Cynthia's Chat

I wanted to share this email I recieved from a friend of mine.  Her grandson has been diagnosed with cancer and there is a special way you can help.  And prayers would always be welcome.  Read Carolyn's email below for the details.

In March of 2008, at the age of 3, Gavin was diagnosed with an atypical teratoid/rhabdoid tumor (AT/RT) - a very agressive, recurrent turmor of the central nervous system - that had spread from his brain to his spine.  A renowned western artist named Bruce Greene wants to help us out with Gavin's medical costs.  Mr. Greene's work is included in museums and important private collections across the nation and beyond. He has generously donated one of his very collectible bronze castings for a raffle in the hope of some relief to Gavin's expenses. Bruce chose, for this effort, the sculpture "No Mas" (No More). This bronze casting sells for $2,250.  This piece depicts a small burrow who has broken free to live a full and unhindered life. It is Bruce's prayer that God is providing a freeing wellness to Gavin so that he will be living life to the fullest as well.

The web site for the raffle is http://www.gavinsmithraffle.blogspot.com/
 
The raffle will end on Good Friday, the day of his diagnosis last year.  This year Good Friday is April 10, 2009.

I am confident that my friends will come through in a special way for Gavin.

You've heard about it on the news or had email alerts.  The government is giving away money.  Too good to believe?  Well it's true.......if you are a first time home buyer.  The definition of first time homebuyer is someone who has not owned a home in the past 3 years.  If married, neither spouse could own a home in the past  3 years.

So if you are a first time homebuyer or know someone who is, 2009 is the year to jump into home ownership.  Interest rates are hovering around 5.00%  Home prices have dipped a little from precious years, and you get $8000.00 to do with what you want!

In simple terms from Spirit Bank's Tom Davies, this is how it workds:

The economic stimulus package signed into law last week provides an $8,000 maximum tax credit for first time home buyers. New homeowners can claim this credit (10% of the new home’s contract price with a maximum of $8,000) on their 2008 or 2009 taxes. The 2009 credit replaces the $7,500 tax credit that has been in effect since April 9, 2008, and was set to expire in July. The 2008 credit had to be paid back with no interest over the subsequent 15 years.

 Unlike the 2008 tax credit the new tax credit does not have to be paid back unless you sell the home in less than three years. At that point you will be required to pay back a pro-rated share. The tax credit is retroactive to Jan 1, 2009 and expires on November 30, 2009. Uncle Sam is also being liberal (hard to believe I know) on the definition of first time. A first time home buyer in this case actually means you (and your spouse if married) have not owned a primary residence in 3 years. You are not excluded from the tax credit if you own a vacation or

rental property.

This tax credit does have income limitations. The full amount is available for single borrowers who have adjusted gross incomes below $75,000 or married filing joint below $150,000. For those above that number but below $95,000 or $170,000 there is a partial credit.

The tax credit excludes some potential home buyers. Those include: nonresident alien, homes outside the U.S., homes acquired from a gift or inheritance or you purchase the home from a related person or entity (see IRS form 5405 for details).

The federal government has made it relatively easy to obtain the 2009 tax credit. Simply fill out, or have a tax professional fill out, IRS form 5405 (available on www.irs.gov) when filing the 2008 or 2009 tax return. It is not possible to get this money before you buy a home. This new 2009 version of the tax credit is available for home buyers who use tax exempt revenue bonds for down payment assistance. The old version of the program exempted those who used bond money.

Now is a great time to be a first time home buyer. Rates are very low and the United States Treasury is giving you $8,000 to buy a house.