USA Today: Home buyer tax credits: Frequently asked questions

clipped from www.usatoday.com If you're in the market for a home, the world is your oyster. Interest rates are at record lows. Housing prices in many parts of the country are still depressed. And you may be eligible for a generous tax break, even if the home you buy isn't your first. ORIGINAL TAX CREDIT VS. NEWER EXPANDED VERSION | Column
On Nov. 6, President Obama signed legislation expanding a tax credit implemented this year as part of the economic stimulus package. What changed:
	Stimulus credit	Expanded credit
First-time home buyer credit	$8,000	$8,000
Credit for current homeowners who buy a home	Not available	$6,500
Expiration of credit	Nov. 30	April 30, 2010*
Income limits	$75,000 single; $150,000 married; additional $20,000 phase-out.	$125,000 single; $225,000, married; additional $20,000 phase-out
Limit on cost of purchased home	None	$800,000
* = home buyer has until July 1 to close; Source: National Association of Realtors.

On Nov. 6, President Obama signed legislation that provides a $6,500 tax credit for some current homeowners who buy another home. The law also extends the $8,000 tax credit for first-time home buyers, scheduled to expire Nov. 30, until next spring.

Judging from the mail we've received, a lot of people are interested in taking advantage of this tax break. But the expanded credit also has whipped up a lot of confusion. Here are some answers to questions from readers:

Q: How do I qualify for the $6,500 credit?

A: This credit is available for home buyers who sign a binding contract on a new or existing home by April 30, 2010, and settle by July 1 (deadlines that also apply to the first-time home buyer credit). You must have lived in your existing home for five consecutive years out of the last eight. The home you purchase must be your primary residence. However, the law doesn't require you to sell your old home, says Bob Meighan, vice president at TurboTax, the tax software provider. You can use it as a second home or a rental and still claim the credit, he says.

Q: I sold a home I had lived in for more than five years and bought a new one in August. Do I qualify for a tax credit?

A: No. For existing homeowners, the $6,500 credit is limited to homes purchased after Nov. 6.

Q: Does the home I buy have to be more expensive than the one I own now?

A: No. While the real estate industry is hopeful that homeowners will use this credit to buy a nicer place, there's no prohibition against using it to downsize, Meighan says. That makes this credit particularly useful for seniors who are interested in moving into a smaller home.

If you are planning to move up, keep in mind that you can't claim the credit if the purchase price of the home exceeds $800,000. Unlike some other tax credits, this one doesn't slowly phase out once you exceed the threshold, Meighan says. If you buy a home for more than $800,000 — and that refers to the purchase price, not the assessed value or the amount of your mortgage — you are ineligible for the credit, period.

The $800,000 cap also applies to first-time home buyers, but only those who purchase a home after Nov. 6. First-time home buyers who bought a home for more than $800,000 between Jan. 1 and Nov. 6 can still claim the credit, assuming they meet the other criteria, Meighan says.

Q: I'm an existing homeowner, and would like to build a new home. Can I claim the credit?

A: Yes, but make sure your builder is good at meeting deadlines. You can claim the credit as long as you have a binding contract in place by April 30 and close by July 1. In the case of a new home, the closing date is the day you move in, Meighan says. If your home isn't habitable by June 30, you won't be able to claim the credit, he says.

Q: I bought a home in 2008 and claimed the old $7,500 first-time home buyer's credit, which must be repaid over 15 years. Did the new law change that rule?

A: No. That credit, which was available for homes purchased between April 9, 2008, and Dec. 31, 2008, must still be repaid.

The $8,000 first-time home buyer credit, available for homes purchased after Dec. 31, 2008, doesn't have to be repaid as long as you remain in the home for at least three years. Existing homeowners who qualify for the $6,500 credit don't have to repay that money, either, as long as they meet the three-year requirement.

Q: We have a rental home and would like to sell it to our son, who has never owned a home. Would he qualify for the first-time home buyer credit?

A: No. The legislation specifically prohibits taxpayers from claiming the credit if the sale is between "related parties," Meighan says. A home sale to a parent, grandparent, child or grandchild would fall into that category.

Q: I sold my home this year and have been renting since. If I buy a new home, do I qualify for the expanded credit?

A: Yes, as long as you meet all of the other requirements, says Mel Schwarz, partner with Grant Thornton in Washington, D.C. The eight-year period used to determine eligibility ends on the day you buy your new home, he says.

Sandra Block covers personal finance for USA TODAY. Her Your Money column appears Tuesdays. Click here for an index of Your Money columns.

E-mail her at: sblock@usatoday.com.

Follow on Twitter: www.twitter.com/sandyblock

HRC Encourages Consumers to "Support Those That Support Us" with Buying for Equality in 2010

clipped from www.hrc.org In time for the holiday season, new guide gives consumers tool for buying products from lesbian, gay, bisexual and transgender friendly companies WASHINGTON – In time to kick-off of the holiday shopping season, the Human Rights Campaign, the nation’s largest gay, lesbian, bisexual and transgender (LGBT) civil rights organization, today released a guide to hundreds of popular American brands rated on businesses’ treatment of LGBT employees.  “Buying for Equality 2010” divides businesses and their consumer products into red, yellow and green categories based on their score on the HRC Foundation’s Corporate Equality Index, a nationally recognized benchmark of LGBT inclusion.  The guide is available for download and viewing online at www.hrc.org/BuyersGuide.

“Congress is currently considering the Employment Non-Discrimination Act, a critical piece of workplace legislation that will include our community. Until all LGBT Americans get fair treatment in the workplace, we must support businesses that support us,” said Human Rights Campaign President Joe Solmonese. “By purchasing products from businesses that support LGBT equality, shoppers send a clear message to businesses that their support, or lack thereof, will directly impact their bottom line.”

The LGBT community is estimated to have $712 billion in buying power this year, according to research by Witeck-Combs Communications and Marketresearch.com. A recent study by Witeck-Combs/Harris Interactive also found that 78 percent of LGBT people are extremely or very likely to consider brands that are known to provide equal workplace benefits for their employees, including LGBT workers.

“From determining which car to purchase, to the right holiday gift for the kids, to everyday grocery shopping, this guide harnesses the power of equality-minded shoppers. At this moment it’s critically important that businesses hear that their customers support businesses that support us,” said Solmonese.

Fair-minded consumers are encouraged to write to businesses to either thank them for their support, ask them revise their policies, or encourage them to participate in the Corporate Equality Index. More information can be found at www.hrc.org/ConsumerAdvocacy.

This is the fifth year the Human Rights Campaign has published Buying for Equality. The guide has been viewed and downloaded more than 300,000 times at www.hrc.org/BuyersGuide.

Additional background information on “Buying for Equality 2010”:

Buying for Equality is an annual publication of the Human Rights Campaign Foundation that directs consumers to support fair-minded businesses through their purchasing decisions. The guide draws comparisons between products, services and retail outlets that consumers use on a daily basis. The ratings are based upon the HRC Foundation’s Corporate Equality Index which, this year, rated a record 305 at 100 percent. The CEI is the foremost method for businesses to evaluate their diversity and inclusion efforts toward recruiting and retaining LGBT employees, customers and investors — learn more at www.hrc.org/cei.

Categories: “Buying for Equality” breaks companies and their products into everyday purchasing categories, including:

* Apparel & Accessories
* Banking & Finance
* Eating Out
* Food & Beverage
* Home & Garden
* Technology

Ratings: Businesses and their products are divided based on their CEI rating into red, yellow and green sections so that consumers can easily determine which brands support LGBT equality:

* Green (80-100): Consumers should make every effort to support these businesses.
* Yellow (46-79): Businesses/brands that have taken steps toward a fair-minded workplace, but there is still progress to be made.
* Red (0-45): Businesses/brands that have more work to do in furthering equality. If possible, make the choice to support a fairer company.
* Red (?): Businesses/brands that have not responded to the survey despite repeated attempts and whose policies remain unclear.

HRC looks forward to building relationships with businesses that have not responded to attempts to gather information on LGBT workplace policies and programs, and are hopeful to evaluate and report information in the future.

