office.
According to experts like Cooke, the best time to watch will be from 1:00 am PST through dawn each day. The good news is this year it occurs close to the New Moon phase, enhancing visibility.
Meteor showers are named by the constellation from which meteors appear to fall, a spot in the sky astronomers call the radiant; for example, the Perseid meteor shower’s origin appears to be located near the Perseus constellation, the Leonid’s near Leo (aka the Lion).
This year’s Leonids are reputed to be especially interesting due to its various colored hues, ranging from the usual white or silver to aquamarine or blue.
Tips for viewing:
1) Take at least a 1 hour nap during the day.
2) Go to the bathroom before you leave for your stargazing destination.
3) Find a safe, dark place to watch, one not subject to an onslaught of headlights.
4) Dress warmly with several layers, as well as gloves, hat and overcoat.
5) Bring a bottle of water, and a thermos of hot chocolate, coffee, tea or soup, plus a small snack.
6) Bring a blanket (preferably with a waterproof layer on one side to put on the ground) or a comfy reclining camp chair, PLUS a blanket to snuggle under.
7) Sit or lay back and relax your eyes to maximize your peripheral vision.
8) ENJOY!
For maximum enjoyment, allow at least one hours for viewing; the first 15 minutes will be spent acclimating your eyes to the darkness, then give yourself at least 30 minutes to view. If meteors are falling at 20 per hour, that’s about 1 every 3 minutes; at 30 per hour, that’s 1 every 2 minutes. Assuming you may miss about 20 percent due to looking in the wrong direction or closing your eyes, that means you may see as few as 8 or as many as 15 in 30 minutes.
Thursday, November 12, 2009
Dear God…Please bless Noah Biorkman…
Dear God…Please bless Noah Biorkman…
Does anyone remember the 1996 movie, “Dear God” starring Greg Kinnear?
In it, a cynical con man must take the only job he can get (in the dead letter department at the post office) as a condition of parole. While there, he finds out there is an entire bin of undeliverable dead letter mail, including dozens of “Dear God” letters. Some of it contains cash, jewelry and other goodies.
Although he initially intends to steal the unclaimed money and valuables from this undeliverable mail, he ends up having a change of heart and leads his colleagues in answering prayers found in the letters.
Most of the time when I receive an email request to send Christmas cards to a sick child or help find a missing child, I’m a bit cynical. I check it out first on Urban Legends or Snopes. About 90 percent of the time it’s either an urban legend or expired (e.g. the missing child was found 2 years ago).
So when my colleague Linda Gonzales sent a request to mail Christmas cards to Noah Biorkman, a young boy with neuroblastoma in Michigan, whose family planned to celebrate Christmas early this weekend, I checked it out first. To my pleasant surprise, it’s a legitimate request. There were links to the local radio station WYCD and Noah’s Care Pages. (The only hiccup was they already celebrated their family Christmas last weekend.)
Here’s the most recent posting from Noah’s mother on Care Pages:
Posted Nov 11, 2009
We received 80,000 pieces of mail on Monday alone! We even received mail today on Veteran's Day! Yes, the Post Office is closed today, yet, we still got mail!
My garage is so full that we asking for everyone to please send all communications to Noah's father's house. Everything should go to the following:
Scott Biorkman
3480 Petoskey Way
Milford, Michigan 48380
Please post on all Facebook accounts the address change.
Merry Christmas!!
Posted Nov 9, 2009 12:23am
What a week! Scott and I have had a hard time wrapping our brain
around how much support and compassion we have received from people
all around the world!!! Noah was the 17th most googled topic on
Thursday and 12th on Friday!! Unbelievable!!!!!!!
Thank you to everyone for the support! Thank you to everyone that listened to my requests for peace…
So for the cost of a stamp and five minutes of your time to write a note, address the card and put on the stamp, you can be part of God’s love and a child’s Christmas miracle.
Dear God…
Please bless and watch over Noah and his family. Give them health, strength and peace. Let this holiday season be filled with love and joy and answered prayers.
Amen.
Does anyone remember the 1996 movie, “Dear God” starring Greg Kinnear?
In it, a cynical con man must take the only job he can get (in the dead letter department at the post office) as a condition of parole. While there, he finds out there is an entire bin of undeliverable dead letter mail, including dozens of “Dear God” letters. Some of it contains cash, jewelry and other goodies.
Although he initially intends to steal the unclaimed money and valuables from this undeliverable mail, he ends up having a change of heart and leads his colleagues in answering prayers found in the letters.
Most of the time when I receive an email request to send Christmas cards to a sick child or help find a missing child, I’m a bit cynical. I check it out first on Urban Legends or Snopes. About 90 percent of the time it’s either an urban legend or expired (e.g. the missing child was found 2 years ago).
