In a stable economy, the current U.S. laws ensure that owning real estate in Breckenridge, Summit County, or anywhere in the nation offers tax relief for citizens. A third of the Recovery and Reinvestment Act of 2009 is devoted to tax cuts in 2009, many that affect property owners of Summit County in Keystone, Silverthorne, Dillon, Frisco, and Breckenridge Colorado real estate.
The “Stimulus Package,†signed into law on February 17, 2009, enhances that tax shelter in several ways. Several noteworthy provisions pertain to Breckenridge CO real estate and Summit County homes, including the Homebuyer Tax Credit, FHA, Fannie Mae and Freddie Mac Loan Limits, Neighborhood Stabilization, Low Income Housing Grants, Tax-Exempt Housing Bonds, Energy Efficient Housing Tax Credits and Grants, Transportation Investments, and Broadband Deployment.
First-time homebuyers, as well as buyers who have not owned real estate in the last three years, may take advantage of up to $8,000 of tax credits for purchasing a principal residence between January 1, 2009 and November 30, 2009. The credit reduces the purchaser’s income tax liability.
The combined FHA, Fannie Mae, and Freddie Mac loan limits cap at $729,750, which is more reasonable for our area. The amount equals 125 percent of the 2008 local area median home price; it may be higher in a few regions of the nation. These 2009 limits expire on December 31, 2009.Â
Our resort area mostly likely will not benefit from the Neighborhood Stabilization monies. This $2 billion fund is set aside to assist entire neighborhoods that have seen rampant foreclosures. However, a quarter of the funds go to households with incomes at or below 50 percent of area median income and many in the hospitality workforce are in that category. The legislation also allows states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance low-income housing.
The Energy Efficient Tax Credits and Grants are welcome news for our mountain luxury homeowners. Through 2010, homeowners may claim a 30 percent tax credit for purchases of new furnaces, windows, and insulation. Although our specific resorts now have excellent broadband capabilities, the Broadband Deployment clause may help more of our neighboring mountain regions to connect with better communication services and wireless. Imagine taking that waterproof laptop on a whitewater excursion!Â
Many of the improvements and tax incentives offered in the Stimulus Bill, including Transportation Investments, will help bolster the value of real estate and benefit our mountain communities.
Jonna Beardsley of Breckenridge Associates offers a wealth of information about Colorado Rocky Mountain real estate. Call Jonna at (970) 453-2200 for friendly, professional assistance.
