Do the Deed is about
attitude and action. Becoming more aware. Intentionally doing good for
those around you. This site exists to celebrate and inspire a movement
fueled by simple acts of kindness. The smallest deed can change a life.
Together we can bring joy to the world.
One deed at a time. www.dothedeed.org

The Federal Reserve, in a SURPRISE move yesterday - RAISED their discount rate. The discount rate - this is the rate the Fed charges banks to borrow money from them so the banks can in turn loan money out to everyone - was increased to 3/4%, from their 1/2% target.

This is a sign that the Federal Reserve sees our economy in recovery, and it time to begin to return back to more normal market conditions. This is GREAT news!!

At this point, the Fed is NOT stopping their many other programs and tools they have currently in use to support our economy, but we will be seeing these programs as well being moved to closure over the course of this coming year.

So buyers, don't wait anymore, now is the time to act before. Every day you wait, the risks of higher interest rates and home prices escalate. www.MaryPalma.com

I had an excellent time in Falls Church today with Brian Buffini. Meeting him was as amazing as I imagined!!

The Unemployment rate for January was just announced. Unemployment FELL to 9.7% from 10% in December!!!

This is GREAT news!!!

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Market News!

"The Northern Virginia real estate market is on fire!! Median home price is UP $71,600 in Fairfax County, $62,000 in Prince William County and $29,000 in Fauquier/Culpeper Counties over last year!!!"

Time is Running Out for First Time Homebuyer Credit!

First-Time Homebuyer credit

IRS TAX TIP 2009-02

First-time homebuyers should begin planning now to take advantage of a new tax credit. Available for a limited time, the credit:

• Applies to home purchases after April 8, 2008, and before July 1, 2009.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.

The credit operates much like an interest-free loan because it must be repaid in equal installments over a 15-year period. Taxpayers will claim the credit on new IRS Form 5405, First-Time Homebuyer Credit.

Only the purchase of a main home located in the United States qualifies. Vacation homes and rental property are not eligible. For a home that you construct, the purchase date is the first date you occupy the home.

Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.

If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. If you make an eligible purchase in 2009, you can choose to claim the credit on either your original or amended 2008 return, or on your 2009 return.

The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the maximum credit will be available for homes costing $75,000 or more. The credit normally must be repaid over a 15-year period starting the second year after the year the credit is claimed.

The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income. In general, for a married couple filing a joint return the phase-out begins at $150,000 and is completely phased out at $170,000. For other taxpayers, the phase-out range is between $75,000 and $95,000.

Not everyone will qualify for the credit. There are other rules that may impact your eligibility and decision to claim the First-Time Homebuyer Credit. Get all the information at IRS.gov.