So when my colleague Linda Gonzales sent a request to mail Christmas cards to Noah Biorkman, a young boy with neuroblastoma in Michigan, whose family planned to celebrate Christmas early this weekend, I checked it out first. To my pleasant surprise, it’s a legitimate request. There were links to the local radio station WYCD and Noah’s Care Pages. (The only hiccup was they already celebrated their family Christmas last weekend.)
Here’s the most recent posting from Noah’s mother on Care Pages:
Posted Nov 11, 2009
We received 80,000 pieces of mail on Monday alone! We even received mail today on Veteran's Day! Yes, the Post Office is closed today, yet, we still got mail!
My garage is so full that we asking for everyone to please send all communications to Noah's father's house. Everything should go to the following:
Scott Biorkman
3480 Petoskey Way
Milford, Michigan 48380
Please post on all Facebook accounts the address change.
Merry Christmas!!
Posted Nov 9, 2009 12:23am
What a week! Scott and I have had a hard time wrapping our brain
around how much support and compassion we have received from people
all around the world!!! Noah was the 17th most googled topic on
Thursday and 12th on Friday!! Unbelievable!!!!!!!
Thank you to everyone for the support! Thank you to everyone that listened to my requests for peace…
So for the cost of a stamp and five minutes of your time to write a note, address the card and put on the stamp, you can be part of God’s love and a child’s Christmas miracle.
Dear God…
Please bless and watch over Noah and his family. Give them health, strength and peace. Let this holiday season be filled with love and joy and answered prayers.
Amen.
West San Jose Cupertino Schools Lynbrook High Homes MidWeek Update 11.12.09
West San Jose Cupertino Schools Lynbrook High Homes MidWeek Update 11.12.09
Hello & Happy Harvest Season! This is Michelle Carr Crowe with your Lynbrook High Homes Update for 11.12.09.
The housing market in West San Jose with Lynbrook High continues to be stable. Currently there are only 6 single family homes for sale (2 went pending and 1 new one came on the market since Sat., 11/07/09). Condos and townhomes remain steady with the same 7 for sale. There is also 1 multi-family fourplex for sale.
I have *6* different pre-approved buyers who want to buy in the in the next 30 days and move in before the Christmas holidays -but the homes they want and need aren't on the market right now. Who do you know who's thinking of selling that could use my help?
Tax Credit and Unemployment Benefits Officially Extended & Expanded
The existing tax credit for first-time buyers, originally set to expire at the end of the month, has been extended, expanded and approved by the House, Senate and President Barack Obama. The new measure allows both first-timers and existing homeowners to take advantage of thousands in the form of a tax credit. All properties must close by the end of April.
The measure would continue giving an $8,000 tax credit to first-time buyers.
In addition, it provides a $6,500 tax break to qualified homeowners looking to move up OR MOVE DOWN to middle-market homes that cost no more than $800,000. This can be an important bonus for seniors.
The legislation also significantly raises the qualifying income levels to $125,000 for individual income tax filers and to $225,000 for joint filers.
Finally, the bill would extend unemployment benefits 14 more weeks nationwide and 20 more weeks in California and other hard-hit states. That would give the long-term unemployed nearly two years' worth of benefits.
Reprinted with permission from the National Association of REALTORS®.
SELLERS: Click HERE to Find Out Home Values BEFORE You Sell
BUYERS: This week we have *3* separate 3 Br TownHome Opportunities in Monta Vista! All 3 are at least 3 Br and 2 Bath! All are in low-traffic locations, and feature 2-car garages, too. Please call 408.252.8900 to request a showing time. We must have your most current pre-approval letter on file prior to showing- you can email it to info@michellejudycarr.com or fax it to 408.378.9056.
VIP INVESTOR BUYERS ONLY: Call me regarding a potential teardown/remodel opportunity on a standard size (~6000sf) lot. Seller only wants to sell As-Is with no contingencies (getting reports is OK), preferably to cash buyer, reasonably priced.
BUYERS: Click HERE to Find Out Home Prices BEFORE You Buy
Get RE$ult$ Team Open House
Open Saturday 1:30-4:30! Grandma's Cottage Charmer in Willow Glen! 2180 Cheryl, San Jose 95125 REDUCED $$!
