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News You Can Use in Today's Real Estate Market, Specializing In Northern Jefferson and Blount County Alabama. Properties For Sale in Gardendale,Fultondale,Hayden,Kimberly,Mt.Olive,Alabama,Warrior,Morris,Trussville,Homewood,AL, Garden Homes For Sale, Lexington Park,Blount Springs, New Homes For Sale
Thursday, March 1, 2012
Zillow Search Results From franksoldit@gmail.com
Thursday, February 2, 2012
Sunday, November 27, 2011
Friday, November 18, 2011
Top reasons to sell home in winter
Aside from less competition, low borrowing costs give buyers incentive
By Dian Hymer
Inman News™
We're getting close to the end of the year, which begs the question of whether it's worthwhile trying to sell your home now. FULL ARTICLE ......
By Dian Hymer
Inman News™
We're getting close to the end of the year, which begs the question of whether it's worthwhile trying to sell your home now. FULL ARTICLE ......
Friday, October 7, 2011
RISMedia : Mortgage Rates Again Fall to Record Lows
Mortgage rates fell once again, to the lowest point on record, according
to mortgage rate research website, ForTheBestRate.com. Rates for a 30
year fixed rate.... Full Article Link
to mortgage rate research website, ForTheBestRate.com. Rates for a 30
year fixed rate.... Full Article Link
Wednesday, August 17, 2011
Ten Tax Tips for Individuals Selling Their Home
Real Estate Tax Talk
By Stephen Fishman
Inman News™
From time to time the IRS releases tips designed to help people with their taxes. Some of these are quite useful.
Last week the agency released "Ten Tax Tips for Individuals Selling Their Home," (IRS Summertime Tax Tip 2011-15).
As a real estate agent or broker, it is not your job to give home sellers tax advice. Indeed, it is advisable not to, since you could end up getting sued if you give wrong advice.
Instead, refer sellers to this list of IRS tips. It's a good starting place for them to begin to understand this often complex area of tax law. You could even print it out and hand it to anyone who asks you about these issues.
Here are the IRS's top 10 tax tips for home sellers:
1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
6. You cannot deduct a loss from the sale of your main home.
7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax return.
10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.
Stephen Fishman is a tax expert, attorney and author who has published 18 books, including "Working for Yourself: Law & Taxes for Contractors, Freelancers and Consultants," "Deduct It," "Working as an Independent Contractor," and "Working with Independent Contractors." He welcomes your questions for this weekly column.
Tuesday, May 17, 2011
How Recent Changes in Reverse Mortgages Impact Older Homeowners
How Recent Changes in Reverse Mortgages Impact Older Homeowners. Full Article.....
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