Premier Residential and Commercial Real Estate Services
Showing posts with label Coto De Caza. Show all posts
Showing posts with label Coto De Caza. Show all posts
Tuesday, November 2, 2010
Thursday, October 28, 2010
Tuesday, April 20, 2010
Great News & Explanation for Mortgage Debt Forgiveness
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
NO MORE STATE TAX ON FORGIVEN DEBT
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.
Homebuyer Tax Credit Chart 2010.
NO MORE STATE TAX ON FORGIVEN DEBT
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.
The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.
Homebuyer Tax Credit Chart 2010.
Monday, November 30, 2009
REO & Short Sale Facts for buyers
Today's buyers seem to have one thing in common: Everyone wants a great deal. So the real issue is whether the foreclosure, REO or short-sale property you're eyeing is a bargain or a money pit.
The buying public seems to think that "great deal" equals foreclosure, short sale or bank-owned property. The truth is that these properties may appear to be bargains, but in many cases you could be buying someone else's problems. If you're looking for a bargain property, here are some key issues to consider:
CLICK BELOW TO READ FULL ARTICLE:
REOs, short sales aren't always bargains
Some find quality, convenience take back seat to price
BY BERNICE ROSS, MONDAY, NOVEMBER 30, 2009.Wednesday, November 25, 2009
Happy Holidays!
As you gather with family and friends on this holiday, remember that it is a time to be grateful for events that have taken place in our history and the people we care about most. I wish you and yours a great holiday season and a Happy Thanksgiving.
Sincerely,
Nicole McFadden
Monday, October 12, 2009
50 Days until the $8,000 tax credit deadline
Some helpful dates for you to remember:
October 15: The safest date to have your signed purchase agreements submitted and close by November 30th deadline.
November 19: The ABSOLUTE last day for a signed purchase agreement, best cased scenario with traditional pre-approved buyer.
November 30: The federal tax credit expires and all loans must close on or before this date.
Please call me with any questions or to help you start looking. Rates have been at an all time low in the past week and activity has picked up. Take advantage of this buyers market, 949.922.8148.
October 15: The safest date to have your signed purchase agreements submitted and close by November 30th deadline.
November 19: The ABSOLUTE last day for a signed purchase agreement, best cased scenario with traditional pre-approved buyer.
November 30: The federal tax credit expires and all loans must close on or before this date.
Please call me with any questions or to help you start looking. Rates have been at an all time low in the past week and activity has picked up. Take advantage of this buyers market, 949.922.8148.
Thursday, September 17, 2009
Don't Miss Your Opportunity First Time Buyers!
If you have found yourself as a first time homebuyer trying to decide on whether to buy your first home, this could be the time for you. I want to share with you a few facts to consider:
1.Federal Tax credit of up to $8,000 will no longer be available after November 29, 2009.
2.We are still seeing the lowest rates in history on mortgage loans.
3. Most economists that study the market have seen we are near the bottom.
4. By renting you are paying someone elses mortgage.
The prevailing thoughts in the news are that the first time home buyers tax credit will bot be renewed. Take advantage of that paired with low interest rates and find a perfect property to call HOME!
Tuesday, September 15, 2009
Selling your Home
It is important to understand the buyers market today. It will help you know who might be a good fit for your home and ensure that you highlight the most vital features. They are potentially looking at all the homes in your area and you want to be sure you stand out.
Some types of Buyers:
-single first-time
-working couple
-family
-retirees
-empty nesters
-professional single women
Taking a closer look at these groups wants and needs can help identify what’s important to each. Knowing your buyers market gives you an advantage—you can highlight the features of your home that are most likely exactly what those buyers want and understand what a buyer may be comparing your home to in your neighborhood and area.
Some types of Buyers:
-single first-time
-working couple
-family
-retirees
-empty nesters
-professional single women
Taking a closer look at these groups wants and needs can help identify what’s important to each. Knowing your buyers market gives you an advantage—you can highlight the features of your home that are most likely exactly what those buyers want and understand what a buyer may be comparing your home to in your neighborhood and area.
Monday, August 31, 2009
Happy Monday!
The Real Estate search can often be tiring and well somewhat frustrating. I would like to share with you the my words of encouragement to lift you through the paper work, signatures and time you feel you are pouring into buying or selling. I began remodeling my home last year and since then it has been a never ending project. There is always something to be improved or added, but the time we spend sharing it with our friends and family makes it all worth it. You make a house your home and you welcome others to join in your enjoyment. So have an end of summer BBQ or a simple get together and share your home with others. The memories created and shared are worth it!
Thursday, August 6, 2009
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