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Real Estate Blog

Wednesday, January 30, 2013
Tags:   Home Sellers, 2012, home buyers, Property, Market, Sales Price, Vero Beach Real Estate

Congress’s down-to-the-wire fiscal cliff deal on tax changes, which included some goodies for home owners, has put the IRS behind the eight ball. It’s scrambling to create new tax forms and modify old ones to reflect the tax code changes.

So if you’re raring to collect your due (and you’re eligible to), time to get Zen and sit tight.

In case you missed it, Congress resurrected:

Mortgage cancellation relief

Energy tax credits

The PMI deduction

So that’s the cool part. Now for the paperwork part. What Kind of Delays are We Talking About?

The IRS was planning to have the 1040 — the workhorse form pretty much all of us have to fill out — on its website by Jan. 22. But now, it’s going to be Jan. 30. That means you can’t file your return until Jan. 30. It doesn’t matter if you file online or with paper — as far as filing is concerned, the IRS is closed for business until Jan. 30.

Still, that’s just over a week, and the various records you receive from banks, brokerages, and employers might not be ready until the end of January anyway. So it’s not a biggie.

But if you’re claiming the energy credits with Form 5695, you’ll have to wait longer. The IRS doesn’t even know when that form, along with many others, will be available. End of February? Beginning of March? Stay tuned.

Regardless, you should still be able to meet the April 15 deadline.

For now, gather your paperwork, such as proof of any credits you’re entitled to, so when the IRS is ready, you are, too. And check with your tax pro or customer service department of the software you use to make sure they’re up to speed as well.

In a rush to claim the home owner tax benefits Congress reinstated? Not so fast. The IRS isn’t ready to accept your tax returns.

Congress’s down-to-the-wire fiscal cliff deal on tax changes, which included some goodies for home owners, has put the IRS behind the eight ball. It’s scrambling to create new tax forms and modify old ones to reflect the tax code changes.

So if you’re raring to collect your due (and you’re eligible to), time to get Zen and sit tight.

In case you missed it, Congress resurrected:

Mortgage cancellation relief

Energy tax credits

The PMI deduction

So that’s the cool part. Now for the paperwork part.

What Kind of Delays are We Talking About?

The IRS was planning to have the 1040 — the workhorse form pretty much all of us have to fill out — on its website by Jan. 22. But now, it’s going to be Jan. 30. That means you can’t file your return until Jan. 30. It doesn’t matter if you file online or with paper — as far as filing is concerned, the IRS is closed for business until Jan. 30.

Still, that’s just over a week, and the various records you receive from banks, brokerages, and employers might not be ready until the end of January anyway. So it’s not a biggie.

But if you’re claiming the energy credits with Form 5695, you’ll have to wait longer. The IRS doesn’t even know when that form, along with many others, will be available. End of February? Beginning of March? Stay tuned.

Regardless, you should still be able to meet the April 15 deadline.

For now, gather your paperwork, such as proof of any credits you’re entitled to, so when the IRS is ready, you are, too. And check with your tax pro or customer service department of the software you use to make sure they’re up to speed as well.

Comments: 0

Wednesday, January 30, 2013
Tags:   home buyers, Sales Price, 2012, Market, Home Sellers, Property, Vero Beach Real Estate

 

Home owners win two important tax benefits in the fiscal cliff deal.

The fiscal cliff deal Congress passed this week lets home owners keep the tax deduction for private mortgage insurance payments. It also says troubled home owners won’t owe income tax on amounts forgiven during a mortgage workout or foreclosure.

PMI is what you pay your lender each month if you put down less than 20% on a home, which protects the lender if you default on the home loan.

Without mortgage cancellation relief, home owners who have a portion of their mortgage forgiven as part of a workout plan, short sale, or foreclosure would have to pay income tax on the forgiven amount.