Asking $612K OR BEST WRITTEN OFFER !! Try FHA Loan - $21,525 Down Possible!*
For Sale Single Family Homes: 7
1033 Windsor St San Jose 6 4 35 4,956 $482 10,950 $2,388,800 6
1681 Provincetown Dr San Jose 4 3 160 2,800 $535.67 6,500 $1,499,888
1566 Duckett Wy #9 San Jose 4 4 (3/1) 1 2,315 $517.49 2,134 $1,198,000
1142 Johnson Av San Jose 5 2 79 1,904 $530.46 6,549 $1,010,000 51
1432 Yilufa Ct San Jose 4 4 (3/1) 36 2,309 $433.07 2,171 $999,950
1403 S Blaney Av San Jose 3 2 9 1,357 $713.99 6,180 $968,888 50
1307 Centennial Ct San Jose 3 2 3 1,176 $764.46 7,102 $899,000 50
For Sale Condos/TownHomes: 7
7250 Clarendon St San Jose 3 3 (2/1) 9 1,448 $531.77 $300 $770,000 30
7126 Clarendon St San Jose 3 3 (2/1) 28 1,448 $502.76 $300 $728,000 30
1082 Norfolk Dr San Jose 2 2 (1/1) 16 1,149 $598.78 $295 $688,000 37
7150 Rainbow Dr #21 San Jose 2 2 (1/1) 269 1,050 $476.14 $393 $499,950 45
7100 Rainbow Dr #7 San Jose 2 1 31 968 $470.04 $374 $455,000 45
1155 Weyburn Ln #28 San Jose 2 1 58 814 $526.89 $330 $428,888 47
6942 Chantel Ct San Jose 1 1 86 582 $462.2 $305 $269,000 109
For Sale Multi-Family: 1
1609 Brookvale Dr San Jose 30 4,520 $298.67 7,668 $1,350,000 41
Thanks for reading, Aloha & God bless you!
Hello & Happy Harvest Season! This is Michelle Carr Crowe with your Lynbrook High Homes Update for 11.12.09.
The housing market in West San Jose with Lynbrook High continues to be stable. Currently there are only 6 single family homes for sale (2 went pending and 1 new one came on the market since Sat., 11/07/09). Condos and townhomes remain steady with the same 7 for sale. There is also 1 multi-family fourplex for sale.
I have *6* different pre-approved buyers who want to buy in the in the next 30 days and move in before the Christmas holidays -but the homes they want and need aren't on the market right now. Who do you know who's thinking of selling that could use my help?
Tax Credit and Unemployment Benefits Officially Extended & Expanded
The existing tax credit for first-time buyers, originally set to expire at the end of the month, has been extended, expanded and approved by the House, Senate and President Barack Obama. The new measure allows both first-timers and existing homeowners to take advantage of thousands in the form of a tax credit. All properties must close by the end of April.
The measure would continue giving an $8,000 tax credit to first-time buyers.
In addition, it provides a $6,500 tax break to qualified homeowners looking to move up OR MOVE DOWN to middle-market homes that cost no more than $800,000. This can be an important bonus for seniors.
The legislation also significantly raises the qualifying income levels to $125,000 for individual income tax filers and to $225,000 for joint filers.
Finally, the bill would extend unemployment benefits 14 more weeks nationwide and 20 more weeks in California and other hard-hit states. That would give the long-term unemployed nearly two years' worth of benefits.
Reprinted with permission from the National Association of REALTORS®.
SELLERS: Click HERE to Find Out Home Values BEFORE You Sell
BUYERS: This week we have *3* separate 3 Br TownHome Opportunities in Monta Vista! All 3 are at least 3 Br and 2 Bath! All are in low-traffic locations, and feature 2-car garages, too. Please call 408.252.8900 to request a showing time. We must have your most current pre-approval letter on file prior to showing- you can email it to info@michellejudycarr.com or fax it to 408.378.9056.
VIP INVESTOR BUYERS ONLY: Call me regarding a potential teardown/remodel opportunity on a standard size (~6000sf) lot. Seller only wants to sell As-Is with no contingencies (getting reports is OK), preferably to cash buyer, reasonably priced.
BUYERS: Click HERE to Find Out Home Prices BEFORE You Buy
Get RE$ult$ Team Open House
Open Saturday 1:30-4:30! Grandma's Cottage Charmer in Willow Glen! 2180 Cheryl, San Jose 95125 REDUCED $$!
