Looking at River Road Village in Corona (fit in, real estate)

[JP714]

Hey guys,

Unit #13 here..

It looks like its approx. $5MM in claims every week/update on the CA FTB website, I am estimating that $by 5/29/09 (which is when escrow closes for me) is $65MM to $70MM of the $10k credit will be spoken for.

Hopefully, I get it, if not. No big deal, unlike the federal $8k credit, which is refundable. The $10k credit is non-refundable and will only be applied to your total tax liability. The excess is not refunded nor will it be carried over into future years.

I believe its $3,333 per year for three years.

My wife and I and my son are getting excited. We were there yesterday checking out our house and taking measurements, we too saw all the blue tape.

JP

[lindy9]

That's good to know. Too bad it's not refundable Stopped by my home today and there was even more blue tape this time. Looks like there's a list to fix.

[wanderboy]

THis week I still don't have time to check up my unit. Do you guys have good news to share? Anyone talk to Roger about the insurance?

[wanderboy]

wow,today I checked up the website and found that the prices were up again.

[wanderboy]

Originally Posted by JP714

Hey guys,

Unit #13 here..

It looks like its approx. $5MM in claims every week/update on the CA FTB website, I am estimating that $by 5/29/09 (which is when escrow closes for me) is $65MM to $70MM of the $10k credit will be spoken for.

Hopefully, I get it, if not. No big deal, unlike the federal $8k credit, which is refundable. The $10k credit is non-refundable and will only be applied to your total tax liability. The excess is not refunded nor will it be carried over into future years.

I believe its $3,333 per year for three years.

My wife and I and my son are getting excited. We were there yesterday checking out our house and taking measurements, we too saw all the blue tape.

JP

you checked it out yesterday? Is it open on Fri.?

[trazola]

Originally Posted by JP714

The $10k credit is non-refundable and will only be applied to your total tax liability. The excess is not refunded nor will it be carried over into future years.
I believe its $3,333 per year for three years.

So that means that if my tax is 0 but there is 2000 credit left I wouldn't get any of it, right?

[JP714]

Yup.

For example, my state tax liability for 2008 was approx. $600. I paid in approx. $800, I got a check from the state for $200.

Let say things stay the same, that means for my 2009 filing, I will have a state tax liability of $600, I paid in $800. This time, I can use $600 of the $3,333 credit alotted to me. That means I will receive the full $800 i put in. $2,733 cannot be used and is lost.

The way they have it advertised in the papers is a bit misleading. I thought that I would be getting $18k next year.

Roger is there from Friday - Monday from 12pm - 5pm.

[lindy9]

Hey everyone. I called Montage customer service and asked about the insurance policy and what it covered. They stated that the company is called Merit Plan Insurance and it covers Fire, Hazard, and Liability. The customer rep told me that i should be receiving more information about it in my closing packet. That's a relief

[trazola]

Thanks JP, that made it very easy to understand. My taxes were very high (no deductions, to speak of) so I think that will really come in handy!
Thanks as well to Lindy for finding out about the Insurance, very nice to have that information. This whole process seems like a dream, I keep expecting to wake up and find out it was all a dream, lol.

[wanderboy]

It's very helpful,thanks you guys!