Educating Herself-Inspiring Others
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A dynamic, self-starter, Cynthia has a long and successful history of having a positive impact on her own life and the lives of people around her. With her Master's degree in Urban Planning and Policy with an emphasis in Community Development, Cynthia has found her perfect career as one of Bronzeville's premier real estate professionals. keenly in tune with the city, she has become the expert who local professionals turn to, knowing she will help them maxmize their real estate investments and make the ideal move. Her insightful professional perspective helps clients evaluate the impact of their real estate decisions. Whether it's a top dollar sale or an investment in the perfect purchase, Cynthia provides her clients the keys to unlock their real estate potential and make the most of their opportunties. If you have any real estate questions, are looking to become a first-time home buyer, or if you would like a market analysis to determine the value of your home, contact Cynthia Miller right away! Hear what some of my past clients are saying about their experience with me….
My husband and I were very pleased with Cynthia's level of professionalism and expertise. She made selling our first home much less of a painful process than we expected it to be. Cynthia's knowledge of the market and great negotiation skills helped us to sell our house in half the time we expected. I would use her again in a heartbeat! Michelle and Neil Stewart After five months of trying to sell my home on my own in a difficult real estate market, I asked Cynthia to assist me in the sell of my home. Sixty days later, my home was sold and the closing complete! When I was planning a move back to the Chicago area, I again asked Cynthia to assist me in finding a condominium. After determining my needs (price, square footage and neighborhood) Cynthia went above and beyond inspecting prospective properties, working around my schedule and going the extra mile to find the unit that was just right for me. By the time I moved back to Chicago, I had a contract on a great condominium, in a great neighborhood, for a great price, all made possible by a great agent! Cassandra Smiley I met Cynthia through another long time client of hers, my cousin; she helped him not only purchase several properties for himself but also properties for renting. Cynthia's professional presentation and initial meeting set me at ease and was set the bar high for everyone I worked with during my home buying experience. We discovered through the adventure of looking at properties in the Chicago area that we attended the same University and after trailing each other to different locations that we shared the same love, devotion and preference for the same Sorority. Which we both joined at our alma mater Northern Illinois University (NIU). Cynthia helped me throughout the entire process, answering my questions, encouraging my research on issues that I may face as a home owner and even going " beyond the call of duty" when a last minute change in Loan officer and in support from a home owners grant could have affected my purchase. She quickly learned and mastered their policies and procedure for the First time homeowners program I utilized and even was “on call" during my closing. Her resources and expertise for all aspects of the home buying experience are second to none and I am glad that I had the opportunity to work with a Realtor of her caliber.
Sincerely, Jocelyn Watson |
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8,000 tax credit for home buyers
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2010 Extension of $8,000 First Plus New $6500 Existing Home Buyer Tax Credit From the 2009 Stimulus Package and Increase in Income Limits
Qualification Period : First-time home buyers who bought after January 1, 2009 and before April 1 2010 (with closing to take place before July 1 2010), would get the $8,000 home buyer tax credit. For the purposes of claiming the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. If you and your spouse claim the credit on a joint return (both of you must meet the income and past ownership criteria to qualify), each spouse is treated as having been allowed half of the credit for purposes of repaying the credit. So the total amount claimable is still only $8000 (up to April 30th 2010).
- Income qualification limits: The home buyers’ credit would be available to individuals with a modified adjusted gross income (MAGI) of up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the original rules. The higher income limits are only for homes purchased after Nov. 6, 2009. That is, the existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. Those with incomes higher than the above limits do not qualify for any part of the tax credit.
- *NEW* Current Homeowners looking for a replacement primary residence could also qualify for a $6,500 (up to $3,250 for a married individual filing separately) under the new “long-time resident” provision. They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. This new provision also only applies to homes purchased after Nov. 6th 2009. The IRS has stepped up compliance checks involving the home buyer credit for those with past homes and they must provide a mortgage Interest Statement, Property tax records or Homeowner’s insurance records, to prove compliance with past residency criteria.
- Claiming the new home buyer credit: For qualifying purchases, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. A new version of Form 5405, First-Time Home buyer Credit, is now available on the IRS website. Taxpayers claiming the credit on their 2009 returns, will not be able to file electronically because of the added documentation requirements, but instead will need to file a paper return by using the new version of Form 5405. A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405. In addition to filling out a Form 5405, all eligible home buyers must include with their 2009 tax returns one of the following documents in order to receive the credit: - A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.
- For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
- For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
The IRS expects to start processing 2009 tax returns claiming the home buyer credit in mid-February after it completes the updating and testing of systems to meet the law’s new requirements and to deter fraud related to the home buyer credit. Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached. For those homebuyers filing early, the IRS expects the first refunds based on the homebuyer credit will be issued toward the end of March. - The new $8000 credit can be used towards the down payment of a house bought in the credit qualifying period. You need to work with your lender to take advantage of this provision.
- Tax Credit Exclusions: Homes that cost more than $800,000 aren’t eligible for the credit and you must be over 18 years old to claim the credit (dependents are not eligible to claim the credit either). Those who sell their new home or stop using it as their main residence within three years would have to repay the credit. You cannot claim the credit if acquired your home by gift or inheritance OR if you acquired your home from a related person |
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