2010 January | Houston Real Estate - Houston Neighborhoods: John Daugherty, Realtors

It is important to have a neat and organized garage before placing your home on the market for sale. The garage is the most often overlooked part of the home. Keeping a well organized garage while your home is being showed to potential home buyers shows that you take great pride and ownership of your home. It just takes a little bit of elbow grease and the right storage solutions to get into shape. Here are some great tips to help you get started.

Start by sorting through the clutter; determine what stays and what goes.

Place the items that you want to save in a clear container and labeled. For items that are hazardous chemicals place them in a locked cabinet out of the way.
Open and adjustable shelves are perfect for storing items away and off the floor.
Clear off you workbench, hang tools on a peg board or on the wall with hangers. Bikes can also be hanged from the ceiling or on the wall.
Anything that can’t be hung put them in a storage compartment.
Keep the floor swept and possibly give it a fresh coat of paint.

Did you purchase a home in 2009 or are you considering buying a home this year? If you are a first home buyer and haven’t owned a home in the past 3 years, you may be able to claim a tax credit up to $8,000.

If you buy a home this year, you must sign a binding contract by April 30^th and close by June 30^th. Also if you are a long time home owner and you are purchasing a replacement home for your principal residence, you may qualify for a credit of up to $6,500. If you bought the home in 2010 you have the option of claiming the credit on either your 2009 or 2010 tax returns.

You must attach a copy of your settlement statement to your tax returns to get the credit. You will not be able to file your tax returns electronically since you have to attach the settlement statement. For more information visit www.irs.gov/recovery

Recovery.gov is the U.S. government’s official website providing easy access to data related to Recovery Act spending and allows for the www.recovery.gov

	New Provisions
Effective Date	November 7, 2009
Deadline	Contract signed before May 1, 2010, must close before July 1, 2010 Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.
Amount	First-Timers: maximum of $8,000 or 10% of sales price Prior Owners: $6,500 if lived in prior home for at least 5 consecutive years of past 8 years
Income Limit	Individual: $125,000 Couple: $225,000
Other Restrictions	Buyer must be at least 18 years old and not classified as a dependent for tax purposes Home must cost less than $800,000 Home must be primary residence for at least 3 years. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.
How to claim	If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return