Update on the HOMEBUYER TAX CREDIT:
The federal law that extends and expands the homebuyer tax credit continues to be the most important news we can share with buyers and sellers.
Who Qualifies for the Extended Credit?
► First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
► To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
► Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
►The maximum allowable credit for first-time home buyers is $8,000.
►The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
► The price of the home. ► The buyer's income.
PRICE OF THE HOME: Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
BUYER’S INCOME: Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.
If the Buyer(s)’ Income Exceeds These Limits, Can He or She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He or She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale. For answers to specific tax questions you may want to contact a tax professional or the IRS: 800-829-1040.
FOR MORE ONLINE: www.realtor.org
Saturday, January 23, 2010
Monday, January 11, 2010
Chlorine in Tap Water - What You Should Know
EarthTalk: Chlorine in tap water
Dear EarthTalk: I am very concerned about the amount of chlorine in my tap water. I called my water company and they said it is safe just let the tap run for awhile to rid the smell of the chlorine. But that just gets rid of the smell, perhaps, not the chlorine? -- A.F.Thousands of American municipalities add chlorine to their drinking water to get rid of microbes like nitrates, arsenic and pesticides. But this inexpensive and highly effective disinfectant has a dark side. “Chlorine, added as an inexpensive and effective drinking water disinfectant, is also a known poison to the body,” says Vanessa Lausch of filter manufacturer Aquasana. “It is certainly no coincidence that chlorine gas was used with deadly effectiveness as a weapon in the First World War.” The gas would severely burn the lungs and other body tissues when inhaled, and is no less powerful when ingested by mouth.
Lausch adds that researchers have now linked chlorine in drinking water to higher incidences of bladder, rectal and breast cancers. Reportedly chlorine, once in water, interacts with organic compounds to create trihalomethanes (THMs)—which when ingested encourage the growth of free radicals that can destroy or damage vital cells in the body. “Because so much of the water we drink ends up in the bladder and/or rectum, ingestions of THMs in drinking water are particularly damaging to these organs,” says Lausch. The link between chlorine and bladder and rectal cancers has long been known, but only recently have researchers found a link between common chlorine disinfectant and breast cancer, which affects one out of every eight American women. A recent study conducted in Hartford, Connecticut found that women with breast cancer have 50-60 percent higher levels of organochlorines (chlorine by-products) in their breast tissue than cancer-free women.
But don't think that buying bottled water is any solution. Much of the bottled water for sale in the U.S. comes from public municipal water sources that are often treated with, you guessed it, chlorine. A few cities have switched over to other means of disinfecting their water supplies. Las Vegas, for example, has followed the lead of many European and Canadian cities in switching over to harmless ozone instead of chlorine to disinfect its municipal water supply.
As for getting rid of the chlorine that your city or town adds to its drinking water on your own, theories abound. Some swear by the method of letting their water sit for 24 hours so that the chlorine in the glass or pitcher will off-gas. Letting the tap run for a while is not likely to remove any sizable portion of chlorine, unless one were to then let the water sit overnight before consuming it. Another option is a product called WaterYouWant, which looks like sugar but actually is composed of tasteless antioxidants and plant extracts. The manufacturer claims that a quick shake of the stuff removes 100 percent of the chlorine (and its odor) from a glass a tap water. A year’s supply of WaterYouWant retails for under $30.
Of course, an easier way to get rid of chlorine from your tap water is by installing a carbon-based filter, which absorbs chlorine and other contaminants before they get into your glass or body. Tap-based filters from the likes of Paragon, Aquasana, Kenmore, Seagul and others remove most if not all of the chlorine in tap water, and are relatively inexpensive to boot.
CONTACTS: Aquasana, www.aquasana.com; WaterYouWant, www.wateryouwant.com.
SEND YOUR ENVIRONMENTAL QUESTIONS TO: EarthTalk®, P.O. Box 5098, Westport, CT 06881; earthtalk@emagazine.com. Read past columns at: www.emagazine.com/earthtalk/archives.php.
Dear EarthTalk: I am very concerned about the amount of chlorine in my tap water. I called my water company and they said it is safe just let the tap run for awhile to rid the smell of the chlorine. But that just gets rid of the smell, perhaps, not the chlorine? -- A.F.Thousands of American municipalities add chlorine to their drinking water to get rid of microbes like nitrates, arsenic and pesticides. But this inexpensive and highly effective disinfectant has a dark side. “Chlorine, added as an inexpensive and effective drinking water disinfectant, is also a known poison to the body,” says Vanessa Lausch of filter manufacturer Aquasana. “It is certainly no coincidence that chlorine gas was used with deadly effectiveness as a weapon in the First World War.” The gas would severely burn the lungs and other body tissues when inhaled, and is no less powerful when ingested by mouth.
Lausch adds that researchers have now linked chlorine in drinking water to higher incidences of bladder, rectal and breast cancers. Reportedly chlorine, once in water, interacts with organic compounds to create trihalomethanes (THMs)—which when ingested encourage the growth of free radicals that can destroy or damage vital cells in the body. “Because so much of the water we drink ends up in the bladder and/or rectum, ingestions of THMs in drinking water are particularly damaging to these organs,” says Lausch. The link between chlorine and bladder and rectal cancers has long been known, but only recently have researchers found a link between common chlorine disinfectant and breast cancer, which affects one out of every eight American women. A recent study conducted in Hartford, Connecticut found that women with breast cancer have 50-60 percent higher levels of organochlorines (chlorine by-products) in their breast tissue than cancer-free women.
But don't think that buying bottled water is any solution. Much of the bottled water for sale in the U.S. comes from public municipal water sources that are often treated with, you guessed it, chlorine. A few cities have switched over to other means of disinfecting their water supplies. Las Vegas, for example, has followed the lead of many European and Canadian cities in switching over to harmless ozone instead of chlorine to disinfect its municipal water supply.
As for getting rid of the chlorine that your city or town adds to its drinking water on your own, theories abound. Some swear by the method of letting their water sit for 24 hours so that the chlorine in the glass or pitcher will off-gas. Letting the tap run for a while is not likely to remove any sizable portion of chlorine, unless one were to then let the water sit overnight before consuming it. Another option is a product called WaterYouWant, which looks like sugar but actually is composed of tasteless antioxidants and plant extracts. The manufacturer claims that a quick shake of the stuff removes 100 percent of the chlorine (and its odor) from a glass a tap water. A year’s supply of WaterYouWant retails for under $30.
Of course, an easier way to get rid of chlorine from your tap water is by installing a carbon-based filter, which absorbs chlorine and other contaminants before they get into your glass or body. Tap-based filters from the likes of Paragon, Aquasana, Kenmore, Seagul and others remove most if not all of the chlorine in tap water, and are relatively inexpensive to boot.
CONTACTS: Aquasana, www.aquasana.com; WaterYouWant, www.wateryouwant.com.
SEND YOUR ENVIRONMENTAL QUESTIONS TO: EarthTalk®, P.O. Box 5098, Westport, CT 06881; earthtalk@emagazine.com. Read past columns at: www.emagazine.com/earthtalk/archives.php.
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