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04/22/2014

Buying and owning a home is a big expense -- besides the purchase price, there are the property taxes, heating and cooling costs, maintenance expenses ... the list goes on. But the good news is that there are tax savings available to homeowners. Read on to find out about some of the top tax deductions and credits available to those who own a home.

Mortgage interest and points

Most homeowners can deduct the interest paid on their mortgage as an itemized deduction on Internal Revenue Service form 1040, Schedule A. (Deductions reduce your adjusted gross income when computing your taxable income.) And because mortgage interest makes up much of homeowners' monthly mortgage payments, that's a big tax break.
However, if your mortgage is more than $1 million, or your home equity loan is greater than $100,000 you may be out of luck.
The amount of your first mortgage may limit how much you can deduct for mortgage interest on your home equity loan, especially if the debt on your home is greater than your property's value. Read the Internal Revenue Service's Publication 936, Home Mortgage Interest Deduction for complete requirements and information.
If you itemize your deductions on Internal Revenue Service form 1040, Schedule A, you also may be able to deduct your mortgage points in full the year they were paid. If you are refinancing, you can, based on the number of years of the loan, deduct some of the points. Read the IRS's Tax Topic 504 - Home Mortgage Points to get all the requirements and details.

Real estate taxes

As a homeowner, you no doubt hate paying property taxes. But the good news is that real estate taxes can be claimed as an itemized deduction on Internal Revenue Service Form 1040, Schedule A. To find out how much real estate tax you've paid, check your escrow account through your lender.
For homeowners who don't have enough deductions to itemize, they can now increase their standard deduction by adding some of their property taxes to their standard amount, under a new law. Single homeowners can increase their standard deduction by as much $500 (or $1,000 for those married filing jointly). This new law will be in effect through the 2009 tax year.

Moving expenses

If you had a work-related move (say, if you landed a new job or if your employer relocated you to a new location), you may be able to deduct your moving expenses. (Use IRS Form 3903 to calculate how much you can deduct and note those expenses on Form 1040.)
To qualify for the deduction, your new job must be at least 50 miles further from your old home than your old job was. Also, you need to have worked full-time for your employer at least 39 weeks in the first 12 months after your move to your new home. Read Topic 455 -- Moving Expenses from the IRS for more information.

Capital gains tax exclusion

Imagine being able to sell your home, pocket the profits and not have to pay Uncle Sam a dime in taxes. That's the tax benefit available to homeowners as long as they've owned their home for at least five years and lived in it at least two of the five years before selling it.
Single homeowners can realize up to $250,000 tax-free in sales gain from the sale of a home, while married joint filers can see up to $500,000 tax-free in gains. Read Topic 701, "Sale of Your Home," for more information.

04/21/2014

Should you sell your home? 5 Crucial Considerations

If you’ve been paying attention to the news, you’ve undoubtedly seen headlines stating that real estate prices are on the rise. According to the markets, housing has begun to bounce back and in a selected few metros, like Los Angeles,San Francisco, and New York City, the housing market isn’t just bouncing back – it’s booming! So, if you’ve been on the fence, waffling about whether or not to sell, consider these 5 things:

Equity Advantage
During the housing bust, a huge percentage of home owners saw their equity evaporate as home values dropped. Many even owed more than their houses were worth. No one wants to sell when it requires writing a check to the bank or listing as a short sale. And owners with equity definitely didn’t want to list knowing that lower sale prices would have eaten it all away. If you’ve been waiting to sell for this reason, chances are you now have a bit more positive equity in your home, thanks to recent market upswings. Maybe now is the time to consider that long-awaited sale and hopefully walk away with some equity intact.

Too Big for Your Own Good
You’ve grossly outgrown your current home – the house you’re in is either way too small after that 2nd or 3rd child, or an elderly parent has moved in. If you’re in a home that’s too small for your immediate – and future – needs, this is the time to consider the jump to something a bit larger. Sale prices are solid, the spring selling season is upon us, and you can take advantage of current interest rates before they start to climb.

Incredible Shrinking Family
What if you’ve recently joined empty nester club? Maybe your oldest child has headed off college, and you’ve realized it’s time to pack up that extra bedroom and ditch all that square footage. Selling now and downsizing has many perks – lower costs and less cleaning and maintence, to name a few – so go for it, and take advantage of a move that enhances your new lifestyle.