In addition, the American Taxpayer Relief Act of 2012 lets home owners continue to keep up to $500,000 ($250,000 for individuals) in home sale profits tax-free. Only home sellers whose income is $450,000 or above (or singles earning $400,000 or more) and who net more $500,000 on the sale of their home would pay taxes on the excess capital gains. For the vast majority of home sellers, there’s no change.

For those earning above the $400,000-$450,000 threshold, the cap gains rate would rise to 20% from 15%.

Congress extended the tax deductions for all mortgage insurance premiums and for state and local property taxes, which, along with the mortgage interest deduction, are important tax considerations for home owners and buyers.

Comments: 0

Friday, November 04, 2011
Tags:   home buyers, Sales Price, 2012, Market, Home Sellers, Property, Vero Beach Real Estate
Why buy a real estate investment property now? The simple answer lies with the age old investment saying “buy low, sell high.” In the housing market, buying at the right time trumps selling at the right time. According to the Realtors ® Association of the Palm Beaches, South Florida home values have dropped 15.5% in the past year. Bristol Properties International provides investors an opportunity to take advantage of the current housing market.
 
Salvatore Sofia CRFA, LUTCF, Certified Retirement Financial Advisor and Realtor ® says, “All investments are tied to economic trends and are cyclical in nature. If we are at the bottom of the cycle there is generally one direction in which the market will go. Up. It is often recommended that real estate ownership as an investment is strategically part of a comprehensive diversified portfolio.”
 
Bristol Properties International has a team of professional real estate agents, trained to identify residential and commercial properties deemed undervalued and with a great probability of future appreciation. Bristol also has a system in place to expedite lender criteria and quickly close distressed properties, short sales and foreclosures. Without the right buy-in price, the sale of any investment loses its maximum value; therefore, purchase timing and price of the investment truly matter.
 
Mr. Sofia also says, “property ownership is one of the few ways to accumulate real wealth in our country. We have been endowed with many tax favors and strategically owning real estate properties have always been the fast track to financial security.” “An important reason that now is a great opportunity to invest in real estate is that properties that can easily be rented will provide a steady stream of monthly income, often covering associated property costs,” says Deborah Bacarella, Regional Manager for Bristol Properties International of Boca Raton.
 
These historically low real estate values present an investment opportunity. But as with any investment, you should seek the advice of your tax, legal or financial advisor to see if it’s appropriate for your own situation. Bristol Properties International has both the real estate professionals and financial professionals to assist in identifying value and opportunities in our present real estate market. Contact Us now to learn more about this great real estate investor opportunity.
Comments: 6

Friday, November 04, 2011
Tags:   home buyers, Sales Price, 2012, Market, Home Sellers, Property, Vero Beach Real Estate
The associates at Bristol Properties International speak over 14 languages! “The emphasis is on making our customers feel comfortable and knowledgeable,” states Deborah Bacarella, Regional Manager of Boca Raton. 
 
Bristol will be expanding its list of languages spoken as it continues to attract more international real estate professionals. Recent walk in customers came from Canada, Argentina, Italy and Ecuador, but with Bristol’s international flare, Bristol Properties truly speaks your language and is always ready to help.
 
The languages spoken at Bristol include English, Greek, Estonian, Finnish, French, Russian, Korean, German, Spanish, Portuguese, Italian, Hebrew, Moroccan and Arabic.
 
? ???? ??? ?? ?? ??.
“This is a great time to invest in real estate,” says Sung Knowles.
 Παρακαλ? να ςταματ?ςει απ? το γραφε?ο μου, θα ?ταν μια pleasire να ςασ εξυπηρετ?ςει ςτα Αγγλικ? και ςτα Ελληνικ?. Σασ ευχαριςτ?.
Ελ?νη SANGUEDOLCE
 
“Please stop by my office, it would be a pleasure to serve you in both English and Greek. Thank you.”  Helen Sanguedolce.
 
Este es el momento de aprovechar del gran inventario de propiedades, precios historicamente bajos, y el cambio favorable. 
Es la receta para el exito!
 
