July 2014 MLS Statistics
Here are the details from July 2014. Should you have any questions on this information, please call us at 940.691.7355.
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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,
Ashton Gustafson ashton.gustafson@gmail.com Bishop Realtor Group Office: 940-691-7355 Mobile: 940-224-0881 http://www.texomahomesource. |
You can find Ashton and Denny on KFDX Channel 3 every Sunday morning at 10:30 am!
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.
Ashton Gustafson, a Wichita Falls realtor has been awarded the prestigious Certified Residential Specialists, the largest not-for-profit affiliate of the National Association of Realtors.
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