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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
New Va. tax rule aims to help first-time homebuyers
Posted by:
New Tax Rule
()
Date: July 09, 2014 09:50AM
New Va. tax rule aims to help first-time homebuyers
http://www.insidenova.com/news/arlington/new-va-tax-rule-aims-to-help-first-time-homebuyers/article_77738d16-06b2-11e4-9bf6-0019bb2963f4.html
Prospective home-buyers in Virginia can now take advantage of new state regulations making it easier for them to save up the funds needed.
The First-Time Homebuyer Savings Plan, enacted by the General Assembly during the 2014 session, allows Virginians to invest up to $50,000 in an account designated to help them purchase a new home. The interest or capital gains on the investments will not be subject to state taxes.
“The need for these plans has become clear,” said Virginia Association of Realtors president Bradley Boland.
The state Realtors group supported the measure as its signature piece of legislation in the 2014 session. It passed the House of Delegates 99-0 and the state Senate 39-1.
“By supporting this plan, Virginia reinforces the commitment we have to our younger citizens, our families and the overall recovery of the housing market,” said Del. Tag Greason, patron of the bill.
With the Virginia real estate market seemingly stuck in neutral over the past year, “we knew we needed to be proactive,” Boland said. “We needed to help people not only understand the expense of buying a home, but prepare for it, as well. This bill is one way we are supporting the housing market, and maybe smoothing some of the speed bumps on the road to home ownership.”
Among common questions:
What kinds of accounts can be used? Almost any account with a financial institution is eligible: mutual funds, CDs, brokerage (stocks, bonds, etc.), money markets, insurance, even a savings account. The plan also can include individual stocks.
How much can be put in? You can contribute up to a total of $50,000 in principal, and the account can grow in value up to $150,000. Individuals can put $50,000 in all at once, or can contribute over the years. There is no limit on how long the account can exist, officials said.
What can the money be used for? An account can be used to pay for just about anything related to closing on a home – anything included on the settlement statement, including closing costs, inspections, lender fees, etc. These are all considered “eligible costs.”
Who is considered a first-time home buyer? A first-time buyer is someone who has never purchased a home before. If you owned a home at some point but did not purchase one – e.g., if you inherited – you can still qualify.
Can I use the money to pay for someone else’s closing costs? Yes. As long as the person you’re giving the money to (e.g., child, grandchild, niece and even a close friend) is a first-time homebuyer.
http://www.insidenova.com/news/arlington/new-va-tax-rule-aims-to-help-first-time-homebuyers/article_77738d16-06b2-11e4-9bf6-0019bb2963f4.html
Prospective home-buyers in Virginia can now take advantage of new state regulations making it easier for them to save up the funds needed.
The First-Time Homebuyer Savings Plan, enacted by the General Assembly during the 2014 session, allows Virginians to invest up to $50,000 in an account designated to help them purchase a new home. The interest or capital gains on the investments will not be subject to state taxes.
“The need for these plans has become clear,” said Virginia Association of Realtors president Bradley Boland.
The state Realtors group supported the measure as its signature piece of legislation in the 2014 session. It passed the House of Delegates 99-0 and the state Senate 39-1.
“By supporting this plan, Virginia reinforces the commitment we have to our younger citizens, our families and the overall recovery of the housing market,” said Del. Tag Greason, patron of the bill.
With the Virginia real estate market seemingly stuck in neutral over the past year, “we knew we needed to be proactive,” Boland said. “We needed to help people not only understand the expense of buying a home, but prepare for it, as well. This bill is one way we are supporting the housing market, and maybe smoothing some of the speed bumps on the road to home ownership.”
Among common questions:
What kinds of accounts can be used? Almost any account with a financial institution is eligible: mutual funds, CDs, brokerage (stocks, bonds, etc.), money markets, insurance, even a savings account. The plan also can include individual stocks.
How much can be put in? You can contribute up to a total of $50,000 in principal, and the account can grow in value up to $150,000. Individuals can put $50,000 in all at once, or can contribute over the years. There is no limit on how long the account can exist, officials said.
What can the money be used for? An account can be used to pay for just about anything related to closing on a home – anything included on the settlement statement, including closing costs, inspections, lender fees, etc. These are all considered “eligible costs.”
Who is considered a first-time home buyer? A first-time buyer is someone who has never purchased a home before. If you owned a home at some point but did not purchase one – e.g., if you inherited – you can still qualify.
Can I use the money to pay for someone else’s closing costs? Yes. As long as the person you’re giving the money to (e.g., child, grandchild, niece and even a close friend) is a first-time homebuyer.
Re: New Va. tax rule aims to help first-time homebuyers
Posted by:
eJdbF
()
Date: July 09, 2014 02:32PM
no we didn't forget you deeds newt gingrich - laons for bailing out gov workers who had credit debut to get into home loans
we remember that fiasco and see you live in a mansion. play it down, bruch it off.
we know what "gov housing aide" means. gov workers getting illegal loans while poor suffer w/o even work.
SUPPLY and DEMAND
Attachments:
we remember that fiasco and see you live in a mansion. play it down, bruch it off.
we know what "gov housing aide" means. gov workers getting illegal loans while poor suffer w/o even work.
SUPPLY and DEMAND
Attachments: