“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Maryann Giacobbe

Maryann Giacobbe

Blog_tag

HOME SALES TAX

03-13-12
Maryann Giacobbe

HOME SALES TAX

I thought you might find this interesting, -- maybe even SICKENING!

The
National Association of Realtors
is all over this and working to get it repealed, -- before it takes
effect. But, I am very pleased we aren't the
only ones who know about this ploy to steal billions from unsuspecting homeowners. How many realtors do you think will vote
Democratic in 2012?

Did
you know that if you sell your house after 2012 you will pay a 3.8% sales tax
on it? That's $3,800 on a $100,000 home, etc. When did this
happen? It's in the health
care bill, -- and it goes into effect in 2013. Why 2013? Could it
be so that it doesn’t come
to light until after the 2012
elections? So, this is ‘change you can believe in’?

Under
the new health care bill all real
estate transactions will be subject to a 3.8% sales tax.

If
you sell a $400,000 home, there
will be a $15,200 tax. This bill is set to screw the
retiring generation, -- who often downsize
their homes. Does this make
your November, 2012 vote more important?

Oh,
you weren't aware that this was in the
ObamaCare bill? Guess
what; you aren't alone! There are more than a few members of Congress
that weren't aware of it either.

You
can check this out for yourself at:

http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

I hope you forward this to
every single person in your address book.

VOTERS NEED TO KNOW.

2 Comments
Blog_tag

KEYS TO ASSESSING YOUR HOME'S REAL MARKET VALUE

03-09-12
Maryann Giacobbe
KEYS TO ASSESSING YOUR HOME'S REAL MARKET VALUE


View Your Home
Through the Eyes of a Stranger

If you ask people what their homes are worth, chances are they'll tell you it's difficult to put a price on them. That's because they are evaluating them through an emotional filter filled with happy memories they had while living in the houses. In reality, homes are assessed every day to see what tangible value they have on the open market and the factors used have nothing to do with emotion.

Considering
Home Improvements?

Generally, the purpose of remodeling projects is primarily to make the home more suitable for you and your family. That's good, since the cost of remodeling is rarely recovered when a home is sold. But it's also important to evaluate how a project can potentially affect your home's resale value.
Some changes have widespread appeal - although popularity varies over time - and can significantly add value when it comes time to sell. Renovating the kitchen or adding a bathroom will likely bring a higher price, as well as increase the sales appeal of the house. On the other hand, a wine cellar may be an owner's pride and joy, but don't count on recouping the cost when selling, since a wine cellar may have limited appeal on the open market.
Another point to consider: You may have heard that it "doesn't pay" to own the nicest house in the neighborhood. That's because the selling price of a home depends partially on the characteristics and condition of the other homes in your area. Even if added improvements are popular, an owner may not be able to recover the cost if the enhancements price the home too far above others in the neighborhood.

To understand how houses are rated, you need to begin with a clear definition of "market value." In real estate terms, market value is the price at which something can be freely bought and sold within a reasonable period of time. The concept refers to the conditions necessary for a fair sale, meaning the buyer and seller are acting wisely and knowledgeably, and the price is not affected by any artificial stimulus. A reasonable time in real estate parlance generally means between one to three months.

Why is This Important?

If you're considering putting your home on the market, you need to know the value of the house based on objective factors before you can set the asking price. Even if you're not planning to sell, you should periodically reassess your home's value so you can make sure you have ample insurance as the value increases. Obviously, the time to discover a property is underinsured is not after a tragedy strikes.

An experienced real estate agent can help determine market value with reasonable accuracy. These professionals focus on the conditions that make a home saleable. Home prices vary significantly from city to city and even from neighborhood to neighborhood. Your home needs to be compared with similar houses in the same or nearby neighborhoods.

Key Points in Determining Home Value

Here are some guidelines to consider:

  • Site characteristics -Is your home in a desirable neighborhood with good schools? Is public transportation available? How accessible is the nearest shopping by car as well as other means of transportation?
  • Design and appeal characteristics -Is the layout designed for convenience? Does the house have curb appeal, meaning, is it attractive when viewed from the street?
  • Construction quality -Was the original construction of high quality?
  • Age and condition -If it is an old house, has it been properly maintained? Are there visible problems with the roof, siding, etc? Is the outside in need of a coat of paint?
  • Improvements -Have you remodeled the kitchen or bathroom or added extra rooms?
  • Amenities -Is there a deck, swimming pool or other special features? Is the backyard large enough to be used for parties and barbecues?