Featured Businesses and Their CEI Ratings:

* General Mills (100%) vs. Kellogg’s (65%)
* Visa, MasterCard, American Express (100%) vs. Discover Card (58%)
* Orbitz (100%) vs. Expedia (65%)
* Dell (100%) vs. Acer/Gateway (50%)
* Best Buy (100%) vs. Radio Shack (40%)
* Staples (93%) & OfficeMax (90%) vs. Office Depot (45%)
* Mattel (95%) vs. Hasbro (50%)

The Human Rights Campaign is America’s largest civil rights organization working to achieve lesbian, gay, bisexual and transgender equality. By inspiring and engaging all Americans, HRC strives to end discrimination against LGBT citizens and realize a nation that achieves fundamental fairness and equality for all.

Kasey and Shawn's House on Neil in Victorian Village (I sold them the house) :-)

You can click on the link to read the entire story or scroll to the bottom. They have done a great job!

clipped from www.columbusunderground.com Kasey and Shawn Conyers are no strangers to Victorian Village. They have lived in the neighborhood for more than ten years. They originally bought a home in the neighborhood several years ago that they fixed up and resold when they decided they wanted more space to raise their family. They love the walkability diversity of Victorian Village and ultimately decided to stay in the neighborhood. Their current beautiful home provides plenty of space for them and their two little boys and two dogs. It has 2900 square feet, four bedrooms and 3.5 baths. When they found the house, they feel in love with the architectural details, nice size of the rooms and layout of the floors. The couple also likes to collect art. They have several paintings by their friend Shawn Savage, including ‘Monalisa’ and ‘ Split Personality.’ They have also bought some pieces at the CCAD Art Sale. At Home: In Italian Village Victorian Village: Successful rebirth At Home in German Village At Home in Woodland Park

The couple are only the fifth owners to live in the house. The house was lucky to survive tough times by not being divided into multiple apartments; instead a couple of families had come together at times and just shared the entire space. The last owners had done some renovating and documented everything. Which was cool to have, says Kasey, but sometimes seeing what they did - like paint beautifully dark stained trim over with white - was a little sad. They do have the original deed to their house!

Kasey and Shawn both have backgrounds in design - she runs her own business, Bliss Wedding & Event Design, and he is an architect. They have been working on the house a little at a time. When the weather got nice after they first moved in, they painted the exterior. Shawn did most of it himself, except for the third floor turret. Inside the turret is Kasey’s home office. It is a wonderful space with four windows that fill the space with light. A great place to spur creative thinking! The room also includes Shawn’s home workspace and a play area for the boys. It is a great arrangement that allows Kasey to keep her boys at home while she works.

Their goal for the house is to give it a ‘modern comfortable’ style while keeping and enhancing some of the character of the house. One of Shawn’s favorite moments about the house is the wonderful front door and its handle. The starburst on the porch is also a favorite. The house was covered in carpet by the last owners, so they are working to remove that and restore the wood floors. Some future projects include removing wallpaper, updating bathrooms and redoing the kitchen. Because the house had been sitting vacant for awhile before they purchased it, they also have a backyard full of work. But they plan on being there for quite awhile to raise their family so they look forward to making the house their own.

October home sales in Central Ohio the highest since the housing boom

I can concur. My 4th quarter is very busy. As always, click on the link to read the entire story.

clipped from columbusrealtors.com Demand rises and inventory declines as market nears stabilization Home sales in the month of Oct. were up 25.6 percent from this time last year. The 2,021 sales last month represents the highest number of listings sold in the month of October since the housing boom in 2006. “At a time when sales traditionally start to taper off, central Ohio home sales are increasing,” said Gary Parsons, President of the Columbus Board of REALTORS®. “We know the first time home buyer tax credit has had an impact. But, the fact that we have a solid inventory of homes available at very affordable prices and interest rates are still at record lows has also strengthened our housing market.” The number of homes in contract (but not yet closed) is also up. The 1,539 homes in contract is 17.2 percent higher than last year at the same time suggesting that November home sales will also be strong.

