Real Estate Information Archive

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!

It is hard to believe, but 2012 has roared in and we are all moving forward into the New Year! I wish you a Happy and prosperous 2012!!!

2012 starts out with a bright spot in the Real Estate market and that is the continuation of historic low mortgage interest rates. 2011 saw rates hit record lows and hold that pattern throughout the year.

 In Freddie Freddie Mac's results of its Primary Mortgage Market Survey®, the average fixed mortgage rates finishing the year near their all-time historic lows helping to keep homebuyer affordability high. Averaging 3.95 percent, the 30-year fixed has been at or below 4.00 percent for the past nine consecutive weeks and only twice in 2011 did it average above 5.00 percent. This has certainly helped the national Real Estate market by making home purchases affordable and helping to make loan qualification a possibility for many who otherwise would be out of the home purchase market.  

Will mortgage rates continue this low level during 2012?  Indications at this time point to a positive "YES"!  This should hold true for no less than the first half of 2012.  With the prediction that homes values will continue their decline in most national markets through 2012, the possibility on home ownership may become even more realistic for many.

This month's edition covers Greater Wichita Falls real estate market activity and then we'll discuss how recent market activity and low interest rates are bringing stability to one of the best real estate markets in recent history!                                                            

www.TheFallsPodCast.com

Market Overview

We are seeing a challenging market in North Texas at this time. YTD our residential market sales are down approximately 20%. With a challenge, we also see opportunity. The current interest rates are still as low as we have ever seen them, which means the buyer today has more power than he ever has. Should one be looking to buy and hold, we see this as a great investment opportunity. All in all, this is a market we have described as a "Price War and Beauty Contest"....To hear a recording of my view on the market at this time, see www.TheFallsPodCast.com.

Websites for Fast Answers

www.TheFallsHomeFinder.com - Every home available for sale.

www.TexomaHomeValue.com - Looking to sell? Get a FREE market analysis.

www.ImAhappyBuyer.com - The truth on today's interest rates.

We would love to discuss with you any questions you may have in the market today! Call me anytime at 940.691.7355.

Good Monday morning to you!

Interest Rates and the Dallas Cowboys

What do interest rates and the Dallas Cowboys have in common? Predictability. You never know what they're going to do! We are seeing interest rates bounce between 3.75% and 4.75% on Conventional/FHA/VA 30 year fixed loans. And each day its a new story.

We've shown you this before, but check out my blog entry at www.ImAhappyBuyer.com. Rates are even better than when this blog was written, which means we even a better opportunity right now.

For everything else, see www.TheFallsHomeFinder.com.

Inventory

Be sure to check out http://www.texomahomesource.com/Properties to see all our current listings. There are so many GREAT homes available at this time and we would love to show them to you or anyone you may know.

TV Show

Be sure to tune into our TV show on Time Warner Cable-Channel 15 this week. Denny and I will discuss current market trends and walk your through many of our current listings.

Good Monday morning to you!

What If?

What if you had the opportunity to purchase a home on a 15 year mortgage, allow us to find you a renter, 15 years from now own the home free and clear, and in 18 years sell the home and have most (if not all) of your child or grandchild's college tuition paid for?

What if you COULD sell your home for what you paid for it (despite what CNN says) and buy another home that is worth 12-18% more than the one you have owned - with the SAME or LESS MONEY PER month?

What if you could take the $1000 per month you are currently spending on rent, and pay less than that each month with an FHA/VA loan on a home worth $130,000?

This is opportunity that lies before all of us. For more details on what is available, check out www.TheFallsHomeFinder.com.

Make it a great week!

Your talent is God's gift to you. What you do with it is your gift back to God. Leo Buscaglia

Sad You Missed the Federal Tax Credit?

Don't be! Check out my site at www.ImAHappyBuyer.com to see why the interest rates we are seeing today are far more valuable than a tax credit of $8000 last year. We have never seen rates this low. If you or someone you know would like more information or a lender to speak to, please contact me.

Let's Connect

I recently launched www.FollowAshton.com. If you utilize the media of Facebook, Twitter, YouTube, or LinkedIn please take a minute to check out this site.

What's Going On In My Neck of the Woods?

Have you thought about selling lately, but wondering what the market in your neighborhood looks like? Check out www.TexomaHomeValue.com. We will provide you with a market analysis within 48 hours of your submission.

Reality Check

With the stock market losing or gaining 200 points every other day, hurricanes, elections, and foreign turmoil - it can be hard to sift through everything and get the real story of what is going on. For us, we have sold a home nearly every day this month. While the markets can be difficult to navigate these days, we are still making it happen day in and day out. If we can serve you in the days ahead, please let me know. We look forward to that opportunity.

"To succeed...you must be a fugitive from the Law of Averages." Unknown

Local Distressed Property Expert Provides Guidance for Homeowners Trying to Avoid Foreclosure

Informative online report details foreclosure alternatives for homeowners facing unaffordable mortgage payments in Wichita Falls and North Texas.

Wichita Falls, TX – (August 14, 2011) – Local CDPE-designated agent, Ashton Gustafson of Bishop Realtor Group, has released a new report that provides 10 foreclosure solutions that can be used to avoid the costly effects of foreclosure. The report titled “At the End of Your Rope? 10 solutions for alleviating the stress of an unaffordable mortgage!” provides information for homeowners dealing with the stress of possible foreclosure.

“It’s incredibly stressful for homeowners to take action when they are faced with foreclosure,” Gustafson said.  “The reality is that over 6 million Americans missed a mortgage payment in April, so people should understand they are not alone.”

This community resource is available at www.WichitaFallsShortSale.com. In addition to providing more information about the alternatives to foreclosure, the report explains ten foreclosure alternatives that a homeowner can take advantage of like a loan modification or short sale.

A short sale occurs when a lender allows a homeowner to sell a property for less than the current mortgage amount owed.

“There are many alternatives to foreclosure that a distressed homeowner can choose from Gustafson said. “I can help tailor a solution that best fits the needs of distressed homeowners and gets them back on track to financial stability.”

The CDPE Designation that Gustafson has acquired provides a specific understanding of the complex issues confronting distressed homeowners.  Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

To learn more, visit www.WichitaFallsShortSale.com.

Ashton Gustafson

Owner

Bishop Realtor Group

Wichita Falls, TX