What should a smart home seller do with that fat federal tax rebate check?
Well, it's not THAT fat, but it could come in handy for sellers
who use it wisely.
The Economic Stimulus Act of 2008 includes, among other
provisions, tax rebates, bureaucratically dubbed "economic stimulus
payments".
Starting in May, the U.S. Treasury Department will begin
sending rebates to taxpayers, who had $3,000 of income, filed a 2007 tax return
and have a valid Social Security number. Eligible taxpayers will receive up to
$600 ($1,200 for married couples). Parents will receive an additional $300 for
each eligible child younger than 17.
If you are a retiree, disabled veteran or low-wage worker who
is otherwise exempt from filing a tax return, you must file a tax return this
year in order to receive a rebate.
The rebate –– both the basic component and the additional
funds for qualifying children –– begins to phase out for individuals with
adjusted gross incomes (AGI) over $75,000 and married couples who file a joint
return with AGI over $150,000. The combined payment is reduced by 5 percent of
the income above the AGI thresholds.
You can estimate what your tax rebate take might be with the
Economic Stimulus Payment Calculator online.
And here are a few things you ought to consider doing with that
unexpected windfall, if you are selling your home.
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JUNE 2008
One
of the most common reasons to buy a home is to
accommodate your growing family. Perhaps you want to
live in a neighborhood with better schools and more
services, or maybe you need a bigger house as the two of
you turns into three and then four.
With summer here and temperatures rising quickly, many
people are already turning the air conditioner on. But
did you know that what's atop your home may or may not
be helping you stay cool?