Ohio Foreclosure Crisis: Delinquent loans rise to record number

Problem expected to get worse in 2010
Friday, November 20, 2009 3:11 AM
By Jim Weiker
THE COLUMBUS DISPATCH

clipped from www.dispatch.com New evidence suggests that the foreclosure crisis is likely to get worse before it gets better. A report, issued yesterday by the Mortgage Bankers Association, found that loan delinquencies rose to record levels in the third quarter of this year. At the end of the quarter, 14.4 percent of loans were delinquent or in foreclosure, the highest rate the association has seen since it began its surveys in 1972. In Ohio, 15.3 percent of loans were past due or in foreclosure -- 226,000 of the state's 1.48 million residential mortgages. While the number of loans in foreclosure increased only slightly in Ohio from the previous quarter, those at least 90 days' delinquent rose sharply, from 3.75 percent to 4.44 percent. That suggests foreclosures will rise next year as banks move to repossess those properties. The number of seriously delinquent or foreclosed loans in Ohio has risen about 1 percent each of the past three quarters.

Wee bit of pee in OSU Miror Lake after 'jump'

Click on the link for the entire article.

clipped from www.dispatch.com During the big Michigan Week jump, Ohio State University's Mirror Lake and a baby pool have a lot in common. " /> Ammonia levels in Mirror Lake shot up after last year's jump. This one was in 2006. One researcher advised, "Don't open your mouth." The jump, which will take place tonight, is one of many student traditions. But Ohio State also is a research university, so it was inevitable that someone would apply a little science to this ritual. Last year, students in the College of Earth Sciences tested the water in Mirror Lake before, during and after thousands plunged in to psych themselves up for The Game. "Interesting results from last year's study include a lake-wide temperature increase of approximately 3 degrees Fahrenheit during the course of the night and an ammonia spike around 1 in the morning," said Steve Goldsmith, a postdoctoral research associate. Urine.

Two Anti-Gay Stories out of Houston

HOUSTON -- The man who successfully pushed a city charter amendment barring benefits for the same-sex partners of Houston city employees in 2001 has launched a wave of campaign fliers that attack an openly gay candidate in the race for mayor.

Complete story is here



HOUSTON -- A Langham Creek High School freshman who said he's the victim of a hate crime is speaking out.

Jayron Martin said he begged two principals at his school and his bus driver for help before he was hit repeatedly with a metal pipe.

Martin said the help never came. He said it took a neighbor with a shotgun to stop the beating.

“They didn’t do anything,” said Martin. “They never called me down or nothing.”

The attack happened after school November 12, near the 6100 block of Langham Mist Lane.

According to the 16-year-old, the attack took place off campus. He said a fellow student beat him after school while eight others stood around and watched. Martin believes he was beaten because he’s gay.

Complete story is here

An Arkansas 10-year-old says he won't pledge to the flag until gays and lesbians have equal rights.

An Arkansas 10-year-old says he won't pledge to the flag until gays and lesbians have equal rights.

New Hotel Planned Just South of the Short North on North High

Click on the Dispatch link to see the entire article.

clipped from www.dispatch.com The planned $140 million Hilton-Columbus Downtown convention hotel will start to rise above N. High Street next August, a project team told Franklin County commissioners this morning. "Another great project for Downtown," Commissioner John O'Grady said after seeing architectural drawings of the hotel, which include a towering glass atrium. The new hotel, to open in fall 2012, will have 10 levels but appear to rise about 13 stories given several taller floors. "It's got a new urbanism feel," Commissioner Paula Brooks said. Artists renderings of the planned hotel. Click on the image to view it larger. Commissioners have pledged $8 million for the project. That money will go into a county-controlled contingency fund, which will be used only if the hotel fails and rooms aren't booked. The development team is briefing community leaders today about the project.

Update: Washington Blade Closed; Employees May Try To Plot Revival

Click on the Washington Post link for more information.

clipped from www.washingtonpost.com The Washington Blade, the weekly newspaper that chronicled the coming-out of the capital's gay community, was born amid the idealism of 1960s street protests. Monday, the paper died, victim of the unforgiving realities of the nation's sagging newspaper industry. Longtime reporter Lou Chibbaro Jr. says the Blade's closing was "a shock." (Bill O'leary/the Washington Post) Last month, the Blade celebrated its 40th anniversary at a swanky downtown Washington party. The paper's nearly two-dozen employees arrived at their downtown offices Monday to start a new workweek, only to be ordered to clear out their desks by midafternoon. Staffers planned to meet at a coffee shop Tuesday to plot a revival of the paper. "It's a shock. I'm almost speechless, really," said Lou Chibbaro Jr., a Blade reporter who has written for the newspaper since 1976, covering the full arc of the country's gay-rights movement