Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts
Thursday, February 25, 2010
Tax Credits for You!
This is one of the few times the government wants to give you money instead of taking it. The FIRST TIME HOME BUYER'S TAX CREDIT of up to $8500 ends the end of April as well as the EXISTING HOME OWNER TAX CREDIT of up to $6500. Here is your chance to buy some discounted real estate and get some money back.
New Year's Resolution
One of my many New Year's Resolutions was to be more consistent in posting to my blog. I have plenty of info to share and plenty of opinions, so what is the problem? It is just a matter of fitting it into my already jammed schedule. Here goes - i will try my best. Please be patient and please stay tuned!
Friday, September 4, 2009
Divorce & Real Estate - Never Pretty
I have been in the middle of some sticky divorce situations over the years, but this story tops all. It was sent to me by a fellow Realtor:
> > She spent the first day packing her belongings into boxes, crates and suitcases. > > On the second day, she had the movers come and collect her things.> > > > On the third day, she sat down for the last time at their beautiful dining room > > table by candle-light, put on some soft background music, and feasted on a > > pound of shrimp, a jar of caviar, and a bottle of spring-water.> > > > When she had finished, she went into each and every room and deposited a few > > half-eaten shrimp shells dipped in caviar into the hollow of the curtain rods. > > > > She then cleaned up the kitchen and left. When the husband returned with his > > new girlfriend, all was bliss for the first few days. > > > > Then slowly, the house began to smell.> > > > They tried everything; cleaning, mopping and airing the place out.> > > > Vents were checked for dead rodents and carpets were steam cleaned.> > > > Air fresheners were hung everywhere.. Exterminators were brought in to set off > > gas canisters, during which they had to move out for a few days and in the end > > they even paid to replace the expensive wool carpeting. Nothing worked!!! > > > > People stopped coming over to visit. Repairmen refused to work in the house. > > The maid quit. > > > > Finally, they could not take the stench any longer and decided to move.> > > > A month later, even though they had cut their price in half, they could not > > find a buyer for their stinky house .> > > > Word got out and eventually even the local Realtors refused to return their > > calls.> > > > Finally, they had to borrow a huge sum of money from the bank to purchase > > a new place.> > > > The ex-wife called the man and asked how things were going. > > > > He told her the saga of the rotting house. She listened politely and said that she > > missed her old home terribly and would be willing to reduce her divorce > > settlement in exchange for getting the house back.> > > > Knowing his ex-wife had no idea how bad the smell was, he agreed on a price that> > was about 1/10th of what the house had been worth, but only if she were to sign> > the papers that very day.> > > > She agreed and within the hour his lawyers delivered the paperwork.> > > > A week later the man and his girlfriend stood smiling as they watched the moving > > company pack everything to take to their new home........... > > > And to spite the ex-wife, they even took the curtain rods!!!!!!> > > I LOVE A HAPPY ENDING, DON'T YOU?
> > She spent the first day packing her belongings into boxes, crates and suitcases. > > On the second day, she had the movers come and collect her things.> > > > On the third day, she sat down for the last time at their beautiful dining room > > table by candle-light, put on some soft background music, and feasted on a > > pound of shrimp, a jar of caviar, and a bottle of spring-water.> > > > When she had finished, she went into each and every room and deposited a few > > half-eaten shrimp shells dipped in caviar into the hollow of the curtain rods. > > > > She then cleaned up the kitchen and left. When the husband returned with his > > new girlfriend, all was bliss for the first few days. > > > > Then slowly, the house began to smell.> > > > They tried everything; cleaning, mopping and airing the place out.> > > > Vents were checked for dead rodents and carpets were steam cleaned.> > > > Air fresheners were hung everywhere.. Exterminators were brought in to set off > > gas canisters, during which they had to move out for a few days and in the end > > they even paid to replace the expensive wool carpeting. Nothing worked!!! > > > > People stopped coming over to visit. Repairmen refused to work in the house. > > The maid quit. > > > > Finally, they could not take the stench any longer and decided to move.> > > > A month later, even though they had cut their price in half, they could not > > find a buyer for their stinky house .> > > > Word got out and eventually even the local Realtors refused to return their > > calls.> > > > Finally, they had to borrow a huge sum of money from the bank to purchase > > a new place.> > > > The ex-wife called the man and asked how things were going. > > > > He told her the saga of the rotting house. She listened politely and said that she > > missed her old home terribly and would be willing to reduce her divorce > > settlement in exchange for getting the house back.> > > > Knowing his ex-wife had no idea how bad the smell was, he agreed on a price that> > was about 1/10th of what the house had been worth, but only if she were to sign> > the papers that very day.> > > > She agreed and within the hour his lawyers delivered the paperwork.> > > > A week later the man and his girlfriend stood smiling as they watched the moving > > company pack everything to take to their new home........... > > > And to spite the ex-wife, they even took the curtain rods!!!!!!> > > I LOVE A HAPPY ENDING, DON'T YOU?
Tuesday, September 1, 2009
More from the Congressional Budget Office
Just so you know, aside from removing or lowering the mortgage interest deduction; here are a few more suggestions from the CBO:
1. Get rid of all write offs for local taxes, including property taxes.
2. A 15% cap on the total of your itemized deductions - remember that includes charitable contributions, medical expenses and casualty losses.
3. Revert to the capital gains rules prior to 1987. Instead of taxing long term capital gains at 15% as the current code does now - it would revert to paying taxes on 55% of the gain at the individual person's rate.
All of this will cost the individual more out of pocket for expenses, less charitable contributions, more government expense to cover programs previously funded privately, more distress in the real estate markets, less incentive to buy homes, less vested interest in your neighborhoods and communities and of course.... more taxes.
1. Get rid of all write offs for local taxes, including property taxes.
2. A 15% cap on the total of your itemized deductions - remember that includes charitable contributions, medical expenses and casualty losses.
3. Revert to the capital gains rules prior to 1987. Instead of taxing long term capital gains at 15% as the current code does now - it would revert to paying taxes on 55% of the gain at the individual person's rate.
All of this will cost the individual more out of pocket for expenses, less charitable contributions, more government expense to cover programs previously funded privately, more distress in the real estate markets, less incentive to buy homes, less vested interest in your neighborhoods and communities and of course.... more taxes.
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