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Welcome

Carol Lynn Hagler
Antelope Property INC, 40015 Sierra Hwy
Ste B260 Palmdale, CA 93550
Office: 661-942-5450
Fax: 661-362-4080
Cell: 661-878-5307
Email: carolhhomes@aol.com
Sweet Success


View of Lake Palmdale from the Ana Verde Hills 
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Welcome!!
 to the fabulous
Antelope Valley, including the cities of Palmdale, Lancaster, Quartz Hill, Rosamond, Littlerock, Lake Los Angeles, Green Valley, Ana Verde, Lake Elizabeth,Leona Valley, Acton, Pearblossom 

This site is designed to give you the information you need to intelligently buy or sell your next home and vacant land 


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Must Be Sold !
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Charming Victorian Ranch
Enjoy your privacy..
This home is a  groundbreaking structure in new private gated equestrian community in West Lancaster!
 
Custom 3500+ Sq ft home, 6 bedrooms, gorgeous views from every room in the home,over 20 acres of land is yours with additional shared 100 acres for riding and a soon to be developed 25 acre equestrian center. Granite thru out this 2 story home, unique territ style rooms with amazing view of the rolling hills and beautiful sunsets,See the Shea Castle in the distance, one of its kind in all of LA County, 



New Palmdale Listing 
Only 199,900
Fully Lanscaped Backyard w/
waterfall..

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Ask me about vacant land for investment!

Great Parcel close to the 14 FRWY Ave C and 30th St West  18.5 ac, in the path of development,close to Fox Air Field and new fast growing industrial park
Invest now for the future! Only 319K

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IRS Tax Rules Change For 2008 And 2009

Summary: The Obama stimulus package made some changes to IRS tax rules concerning real estate, home improvements, short sales and foreclosures. If you're a first time home buyer, you're eligible for an $8,000 tax credit, depending on when you bought your home. In addition, the timing of your home purchase affects whether you have to repay the home tax credit. IRS allows you to continue to take tax deductions for green home improvements and if you had a short sale or foreclosure recently, the money you lost won't be considered income thus saving you tax

As we move further into tax season, Treasury and IRS employees have been busy filling in the missing pieces on all of the new tax laws that were passed as part of the recent stimulus package.

When it comes to real estate, the rules are at best confusing. Let's shed a little compact fluorescent light on the subject:

2008 $7,500 tax credit vs. 2009 $8,000 tax credit.

If you were a first-time buyer who purchased a home after April 8, 2008 through the end of 2008, you might have realized that you could get a $7,500 tax credit on your 2008 tax return. This is a tax credit, which means that even if you don't pay $7,500 in taxes you'd still get that much in the way of a refund, provided you meet other qualifying details, according to Mark Luscombe, principal analyst for the tax and accounting group at CCH.

As of mid-February 2009, the 2008 $7,500 tax credit had to be paid back in $500 equal installments over 15 years, which meant that this tax credit effectively functioned as a zero-interest loan. (Luscombe said the fine print in the new law says that if the taxpayer died, the rest of the payback is forgiven. It was unclear whether both homeowners have to die if the property is owned jointly, or just one of the homeowners.)

On Feb. 25, the IRS revised the 2008 tax credit to increase it to $8,000 and to not require repayment. The IRS issued new guidance and revised Form 5405 that stated that the purchaser will be entitled to receive the entire $8,000 tax credit even if it is filed on his or her 2008 tax return. Luscombe said in a follow up email that the IRS "determined that this was what Congress intended even if that was not the way the law was written."

With this revision, it doesn't matter if you chose to close on December 31, 2008 rather than January 2, 2009 (perhaps to be able to itemize the interest and points on your 2008 tax return).

But there are some wrinkles that require you pay attention. To qualify for the $8,000 tax credit, you must earn less than $150,000 in adjusted gross income for couples filing jointly. Also, you must stay in the house (assuming as your primary residence) for three years or Luscombe says there may be some payback requirement. (He's unclear how the IRS would be able to follow up and some of the regulations and filing requirements aren't fully explained at the moment.)

The $8,000 first-time buyer credit is only good for homes purchased by first-time buyers (or anyone who hasn't owned a home in the last 3 years) from January 1, 2009 through December 1, 2009 - so don't wait to close in December or you'll miss out.

Going Green? Take a Tax Credit

The stimulus package eased requirements on energy tax credits. The $500 lifetime tax credit for building improvements has been increased to $1,500 for such improvements as the installation of energy-efficient windows, insulation, doors, and mechanical systems.

In addition, you can take a 30 percent tax credit for every dollar you spend on things like solar heaters, fuel cells, and heat pumps, Luscombe explained. The individual limits on particular expenditures has mostly been eliminated.


What is a short sale anyway?? "A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan," according to the California Association of REALTORS®. "A short sale may or may not involve a property in foreclosure."


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Photography courtesy of Greg Hansmann LALITESSTUDIOS


 
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Posted By - Carol H - 07/11/2008
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