    Other Important Aspects

    Another yardstick for measuring market value many realtors recommend is calculating the price per square foot. The method most commonly used is to divide the amount of livable square feet into the house's latest appraised price. You can usually find the appraisal price from a property tax bill. Next, compare your result with the price per square foot of some of the homes that were recently sold in your area. You want to ensure that the price per square foot is in line with the neighborhood norm.

    Finally, current market conditions are an important consideration. Real estate prices rise and fall regardless of the quality of the individual properties. Interest rates, the state of the economy and the local job market are all factors that affect the market value of homes in a particular area. When the market is down because of negative influences, such as high unemployment, the market value of your house can be lower than you think. Conversely, when the economy is booming, home values can go through the roof.

    Bottom line: Whether your plans include selling your home, refinancing it, or just protecting your investment with adequate insurance, periodically reevaluate what your house is worth on the open market. Knowing what your home is really worth can be a valuable financial planning tool to help you deal with future events as life unfolds.
1 Comment
Blog_tag

SPLITTING YOUR IRA

03-09-12
Maryann Giacobbe
SPLITTING YOUR IRA

The distribution rules for inherited IRAs generally make it advantageous to have separate accounts, which can be done during your lifetime or by December 31 of the year following your death. If you plan to leave an individual retirement account (IRA) balance to several beneficiaries, consider splitting each beneficiary's share into a separate account during your life. Why is it so important to have separate accounts?

Your spouse has more alternatives available if he/she is the sole beneficiary. A surviving spouse can roll over the IRA to an IRA in his/her name or treat your IRA as his/her IRA. With the rollover IRA, the surviving spouse can name his/her own beneficiaries, thus extending the IRA's life, and can defer payouts until age 70 1/2. However, to roll over the IRA, the surviving spouse must be the sole beneficiary.

When there is more than one non-spouse beneficiary for an inherited IRA, distributions must be taken over the oldest beneficiary's life expectancy. By splitting the IRA into separate accounts, each beneficiary can take distributions based on his/her life expectancy.

Separating accounts is especially important when one of the beneficiaries is not an individual or qualifying trust, such as a charitable organization. If you die before required distributions must begin at age 70 1/2, then the entire balance must be paid out in five years. If you die after required distributions begin, then the balance can be paid out over your remaining life expectancy. When the account is split, the individual beneficiary can take distributions over his/her life expectancy.

An important estate planning strategy for inherited IRAs is the ability to disclaim all or a portion of the IRA. If a beneficiary disclaims an IRA within nine months of the decedent's death, the disclaimed IRA is not considered a gift and would then go to the contingent beneficiary. By splitting the IRA into separate accounts, you can better control what would happen if each beneficiary disclaims his/her share. For instance, your beneficiaries might be your two children, with your grandchildren named as contingent beneficiaries. With separate accounts, each child could decide whether to disclaim the IRA, knowing the proceeds would then go only to their children.

From an administrative standpoint, it is often easier to have only one IRA rather than several. But with separate accounts, you can ensure that your IRA is set up to work to the best advantage of your beneficiaries.

0 Comments
Blog_tag

NEED SOME INSPIRATION FOR KITCHEN AND DECK MAKEOVER?

03-09-12
Maryann Giacobbe


Note: One of the best sites on the net for homeowners is House Logic, a project of the National Association of Realtors. It can be found at www.Houselogic.com





An inspiring slide-show of what can be done in the kitchen to create a focal point using back splashes. Get the 12 slides HERE


When it comes to decks, the ideas can be endless. HERE is a slide-show to prove it!
0 Comments
Blog_tag

TAX TIPS WIKI- UPDATED

03-09-12
Maryann Giacobbe

Tax Tips Wiki-
Relevant Resources

In preparing you for your annual tax filing, HomeActions offers many resources.



1. Know the rules about deducting mortgage interest - especially after a refinance. This Article from Benny Kass provides info on properly deducting your Mortgage Interest. Get it HERE Also, here is a good resource from the IRS

2.Millions of taxpayers who prepare their own taxes rely on a software package. But like any other tool, there are lots of options. Click HERE to see the reviews of the best deals out there

3.Did you know even the IRS has an iPhone and Android app? Get the info HERE

4.Did you know certain filers (1040 EZ) can get free help from Wal-Mart? Check It Out HERE

5. If you did a refi last year, watch these tips so you do not put up any "Red Flags"

6. Quickly track your refund HERE
0 Comments