Sunday, August 21, 2011
The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.
- In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
- If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
- You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
- If you can exclude all of the gain, you do not need to report the sale on your tax return.
- If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
- You cannot deduct a loss from the sale of your main home.
- Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
- If you have more than one home, you can exclude a gain only from the sale of your main home. 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 ordinarily the one you live in most of the time.
- If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
- When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
Do you know what long term mortgage interest rates are based on? The only correct answer is Mortgage Backed Securities or Mortgage Bonds. They are NOT based on the 10-year Treasury Note, the stock market, or the prime rate. While the 10-year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. Be sure that you are working with a lender who is tracking the correct index.
Interest rates are still at historic lows (50 year low)!! It may be time to look at your refinance.
Friday, August 19, 2011See more details about Wildhorse
Summer is fleeting, and so are the opportunities at First Tracks. After 35 successful sales in the past two years, only 12 residences remain. Now’s the perfect time to purchase at First Tracks with great financing options and some of the best residences still available.See more details about Wildhorse
Tuesday, July 26, 2011
The Steamboat Pilot reports that the cloud of a foreclosure filing by a consortium of seven lending banks has been removed and that Timbers Resorts can begin closing some pending contracts and pursuing new sales at reduced prices. This bodes well for steamboat real estate property.
Timbers Resorts CEO David Burden said
We and our investor group have made significant multimillion-dollar capital contributions to continue our forward momentum, as well as arranged financing for prospective owners at One Steamboat Place. With this loan restructure completed, the banks are now fully behind One Steamboat Place. The terms of the modified loan, along with additional capital invested from our partners, have provided a very solid footing for the continued sellout of the remaining units in the project. The original motion for foreclosure that had been made by the banks was not the result of poor performance at One Steamboat Place.
One Steamboat Place broke ground in late summer 2007 and continued construction through a record snow winter. It posted $15.25 million in sales during its first round of closings in November 2009. The project includes 80 large condominiums with 38 whole-ownership vacation homes among them.
Wednesday, July 13, 2011
There are currently great membership deals at Catamount and current dues are about 50% of last years dues!
The membership deposit for a full Premier Membership (golf & lake privileges) is $42,500. Lake membership deposits are $15,000. Dues for both memberships will be prorated to the date you join.
Annual dues for the Premier membership are $8,260 and are $4,130 for Lake Membership. This is a significant savings over previous years pricing! About half.
Thursday, June 16, 2011
The Steamboat Pilot reports that the scheduled foreclosure sale of the remaining unsold luxury condominium units at One Steamboat Place has been postponed for the sixth time, this time until June 29.
One Steamboat Place has continued to operate as a resort lodging property for both owners and guests, and was busy throughout the 2010-11 ski season. The managers of the property say it has a strong homeowners association.
David Burden of Timbers Resorts, which led the construction and continues to manage the property, said last year
I’m positive we’re working this out. My partners are willing to invest many (additional) millions, but only on certain terms. … We’re very confident we’ll get this loan restructured
Routt County Public Trustee Jeanne Whiddon said Wednesday that in theory, the series of postponed sale dates could stretch into next year. The deadline for the lenders to either withdraw their notice of election demand, which constitutes a foreclosure filing, or take the property through to a foreclosure sale is March 16, 2012.
Sales since November have reduced the outstanding balance on the construction loan to less than $100 million. The last developer’s sale at One Steamboat Place was recorded on April 8.
Friday, June 10, 2011
To jump-start the summer, Bear Lodge at Trappeur’s Crossingis offering a new promotion!
In addition to the 25% off, they are offering 3 years paid homeowner association dues at closing to the next buyer.
Remember, Bear Lodge is the only new development that is 80% sold out! The developer is debt free, the model unit is open every day and the amenity package is unlike anywhere else in town. The remaining availability and pricing on the remaining 7 developer units can be found here
Contact me to view these properties.
As of Friday, May 27th, the 31st residence in First Tracks at Wildhorse Meadows has closed. In addition, another 2 bedroom is under contract and is slated to close July 7th. The remaining availability and pricing can be found here.See more details about Wildhorse