Asking $612K OR BEST WRITTEN OFFER !! Try FHA Loan - $21,525 Down Possible!*
For Sale Single Family Homes: 7
1033 Windsor St San Jose 6 4 35 4,956 $482 10,950 $2,388,800 6
1681 Provincetown Dr San Jose 4 3 160 2,800 $535.67 6,500 $1,499,888
1566 Duckett Wy #9 San Jose 4 4 (3/1) 1 2,315 $517.49 2,134 $1,198,000
1142 Johnson Av San Jose 5 2 79 1,904 $530.46 6,549 $1,010,000 51
1432 Yilufa Ct San Jose 4 4 (3/1) 36 2,309 $433.07 2,171 $999,950
1403 S Blaney Av San Jose 3 2 9 1,357 $713.99 6,180 $968,888 50
1307 Centennial Ct San Jose 3 2 3 1,176 $764.46 7,102 $899,000 50
For Sale Condos/TownHomes: 7
7250 Clarendon St San Jose 3 3 (2/1) 9 1,448 $531.77 $300 $770,000 30
7126 Clarendon St San Jose 3 3 (2/1) 28 1,448 $502.76 $300 $728,000 30
1082 Norfolk Dr San Jose 2 2 (1/1) 16 1,149 $598.78 $295 $688,000 37
7150 Rainbow Dr #21 San Jose 2 2 (1/1) 269 1,050 $476.14 $393 $499,950 45
7100 Rainbow Dr #7 San Jose 2 1 31 968 $470.04 $374 $455,000 45
1155 Weyburn Ln #28 San Jose 2 1 58 814 $526.89 $330 $428,888 47
6942 Chantel Ct San Jose 1 1 86 582 $462.2 $305 $269,000 109
For Sale Multi-Family: 1
1609 Brookvale Dr San Jose 30 4,520 $298.67 7,668 $1,350,000 41
Thanks for reading, Aloha & God bless you!
Tuesday, November 10, 2009
Saratoga Senior Salvation-A Tax Credit for Move-DOWN Saratoga Buyers
Saratoga Senior Salvation-A Tax Credit for Move-DOWN Saratoga Buyers
By Michelle C. Carr-Crowe
Lost in the hoopla about extending and expanding the “up to” $8,000 credit for new homebuyers is the credit for existing homeowners. In my opinion, this can be “Senior Salvation” - a tax credit for move-DOWN Saratoga buyers.
I called my broker, my local real estate board, the California Association of REALTORS®, and even the IRS to ask my question: does this credit apply for move-down buyers?
So far the answer is, “As long as they qualify and have a tax to apply the credit to, it looks like YES.”
To summarize:
1. A first time homebuyer is one that has not owned a home for at least three years.
2. A repeat homebuyer must have owned their current home for at least five consecutive years out of the last eight years.
3. The maximum purchase price for the new home is $800,000.
4. If single, your earning maximum to qualify is $125,000; if married, it’s up to $250,000.
5. There's no gap between the prior deadline (November 30th) and the new credit period, which ends April 30th.
6. While you must be in a contract to purchase your new home on or before April 30th, you have until June 30th to close the transaction.
7. To prove you qualify, you'll need to attach proof of purchase to your tax return (most likely a HUD-1 or final closing statement).
Caveat: please, please check with your tax professional and attorney before making any real estate commitments.
However, this may finally be a tax credit that helps seniors who’ve lived in their homes for more than five consecutive years of the past eight.
For example, a senior couple selling a 1.5 million dollar single family home in Saratoga Lynbrook they’ve owned for the past 10 years, then buying a single-level 3 bedroom condo in San Jose for $650,000 not only get to keep their $500,000 tax-free capital gains benefit and transfer their tax basis, they can also now use up to $6,500 as a tax credit.
By Michelle C. Carr-Crowe
Lost in the hoopla about extending and expanding the “up to” $8,000 credit for new homebuyers is the credit for existing homeowners. In my opinion, this can be “Senior Salvation” - a tax credit for move-DOWN Saratoga buyers.
I called my broker, my local real estate board, the California Association of REALTORS®, and even the IRS to ask my question: does this credit apply for move-down buyers?
So far the answer is, “As long as they qualify and have a tax to apply the credit to, it looks like YES.”
To summarize:
1. A first time homebuyer is one that has not owned a home for at least three years.
2. A repeat homebuyer must have owned their current home for at least five consecutive years out of the last eight years.
3. The maximum purchase price for the new home is $800,000.
4. If single, your earning maximum to qualify is $125,000; if married, it’s up to $250,000.
5. There's no gap between the prior deadline (November 30th) and the new credit period, which ends April 30th.
6. While you must be in a contract to purchase your new home on or before April 30th, you have until June 30th to close the transaction.
7. To prove you qualify, you'll need to attach proof of purchase to your tax return (most likely a HUD-1 or final closing statement).
Caveat: please, please check with your tax professional and attorney before making any real estate commitments.
However, this may finally be a tax credit that helps seniors who’ve lived in their homes for more than five consecutive years of the past eight.
For example, a senior couple selling a 1.5 million dollar single family home in Saratoga Lynbrook they’ve owned for the past 10 years, then buying a single-level 3 bedroom condo in San Jose for $650,000 not only get to keep their $500,000 tax-free capital gains benefit and transfer their tax basis, they can also now use up to $6,500 as a tax credit.
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