Wright Realtors Real Estate News - June 2012

What's New at Wright Realtors

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Jun 30
Protect your Pocketbook with a Home Warranty
Even while both home prices and sales continue to tank nationwide, literally millions of Americans are still navigating the buying and selling of homes process, and for a great number, the overwhelming amount of details and choices can become Protect your Pocketbook with a Home Warrantyoverwhelming. With so many things to think about when selling or buying a house, it can become a challenge to look into even routine facets of the process, things like the value of a home warranty.

Lelia Chapman, a VP of field sales at American Home Shield,, one of the older and larger home warranty providers in the nation, says that a trusted home warranty plan can help in providing an important degree of confidence for a home buyer and assist in distancing a seller’s property from other competition. New Article Jun 30, 2012

Dealing With IRS Tax Credit Rejections
The IRS has been rejecting first-time home buyer claims from anyone who shows a Form 1098 Mortgage Interest Expense in their prior year files.

In many cases, the applicants are entitled to the credit because their previous mortgage interest deduction is for a timeshare, mobile home, boat, or other recreational property.

If you are in this unfortunate position, here is some advice from Enrolled Agent Eva Rosenberg, who authors the Web site TaxMama.com.

    • Respond to the IRS immediately and tell them why their rejection is wrong. Be prepared to prove that the mortgage the IRS is seeing isn’t on a personal residence. First-time home buyers are entitled to own other types of real estate and still get the home buyers credit, so provide proof that the previous mortgage was on something else.

    • Send a letter explaining the situation and providing proof of a previous rental or other non-ownership living situation, including copies of rental contracts for the last three years, an old driver's license showing that address, utility bills, etc.

    • Home buyers who believe the IRS may view their situation in this way should be proactive, providing proof that they are a first-time buyer when they initially file for the credit.

    • Anyone who is rejected after two attempts to explain the problem to the IRS should call the Taxpayers Advocate Service toll-free, (877) 777-4778, their Congressman, and their Senator, Rosenberg advises.

Source: TaxMama.com, Eva Rosenberg, EA (06/16/2010)

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