Shared purchase, shared ownership...

Home Ownership:
Owning your own home is something that each and every person dreams of no matter who or where they are. The satisfaction that your personal home can give you, irrespective of how big or small, is something that you cannot get from the best of rented or leased homes. In fact, in America, home ownership has the same kind of importance that is given to the right to freedom and liberty.

Rights that come with Home Ownership
■Homeowners have the right to do whatever they wish with their homes even after their death. They can choose to leave it to their heirs or for that matter to anyone they desire.
■A homeowner has complete freedom to rent or lease his home or any part of it to whoever they desire, provided there is no discrimination based on race. They even have the right to regularly inspect their property to see that it is being used and maintained properly.
■You can sell your home or use it for any purpose (as long as it is not illegal) and even restrict the use of any natural resources available on your property.
Responsibilities of Homeowners
■You have to follow the zoning regulations that apply to your property. If your home is in a residential only zoning area, then you cannot use it for commercial use, unless it is something like a freelance home business that will not alter the residential neighborhood.
■You can renovate your home as you wish, but you have to stay within the building codes that govern the plumbing, electrical, and various other systems.
■An easement is giving others the right to use part of your property. For example, if some electric lines have to run through your property, then you have to allow the power company to have an easement on your home.
■You can use your home as you wish provided that your neighbors are not disturbed by you making too much noise at unreasonable hours and you are not interfering with them enjoying their own homes.
Home Ownership Tax Benefits
■If you have a mortgage on your home and are paying mortgage interest, then you are entitled to mortgage tax breaks.
■If you have purchased your home with a home loan, then a certain portion of your interest payments are totally deductible from income tax.
■All taxes paid as property taxes are deductible from your income provided these are actually paid and not held in escrow to be paid at a later date.
■Any expenses incurred as selling costs, or to make your home more saleable, are deductible from your income.
Home Ownership Status
■If yours is the only name that appears on your home deed, then you have complete single ownership of your home.
■If you have bought your home along with your parents or say a spouse to qualify for a home loan, then the parties whose names appear on the home deed have a joint ownership in the property.
■If you live in a condominium complex or an apartment building or any other kind of community environment, then although you have single ownership of your own home, you also have a shared ownership in the community complex, and as a shared owner are equally responsible for any repairs, maintenance, and general running of the common shared amenities, which might include a swimming pool, a gymnasium, grounds, common entertainment facilities, etc.
Home ownership is typically given a lot of importance and homeowners are generally allowed to do whatever they wish in their homes. While their rights are exclusive, they are not absolute. All homeowners should take care of their legal responsibilities towards their homes as well as their neighbors, so that they can enjoy their homes and at the same time not worry about having to be involved in any legal battle with regards to their home ownership.



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2009 Stimulus Plan Benefits in a Nutshell

Deal Announced on Stimulus; Weekend Vote Likely

$40 billion to provide extended unemployment benefits through Dec. 31, and increase them by $25 a week; $20 billion to increase food stamp benefits by 14 percent; $3 billion in temporary welfare payments.

$14 billion to give one-time $250 payments to Social Security recipients, poor people on Supplemental Security Income, and veterans receiving disability and pensions.

$46 billion for transportation projects, including $27 billion for highway and bridge construction and repair; $8.4 billion for mass transit; $8 billion for construction of high-speed railways and $1.3 billion for Amtrak; $4.6 billion for the Army Corps of Engineers; $4 billion for public housing improvements; $6.4 billion for clean and drinking water projects; $7 billion to bring broadband Internet service to underserved areas.

$21 billion to provide a 60 percent subsidy of health care insurance premiums for the unemployed under the COBRA program; $87 billion to help states with Medicaid; $19 billion to modernize health information technology systems; $10 billion for health research and construction of National Institutes of Health facilities.

$8 billion in aid to states to defray budget cuts.

About $50 billion for energy programs, focused chiefly on efficiency and renewable energy, including $5 billion to weatherize modest-income homes; $6.4 billion to clean up nuclear-weapon production sites; $11 billion toward a so-called smart electricity grid to reduce waste; $13.9 billion to subsidize loans for renewable energy projects; $6.3 billion in state energy efficiency and clean energy grants; and $4.5 billion to make federal buildings more energy efficient.

