TAX BENEFITS OF HOME OWNERSHIP - SOMETHING TO CONSIDER

     Since personal income tax was introduced by the 16th amendment in 1913, U.S. taxpayers have enjoyed specific tax benefits for home ownership, the American Dream, right?  While tax benefits might not be the only reason that motivates a person to buy a home, they are still tangible and not available to renters. 
     The exclusion of capital gains tax on the profit made from a home is unique from other investments and provides owners significant savings. Single taxpayers can exclude up to $250,000 gain and married taxpayers up to $500,000 gain. During the five-year period ending on the date of sale, a taxpayer must have: owned the home for at least two years; lived in the home as their primary residence for at least two and have used the address accordingly as it pertains to filing their income tax.  Gain on the sale of a principal residence in excess of the allowed exclusion are taxed at the lower long-term capital gain rate of the owner.
     A homeowner may take the standard deduction or itemized deductions in any tax year based on which will create the largest deduction. Property taxes and qualified mortgage interest are allowable itemized deductions.
     For more information, see your tax advisor or see IRS Publications 523, Selling Your Home and 936, Home Mortgage Interest Deduction.    For additional information locally, Bond Bookkeeping and Tax is located in Henderson at:  50 W. Pacific Ave, Henderson, NV  89015 (702) 471-6511 and they take walk-ins.  Feel free to call with questions and ask for Don.
     You can still take advantage of low interest rates, tax benefits and have independence thru home ownership - call today and let's get started.
      Find a house with your mouse, go to: http://www.callkim.net today!

Kim Duclos          Elite Realty

702-521-3939

Keeping Your Home Rodent Free

Keeping Your Home Rodent Free

Rodents are a problem not just because they can destroy personal property and components of a home's structure, but also because they can spread serious disease to humans and their pets. 

What to do to prevent rodent infestation.


1.  Keep food in thick plastic or metal containers with tight fitting lids.


2.  Clean up spilled food right away, and wash dishes and cooking utensils soon after use.


3.  Keep outside cooking areas and grills clean.


4.  Keep compost bins as far away from the house as possible


5.  Set up bird feeders away from the house.  Utilize guards to limit access to the feeder by squirrels and other rodents.


6.  Always put pet food away after use and do not leave pets' food bowls out overnight.


7.  Use thick plastic or metal garbage cans with tight fitting lids


8.  Dispose of trash and garbage on a frequent and regular basis, and eliminate clutter in and around the property to discourage nesting.


9.  If rodents or their droppings are discovered on surfaces, such as countertops and tables, us the strongest, non-damaging cleaner possible to disinfect the area, such as bleach.


10.  Plug up rodent holes with steel wool to prevent them from chewing their way through and back into the living space, but remember that this is only a temporary fix.


**  Rodent droppings should be cleaned up while wearing a face mask and gloves because disturbing large quantities of fecal matter can cause it's dust  to become airborne, which can result in respiratory irritation and even illness.  Afterward, sterilize the area thoroughly.  Also, it is wise to contact a professional exterminator because rodents reproduce QUICKLY.

Kim Duclos

702.521.3939

Talking to the Right Lender and Pre-Approval

It's Your Advantage - Start Right, Get the Details

Technology has certainly streamlined the home buying process and introduced things that help purchasers make better decisions. Buyers have enthusiastically embraced video tours, digital signatures and the enormous amount of information available about a home, neighborhood, schools and neighbors. The ironic thing is that buyers are ignoring the one single thing that can help them secure the “right” home. Talking to a lender or using a financial calculator is not pre-approval. Pre-approval requires written verification on employment and income and ordering a credit report for the purpose of obtaining a mortgage. A mortgage credit score is different than what a person might see from credit reporting websites.  Pre-approval gives buyers the confidence to know the amount they can borrow which can result in bargaining power when dealing with a seller or competing against another offer. Transactions can close quicker once a buyer has been pre-approved. If any issues are discovered in the initial process, the purchaser and lender will have more time to correct them compared to trying to get it done during the loan approval period as stated in the sales contract.  Most lenders best interest rates are only available to the best borrowers. You might get approved on a loan but at a higher rate than you expected which could make a significant difference in the monthly payments. The “right” home without financing will never have the buyer’s address. Getting pre-approved with a trusted mortgage professional is one of the first steps in the buying process. It can definitely be an advantage that will benefit you in negotiations and ultimately, during the time you own the home. www.callkim.net Call Kim Today @ 702-521-3939

HUD TAKES ACTION

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

I was speaking with Brian Hahn of Castle & Cooke Mortgage LLC and he shared an article from HUD, one that may be of interest to you. As you know our markets across the country are flooded with bank owned homes or REO's as they are called in the industry. Las Vegas is one of the areas that has been hit the hardest, so a program like this will be of assistance in getting the foreclosed homes into new owners hands. Please review article below by Mr. Wooley date January 15, 2010.

WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner.

To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Kim Duclos CRS ABR GRI

Coldwell Banker Wardley

Call me: (888) 949-2890 (702) 521-3939