NEWS & RESOURCES
GLS & Associates is staying on top of the changing economy and market dynamics that impact today's real estate market so that we can provide valuable information to our clients. We hope you find the following information useful.
$8,000 Tax Credit
To qualify for the $8,000 tax credit incentive for first-time homebuyers, buyers must complete their home purchase by November 30, 2009. To read more about this credit go to:
http://www.irs.gov/newsroom/article/0,,id=204672,00.html
Southern California home prices "may have finally hit bottom?"
http://latimes.com/business/la-fi-home-sales16,0,2009jul16,0,6992810.story
New Law Closes Tax Loophole On Capital Gains
A popular tax-saving loophole regarding capital gains taxes on some primary residences has been impacted by the recently signed 2008 Housing and Economic Recovery Act. The law places new restrictions on wealthy home owners who own two or more homes and plan to “house hop” to avoid paying capital gains taxes.
Emergency Economic Stabilization Act of 2008
The Emergency Economic Stabilization Act of 2008 was passed by the Congress and signed by the President on October 3rd 2008 to help steady the financial markets and calm fears of investors and depositors. The 451-page law gives the Secretary of the Treasury authority to buy up to $700 billion in troubled assets, most arising from the housing crisis, in an effort to prevent more bankruptcies and foreclosures and to provide more cash for new loans. It represents the largest government intervention in the financial system since the Great Depression.