Is Winter a Good Time to List Your Home?

Originally posted 2009-04-13 05:21:51. Republished by Blog Post Promoter

Most Realtors and even homeowners would object to listing their home in the winter, especially when you live in a climate that produces snow more than fifty percent of the winter months.  I, personally, look at and selected my home in a snow storm.  Every night the week that I was looking at homes it snowed. 

I like most looking to purchase a home whether it is winter, summer, fall, or spring commdear the element to achieve my goal of finding my new home.

Since I was search for a home the last week of December 2001 in preparation of a move to take a new job, some of the homes were not available to show because the homeowner was out of town due to the holidays.  I wondered how disappointed they were when they discovered that there was a willing and able buyer in town for only one week prior to a job transfer that they missed.  I may new know, but I am sure that if I needed to sell no matter what the season my home would be available even if I had to allow the Realtor to show it for me.  That is one of the reason you hired the Realtor, right to get the home sold no matter what?

Don’t let a season stop you from achieving your goal of SOLD.

Real Estate Investor, Beware

Originally posted 2009-01-01 22:53:35. Republished by Blog Post Promoter

The IRS made changes to the tax that will affect 2007 tax returns if the investor claims a loss. In addition, just reporting a loss may cause your taxes to be audited.

The new law has to do with the real estate investor classification. The investor can be classified as a real estate professional. Under the new law, the investor qualifies as a professional, regardless if licensed real estate agent or broker by working at least 750 hours on real estate activities. The IRS considers real estate activities to be renting, leasing, converting, operating, developing, redeveloping, managing, constructing, and acquiring of real estate.

In addition, as a real estate investor you are limited on your deduction to your passive income in the amount of $25,000. That amount decreases as your passive income increases and tops $100,000. Still yet, the eligibility for the deduction disappears as your income goes over $150,000.

The reason this change came about was due to the increase in number of investors during the market “boom”.

The ramification of these modifications to the tax law hit the investor who works a full time W2 job the hardest. Remember, the losses can only be taken on passive income.

However, under that same law there are two classifications for passive losses. There is material participating passive loss and passive loss.

The material participating rule requires that the investor work on each property for 500 hours. The work can be any or all the qualifying activities listed above. The investor can also opt to combine all properties under one 500 hour block, but the election must be made at the beginning of the tax year.

Another tax law change is that in the designation of a limited partnership’s interest. The properties owned and/or held under this entity is no longer considered material participating, so are not eligible for the deduction if there is a loss.

It is important to note that no longer can research of potential properties that the investor is considering adding to his or her portfolio a valid passive activity.

Keeping accurate records is crucial. The investor needs to keep date, time, location, and activities and in some cases it may be helpful to have photos to show evidence.

The changes mention above came out in December of 2007 and are retroactive to 2007 and may be earlier tax returns. Have your accountant review your current and previous returns to make sure you are in compliance.

Related Real Estate Investing Articles

• Help Offered for Indirect Investors With Madoff (nytimes.com)
• House Flipping Makes a Comeback (online.wsj.com)
• Homebuyer Tax Credit Provides Incentives for Buyers Says Elika Associates (prweb.com)

Indiana Property Tax Appeal (Part 2)

Originally posted 2008-12-28 16:10:20. Republished by Blog Post Promoter

To get the forms needed for filing your property tax appeal visit
for Form 130 also called Form 11 CI www.in.gov/icpr/webfile/formsdiv/21513.pdf

For Form 11 RA visit http://www.in.gov/ibtr/files/DavidandPatriciaSullivan.pdf

For Form 113 visit http://www.in.gov/icpr/webfile/formsdiv/46725.pdf

Below is a video for filling out the form if your property is located in Porter or La Porte County:

If you need additional information or need the form, please email Serena at snorbrown@yahoo.com

Related Articles

Evaluation of Property Tax Appeal Findings

Property Tax Appeal Review (Video 1 of Section 1)

Indiana Property Tax Appeal

What is Assessed Value and How Does It Influence My Property Taxes

Outraged Over Property Taxes

Great News the End of High Property Taxes

Just Reduced $19,900 3877 Colbourne Hobart, IN

Originally posted 2009-03-10 08:36:33. Republished by Blog Post Promoter

Priced to sell.  Add this lovely home to your investor portofolio for as little as $54.52 a day.  Make your appointment today by calling Serena at  219 803 4489.

 

Is Your State Doing Its Share to Help in This Housing Crisis?

For the state of Indiana, I would have to say that is a resounding, NO.

 

For the state of Illinois, I found the answer to be YES.

 

I found it interesting that the housing crisis is affecting all fifty states, but until recently only fourteen states have made legislative and program changes to help homeowners in their respectively states.  

 

The states that have passed legislation to regulate the cost of acquiring a loan are:

• Washington
• Connecticut
• Kentucky
• Maine
• Maryland
• Minnesota
• New York
• Pennsylvania

 

The latter states led the way for forty states to implementing a homeowner counseling campaigns.  This aspect has until recently only been done by a few concerned Realtors and mortgage brokers.

 

To curb foreclosures twenty one states are now intervening in the foreclosure process. With the state leading the way by not putting current paying tenants out on the street is Illinois.  Illinois were followed in their efforts of intervention is:

·         California

·         Michigan

·         New Jersey

 

Still other states have increase days before a default notice must be issued.  Those states are:

• California
• Colorado
• Connecticut
• Maryland
• Massachusetts
• New York
• North Carolina
• Pennsylvania
• Virginia

 

Some other states started their effort in helping homeowners is by creating foreclosure task forces.  The state that led the way is:

• Delaware
• Florida
• Texas

Now, there are seventeen states providing a foreclosure task force.

 

It is very important that the states have stepped up to help with the burden of foreclosure that is plaguing so many homeowners.  Let’s keep thinking outside the box and we will all may it through this challenge in the market and economy.