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Sharon Stevens

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New! Map-Based MLS Search For St Augustine!

03-05-09
Sharon Stevens

Are you frustrated when searching online to try to figure out exactly where the house is located and what the neighborhood is like? Your days of frustration are over!

CHeck out my new map-based MLS search on my website. Now you will be able to know exactly where the house is located and investigate the neighborhood!

NorthFloridaHomeSearch.com

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No Tax on Foreclosures or Short Sales? True or False?

09-22-08
Sharon Stevens

Many homeowners are concerned and confused about everything within the mortgage industry these days. But at least there is a little relief concerning the tax liability on the forgiven debt in a short sale or foreclosure. There is tax relief available to struggling homeowners.

H.R. 3648, the "Mortgage Forgiveness Debt Relief Act of 2007" will ease some of that stress and worry about paying income tax on that amount of forgiven debt. But there are a few guidelines and qualifications within this "Act".

  • APPLIES ONLY TO FEDERAL TAX OBLIGATION!!!
  • You may still owe your State Income Tax.
  • It must be your primary/principal residence. Primary/principal residence means: go back 5 years from the date of the sale/foreclosure and if you lived in the home for a total of 2 years, it qualifies as a primary residence.
  • Cannot be a rental property or business/investment property.
  • It applies to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.
  • It applies to debt that was reduced by mortgage restructuring
  • Debt used to refinance your home can qualify, IF the principal balance of your old mortgage would have qualified to begin with, before you refinanced.
  • Applies only to debt forgiven in the year 2007 through the year 2009.
  • You have to report the amount of the forgiven debt on tax Form 982 and submit it with your tax return.
  • You cannot use this "relief" for debt forgiven on a second home, or on credit cards, or on car loans.
  • The amount of the canceled debt cannot exceed $2 million. Or $1 million if filing separately.

There is another important provision to pay attention to in the Mortgage Forgiveness Debt Relief Act. It is the "insolvency" exclusion. You may still be able to qualify for the tax exclusion with this.

  • You are "insolvent" when your total liabilities exceed your total assets.
  • Forgiven debt that was discharged in a Title 11 Bankruptcy may qualify for exclusion also.

There are more insolvency qualifications that are listed on the tax Form 982. Be sure to research all your options.

And be sure to remember:

  1. NOT ALL STATES HAVE CONFORMED TO THIS "ACT" YET! Check whether or not your state has conformed.
  2. Always get tax advice from a qualified tax advisor.
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Dogs Can Dine In St Augustine!!

09-22-08
Sharon Stevens

Dog lovers, please take note! On August 1st, a city ordinance began that permits dogs in designated outside sections of restaurants. City Attorney Ron Brown stated it is part of a 3-yr pilot program.

  • All breeds are allowed in designated outside sections of restaurants
  • Participating restaurants will need to obtain a city permit
  • Employees of the restaurant will not be permitted to pet the dogs.Sanitary soup will be placed on the tables where dogs are allowed.
  • Restaurants must provide doggy bags for bathroom accidents, and employeed must clean the area immediately with disinfectant.

So next time you are going out to eat...... bring Fido along!

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St Augustine was featured on "Good Morning America"

09-22-08
Sharon Stevens

ABC News' Good Morning America listed St. Augustine as the program's number-one selection of places Americans could go "to feel as though they had jetted across the Atlantic without breaking the bank".

Titled "Exotic Vacations on the Cheap: No passport required," the nationally broadcast news segment was prepared in cooperation with Travel & Leisure magazine and was designed to show Americans that, evein in tough economic times, they can experience European atmosphere without leaving the borders of the USA or spending a fortune.

For a Spanish vacation without buying a plane ticket to Madrid, try St Augustine, Florida,"said ABC News. "It's the nation's oldest city and is filled with Spanish-colonial architecture. It feels like Old World Spain complete with cobblestone streets, courtyards, and an old colonial quarter."

To see the news clip, visit www.ABCNews.go.com

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