“Now is the time to take advantage of the large inventory of properties, historically low prices, and a favorable exchange rate. It’s a recipe for success!”  Louise M. Morales.
 
“Bitte, kom doch!” “Please come!”  Laura Corwin.
 
“Real Estate is more than just finding a place to call home”. Says Janet G. Bocskai, one of Bristol’s Commercial Specialists.
 
Bristol offers a full range of services besides Real Estate including insurance, financial services and auctions of high-end personal property. Whatever your needs, Bristol speaks your language and has the ability to point you in the right direction and to the right professional to help you. For more information Contact Us now!
Comments: 2

Friday, November 04, 2011
Tags:   home buyers, Sales Price, 2012, Market, Home Sellers, Property, Vero Beach Real Estate
A group of Bristol Associates recently attended a workshop on Realtor Safety at the Realtors ® Association of the Palm Beaches’ (RAPB) office. The keynote speaker was Andrew Wooten, an internationally acclaimed Safety and Security Consultant. Topics included personal safety in the home, office and car, child safety, social media safety concerns and identity theft prevention.
 
Bristol Agent, Helve Massakas, says that “one thing that particularly stuck in my mind when Andrew stated that cell phones were unsecured wireless devices! I was overwhelmed with the valuable information I was given that day.” Another Bristol Agent, Irene Durocher, said “Andrew Wooten made everyone aware how easy it is to be a victim, whether thru technology or just walking downs the street. The world is changing, you must be aware of your surroundings. He was a very motivational speaker and also shared self defense techniques with us.”
 
Andrew Wooten’s professional presentation was so anticipated that the event is now recorded into the Guinness Book of World Records. Bristol helps set world record for most participants in multiple locations attending a webinar, with 595 participants. Bristol Realtors ® Louise Morales and Laura Corwin also thankful to RAPB for the workshop information and are anxious to share what they learned with their customers.
 
Bristol Properties International takes safety very seriously, as they have strict confidentiality standards and take actions to prevent identity theft. Bristol’s offices are designed so that all professionals and their customers are safe and can feel at ease. The staff is regularly trained and updated with the latest safety measures.
 
Bristol’s team of professionals is ready to discuss simple techniques for keeping your home safe. For more information on Bristol’s Family of Services please Contact Us.
Comments: 3

Friday, November 04, 2011
Tags:   home buyers, Sales Price, 2012, Market, Home Sellers, Property, Vero Beach Real Estate
A wise idiom states, “charity begins at home,” and that is the belief of Bristol Properties International and that is what the new Realtors ® Association of the Palm Beaches’ (RAPB) “Pay It Forward” fund is all about.
 
Bristol Properties International recognizes that the South Florida community is entrenched in a difficult housing economy, effecting homeowner and real estate professionals alike. The Pay It Forward Fund aims to gather donations from real estate professionals to help other Realtors ® in need. The charity’s motivation is to provide funds, supplies and services to Real Estate Agents, who are making a determined effort, yet are financially needy or otherwise distressed.
 
The Pay It Forward Fund’s unofficial mascot is a piggy bank. Bristol Realtors ® have made the conscious effort to take the pig with them to all open houses, professional meetings and proudly display their support. The little bank even made the trip to the Florida Realtors ® Convention in Orlando at the end of August.
 
Bristol invites individuals interested in donating to this worthy cause to stop by their Boca Raton office where you would get your picture taken and uploaded to Bristol’s Facebook page for your deed’s proper recognition. Others interested in donating through the mail or could send to The Pay It Forward Fund, c/o Bristol Properties International, 253 East Palmetto Park Road, Boca Raton, Florida 33432. Please make checks payable to The Pay It Forward Fund. Contributions to the Pay It Forward Fund, 501(c) (3) charitable organizations, are tax deductible to the extent permitted by law.
 
For more information on the Pay It Forward Fund or Bristol's Family of Services, please Contact Us or call 561-347-1303 in Boca Raton or 239-352-6400 in Naples, Florida.
Comments: 3

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