Here are the details from July 2014. Should you have any questions on this information, please call us at 940.691.7355.

It is here!! The just now published Wichita Falls Annual Real Estate Report is in the marketplace. This terrific, useful data was the brainchild of Ashton who spent countless hours in research of this information. It was made whole by our friend, Patrick Kemp, at Three Leaf Creative. You should be able to access it as an attachment today by clicking here.

The magazine in print will be mailed to 3500 households and will be available from us or at various locations around the city. Call if you seek one.

Spring definitely found us this weekend. It was a gorgeous weekend enhanced by the various trees and flowers in bloom. Did you notice the attractive red bud trees, the colorful tulips, the pear trees, etc. Many gardeners are now planting tomato plants, pepper plants, herbs, etc. Water sources are so vital. Please, let’s all continue to pray for rain.

The March real estate market has been solid, not overwhelming. This type of activity seems like it will be predominant in 2014. That is solid, but not great.

Thank you very much for believing in the Bishop Group. We appreciate all of you.

Home Selling 101: Capital Gains

For those who sold their home this year, it's important to understand how selling your home may impact your tax returns, now that tax season is upon us.  The following information explains how capital gains work for those who have recently sold a home.

If you sell your primary residence, you may be able to exclude up to $250,000 of gain – $500,000 for married couples – from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale.

There are a few catches: You also must not have excluded gain on another home sold during the two years before the current sale. However, special rules apply for members of the armed, uniformed and foreign services and their families in calculating the 5-year period.

If you do not meet the ownership and use tests, you may use a reduced maximum exclusion amount. But only if you sold your home due to health, a change in place of employment, or unforeseen circumstances.

An extra perk? If you can exclude all the gain from the sale of your home, you do not report it on your federal tax return. If you cannot exclude all the gain, or you choose not to, you must use Schedule D of Form 1040, Capital Gains or Losses, to report the total gain and claim the exclusion you qualify for.

How about for those with more than one home?

You can exclude the gain only from the sale of your main residence. 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 usually the one you live in most often.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

Tax Tips for Home Sellers

Tax season is approaching fast, and for those who sold a home this year, it's important to start thinking about how this may impact your taxes. Below are several of the need-to-know facts about tax season for home sellers.

Under $250,000? You may be able to exclude gains. Just because you profited on your home sale does not mean you have to pay taxes on it. In fact, if you're eligible to exclude your gains, you don't even need to note that you sold your home at all when you file.

To be eligible, you need to have made a profit of less than $500,000 on a joint return or $250,000 on an individual return, and the home must have been your primary residence for at least two years prior to sale.

You may not have to report your home sale at all. If you can exclude all of the gain--meaning it was under 500,00 on a joint return or $250,000 on a single--you probably don’t need to report the sale of your home on your tax return at all. Double check this with your accountant, but this is the case in most situations.

But you can't deduct your losses. While it's great you can exclude financial gains, you can't deduct financial losses, which is unfortunate.

The more homes, the more complicated tax-time can be. Several complications can arise from owning more than one property, be it an investment or vacation home. The home you live in the majority of the time is considered your primary residence. This is important because it's necessary for you to report any gains you may have made on your second home.

If you can't exclude gains...If you can’t exclude all of the gain because it was over the allotted amount, or you choose not to exclude it, then you will need to report the sale on your tax return. Keep an eye out for Form 1099-S, Proceeds From Real Estate Transactions.

If you’re selling your first home...One more reminder about selling your home and tax season: special rules may apply when you sell a home for which you received the first-time homebuyer credit.

Keep in mind that tax time can be stressful and busy, so it's always a good idea to have a professional look over your paperwork if you had an unusual financial year.

You can find Ashton and Denny on KFDX Channel 3 every Sunday morning at 10:30 am!

Local Realtor Earns Most Prestigious of all Industry Achievements

Reaching the pinnacle of his profession nationally, Ashton Gustafson of Bishop Realty Group was today accepted as a Member of the Top 5 in Real Estate Network®, the most prestigious of all industry achievements.

       5608 Ross Creek

Welcome to a wonderfully kept  and recently built 4 bedroom home in
Bluebonnet Park. Amenities include: spacious living area, fresh paint,
great storage, lovely kitchen with granite counter tops, stainless
steel appliances, huge isolated master with luxurious bathroom, dining
space off of kitchen, office space off of kitchen, utility room,
fireplace, and more. Bedroom 4 is currently used as play area, but
could easily be an office or another bedroom. If you're looking for
something move in ready - this is it.
 

Other Features Include:

• 4 bedroom in Bluebonnet Park.
• Tiled entry with tall ceilings.
• Well kept and landscaped.
• Open and spacious living area.
• Great kitchen space with granite counter tops.
• Stainless appliances in kitchen.
• Dining/breakfast area off of the kitchen.
• Kitchen offer serving bar area as well.
• Office nook off of the kitchen.
• Utility room is off of garage entrance.
• Great storage space.
• Huge master bedroom luxurious master bathroom.
• His/her sinks in master bath along with shower and jacuzzi tub.
• Beds 2, 3, and 4 share hall bath.
• Bed 4 currently used as office space could be office or 4th bedroom.
• Gas fireplace in living room.

• Built by Ed Routon in 1998
• 5.67 Acres
• 4 bedrooms, 3 living areas, 3 car garage.
• Soaring ceilings and crown mouldings.
• Magnificent hardwood floors.
• Fireplace separates both living areas.
• Gourmet kitchen with worlds or storage within Red Oak cabinets.
• SubZero refrigerator and double oven in kitchen.
• Breakfast area off of kitchen.
• Formal dining and study space off of entry.
• Large master bedroom with fireplace and tall ceilings.
• Storm closet in master bathroom.
• Luxurious master bath with his/her space and closets.
• Workout room located off hallway from kitchen.
• Bedrooms 2, 3, and 4 are isolated off of second living area.
• All bedrooms offer wonderful closet/storage space.
• Cedar closet off of 2nd living area.
• Utility room with easy to use space.
• Cellulose foam insulation for the entire home. Very efficient and low utility bills.
• 45 ft X 30 ft shop with 2 levels, concrete floor, insulated walls, and 2-20 power.
• Garage door of shop is 12 ft x 12 ft.
• Dirtbike trail is already in place.
• Incredible gunite pool with electronic cover.
• Stamped concrete in backyard patio and surrounding the pool.
• Storage room and half bath located off of pool for outdoor use.
• Covered patio with speakers for entertaining.
• Control4 Sound System http://www.control4.com/residential/
• 2 water heaters.
• Propane heat.
• Alarm system.
• Holliday ISD.