Interest Rates Could Light a Fire
Interest rates aren’t going anywhere but up, so if you’re wondering when it would be the best time to get a good mortgage for a new home once you’ve sold your old one, the answer is NOW. Rates are at historic lows and aren’t likely to go anywhere but north in the foreseeable future. Sell now, buy, and get in on those low rates for the long term.

Sell When You Need to, Don’t Chase the Market
When it comes to selling advice, the bottom line is: List when you need to. If you really need to sell your current home for a specific reason, including job changes, divorce, children, health issues, marriage, etc., don’t try and chase the market in either direction. When you sell and subsequently buy another house, there’s good news: if you’re selling low, then you’ll be buying low. And if you’re selling high, well, then you’ll be buying high. It’s a wash. Come to terms with the current market, and sell your home for its current fair-market value. And when you move on, be sure to buy a house you can afford, both now and in the future!

04/20/2014

6 Essential Tips To Sell Your House This Summer

If you’re planning to put your house on the market this summer – and you hope to have it sold in time for the September school season – the clock is ticking. Even before you meet with a realtor, you need to get your house, and yourself, ready to capitalize on the sizzling summer selling season, when 60% of all homes are bought and sold!
Here are 6 essential steps to take now in order to be sale-ready after Memorial Day:

1. Tackle The Obvious Repairs
If you’re planning to list your home at the start of summer, you now have 30 to 45 days to tackle all the necessary and obvious repairs. Why is it so important to check these off your to-do list ahead of time? First and foremost, it’ll prevent potential buyers from being distracted as they tour your home. Instead of making a mental list of what needs to be fixed, they’ll be able to focus on your home’s positive qualities. You’ll also save time (and money) later by avoiding back-and-forth negotiations over minor repair issues. And doing the repairs yourself, ahead of time, saves you from having to foot the bill for the estimated, and often over-inflated, cost of repairs! (Your actual cost will almost always be less than a buyer’s post-inspection estimate).

2. Remove Your Clutter And Junk Now
Clutter eats equity and kills deals. Period. It’s time to declutter, freeing up more visual space in your home. Look at each item in your house, and decide to save it, store it, sell it, or chuck it. The concept that ‘less is more’ is at the heart of making a home sellable. Once you’ve gotten rid of what you’re not using, edit and organize the rest. Living space is an extremely precious commodity, and a little extra breathing room, along with a sense of expansiveness, makes your home feels luxurious, calming, and uplifting. And, as obvious as this seems, a buyer will naturally be drawn to, and pay more for, a home that feels bigger.

3. Depersonalize Your Home
I guarantee there is far too much of “you” in your house. It’s time to take down the collectibles, family heirlooms, school photos, and other highly personal mementos. Not that those treasures aren’t amazing – I have a house full of family heirlooms, but now’s not their time in the spotlight. I recommend this, because when it comes to selling, you want a slate that’s blank enough to allow potential buyers to visualize themselves in the home, and to them, your memorabilia is just more stuff, so put it away for now!

4. Remove Anything Polarizing
When clearing out the house, remove any controversial elements – which translates primarily to anything religious or political. Many people have strong emotional reactions to these types of items. Don’t give your buyer a chance to prejudge your home because of your political or religious beliefs.

5. Pump Up the Curb Appeal
First impressions are everything, and a pretty face, err façade, will get buyers in the front door. Right now, you can get a jump on your curb appeal by taking advantage of the spring growing season. This is the time to plant grass and flowering plants. And don’t forget to trim up the trees and bushes. By sale day, your curb appeal will be in full bloom and ready for the stream of willing buyers. Remember, you never get a second chance to make a first impression. That’s why curb appeal – the way your house looks from the street – is so critical.

6. Get A Reality Check
We all have an idea of what our house is worth, but I can promise you that those self-appraisals are not going to be objective. An educated seller makes smarter decisions. Give yourself a reality check by getting to know the competition. A quick survey of other homes in the area will be immensely helpful, and don’t forget to look at sold homes, too. You’ll eventually be meeting with realtors to discuss pricing, so having an idea of what’s currently on the market – and what’s selling and what isn’t – will help you get to that prefect list price.
Getting a head start on the summer sale season by preparing your house (and yourself) gives you a significant leg up come list time. A bonus pay off: Your realtor will be thrilled to know that you’ve done your homework and have a realistic view of what your house is really worth!