$47 billion in state fiscal relief to prevent cuts in state aid to school districts, with great flexibility to use the funds for school modernization and repair; $26 billion to school districts to fund special education and the No Child Left Behind law for students in K-12; $17 billion to boost the maximum Pell Grant by $500 to $5,350; $2 billion for Head Start.

$2.8 billion for homeland security programs, including $1 billion for airport screening equipment.

$4 billion in grants to state and local law enforcement to hire officers and purchase equipment.

Approximately $115 billion for a $400-a-worker, $800-a-couple tax credit in 2009 and 2010. For the last half of 2009, workers could expect to see perhaps $13 a week less withheld from their paychecks starting about June. Millions of Americans who don"t make enough money to pay federal income taxes could file returns next year and receive checks. Individuals making more than $75,000 and couples making more than $150,000 would receive reduced amounts.

About $70 billion to spare about 24 million taxpayers from being hit with the alternative minimum tax in 2009. The change would save a family of four an average of $2,300. The tax was designed to make sure wealthy taxpayers can"t use credits and deductions to avoid paying any taxes. But it was never indexed to inflation, so families making as little as $45,000 could get significant increases without the change. Congress addresses it each year, usually in the fall.

About $13 billion to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than $160,000.

$3.7 billion to repeal a requirement that a $8,000 first-time home buyer tax credit be paid back over time for homes purchased from Jan. 1 to August 31, unless the home is sold within three years.

$5 billion to extend a provision allowing businesses buying equipment such as computers to speed up its depreciation through 2009.

$2.5 billion to makes sales tax on paid on new car purchases tax deductible.

Source: Associated Press

Bay Area Trusted

The Tax Man
Wil Chase Oliver
http://www.baytaxman.com

Don't miss out on your stimulus payment

Don't miss out on your stimulus payment

Don't miss out on your stimulus payment


IRS TAX TIP 2008-Special Edition

Are you wondering what to do to ensure that you receive your economic stimulus payment which the IRS will begin to send out this May? In most cases you will not have to do anything extra. If you are eligible for a payment, all you have to do is file a 2007 tax return and the IRS will do the rest.

However, recipients of Social Security, certain Veterans' and Railroad Retirement benefits and low-income workers who don’t normally need to file may have to take steps to insure receipt of the stimulus payment.

If you are in this group and normally would not be required to file a tax return, you need to file a 2007 tax return this year to receive an economic stimulus payment. The return must show at least $3000 in qualifying income.

Qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. While these people may not be normally required to file a tax return because they do not meet the filing requirement, the IRS emphasizes they must file a 2007 return in order to receive a payment.

The IRS has released a sample version of a Form 1040A that highlights the simple, specific sections of the return that can be filled out by people in these categories to qualify for a stimulus payment.

For more information see IRS Fact Sheet FS 2008-16 Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans’ Benefits available on www.irs.gov.

Be aware that identity thieves are already pushing scams involving the stimulus payments. At least one telephone scam is making the rounds using the proposed rebates as bait. IRS news release IR-2008-11,”IRS Warns of New E-Mail and Telephone Scams Using the IRS Name; Advance Payment Scams Starting,” has more details.

Remember that for the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www .irs.gov.

Links:

Economic Stimulus Payments Information Center

Tax Credit Reporting Service for Students

ACS :: 1098T

TCRS For Students


Tax Credit Reporting Service for Students

Welcome to the Tax Credit Reporting Service (TCRS) Student/Taxpayer web site. This site provides useful information on the Taxpayer Relief Act of 1997, which provides education tax incentives for eligible taxpayers. These benefits, called the Hope Scholarship Credit and Lifetime Learning Credit, allow taxpayers to reduce their federal income tax based upon qualified tuition and fees paid, assuming the taxpayer meets all TRA’97 requirements.

This site also contains information on the Tuition and Fees Deduction for Higher Education Expenses. This tax deduction permits taxpayers to take an "above the line" deduction for qualified higher education expenses paid by the taxpayer during a taxable year. Additional information can be found by selecting the The Deduction for Higher Education Expenses link under TRA’97 Information menu option.

For more information regarding student loan interest paid and 1098-E year-end tax statement click the following link www.acs-education.com.

If TCRS provides tax credit reporting services for your school,
proceed to Access My Record and follow the instructions to obtain secure access
to your student-specific data.

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