Available 6/1.
Freshly updated 2 bdrm/ 2 ceramic baths/ 2 car garage, huge rear deck, fenced rear yard with shed and garden space, includes frig/ stove/ dishwasher/ & laundry room appliances, a/c, lighted closets, bsmt laundry.
$925 includes lawn and snow plowing service, $875 without.
If you want to get a glimpse of your ‘highly secretive’ FICO, try this tool. Why ? Because if you apply for credit but get turned 
the inquiry effects your score for 25 months ! Ouch, see if its even worth it first.
http://www.bankrate.com/calculators/credit-score-fico-calculator.aspx
Well the short answer is ‘usually they can’t.’ But there are some simple tax planning tools I first learned from my dad.
A tool I’ve set up for many to make the high costs associated w/ future/current college costs deductible is nice little managed rental homes. Consider this:
Our company will:
While you, the taxpayer:
If the property is in the college town:
If you need assistance contact me immediately as these MUST be filed timely and complete.![ar125236032259088[1]](https://realtynetworth.files.wordpress.com/2012/08/ar1252360322590881.png)
Things to remember:
Here are some useful links.
1344 Beaverbrook SOLD.
Pat / Laurie, thank you for the opportunity to serve you.
Mike / Kelly, thank you for the opportunity to serve you again.
| The Mortgage Forgiveness Deb Relief Act lets homeowners pay no taxes for mortgage debt forgiveness.
Previously, if a lender forgave all or part of a mortgage, the borrower was considered to have received taxable income Currently, a taxpayer may exclude up to $2 million of income from the debt on a principal residence that is forgiven during the years 2007 through 2012. This includes a mortgage refinance as well as a foreclosure. (CAUTION: DON’T confuse this with future liability for the debt itself vs taxation….you may still find the bank hooking up to the family car in the middle of the night 5 or 10 years out, yes it does happen regularly !) The rule applies only to acquisition indebtedness, which would be funds for the purchase or improvement of the home. Home equity loans not used for improvements do not receive the benefit. The lender who forgives a mortgage must send the taxpayer a Form 1099C or 1099A that should show the fair market value of the home and the amount of the loan. The difference would normally be the income received. If audited, the taxpayer will have to document that funds were spent for the purchase or improvement of the home. More: U.S. Internal Revenue Service (The Mortgage Forgiveness Debt Relief Act and Debt Cancellation): |
On 12/22 Granholm vetoed MAR-supported legislation aimed at getting the housing market moving. Senate bill 77, passed both the House and Senate in the last days of the 2010 session, allowed foreclosed properties to retain their principal residence exemption for a period of up to 3 years. The bill was seen as a stepping stone in getting foreclosed properties, which are non-principaled residences, moving. Currently, a buyer may be priced out of purchasing a foreclosed property because they do not qualify for a mortgage at the higher tax rate. The bill alleviated that burden by allowing the homebuyer to immediately make a foreclosed property their principal residence.
The Michigan Association of REALTORS® worked hard through the last hours of session to provide information to legislators as to why this bill was critical for the housing market in this state. We are extremely disappointed that this bill was not signed into law, given the opportunity it provided for potential home purchasers. However, we expect legislation addressing the Principal Residence Exemption to be re-introduced next legislative session beginning in January.
Ask me how this affect you. Many who have been forced to trade down/move out/ or leave the state… needed to keep their exemption until a sale could be made in a tough market – this is a blow to fair and equitable ownership & seems like another strong hand act by a cash strapped government not unlike the property tax protest minefield process. So much for government serving the electorate., p
This could be a reason to let us help you…w/27 yrs as multi -state broker/builder/investor/property management experience in MI & FL. , Paul
Sure, the Internet has transformed the process of buying and selling a home in wonderful ways, but it has also increased the opportunities for mischief. Fall for bogus listings and lousy home price “data” and you could wind up overpaying for a home or finding yourself stuck, unable to unload the one you have. Don’t get taken by these big lies:
The drama is nearly over. After a decade of extremes—the ebullient highs of the real estate boom, then the devastating lows of the bust—calmer forces are beginning to prevail in the housing market. The big fall-off in home values, which has taken the median price of a house down almost 30% since 2006, looks to be in its final stages in most places: Three-quarters of the nation’s 384 metropolitan areas will see prices down less than 5% a year from now….
Jon Daurio, chief executive officer of mortgage investor Kondaur Capital Corp., recently offered a $4,000 check to Barry
Culver for the deed to his Bryan, Ohio house.
With the exchange, and a pay-off to a second-lien holder, Culver was freed of $120,000 in crushing mortgage debt on the house, said Daurio, who had bought the right to cut the deal when he purchased the mortgage months earlier. The house, after repairs, is now on the market for $47,500.
, On Sunday February 28, 2010, 12:15 pm EST
It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find a new place to live, giving a thrust of energy to the housing market’s recovery.
So far, people are staying put.
“Foreclosure sales will pick up this spring as mortgage servicers figure out who can qualify for a modification and who can’t,” said Zandi.
He figures there are at least 4.5 million mortgage loans either in foreclosure or clearly headed in that direction. When that additional inventory hits the market, it will provide numerous choices for buyers and encourage sellers to drop their listing prices. More
Big Reminder:
To qualify for the $8,000 credit, homebuyers must sign a contract before April 30 and close by June 30
U.S. News turned to Moody’s Economy.com. The economics firm provided average and quarterly price-to-income data
for each of the nation’s 384 distinct metropolitan statistical areas. By comparing the most recent figures with longer-term averages, we were able to compile a list of 10 cities for real estate steals.
Excellent article from September 16, 2009 by Michael C. Gray, CPA
….excerpts:….
Congress has passed and President Bush has approved H.R. 3648, the “Mortgage Forgiveness Debt Relief Act of 2007.” The legislation is effective for discharges of indebtedness on or after January 1, 2007 and before January 1, 2010. The Federal Bailout Legislation H.R. 1424, passed on October 3, 2008, extended this relief through December 31, 2012.
Under the new law, a discharge of “qualified principal residence indebtedness” is excluded from taxable income. “Qualified principal residence indebtedness” is acquisition indebtedness secured by the principal residence of a taxpayer………….. Also, the exclusion only applies to a mortgage secured by the principal residence of the taxpayer.
The election to exclude the income from discharge of principal residence indebtedness is made on Form 982
The kitchen is still king.
LAS VEGAS — Americans want smaller houses and they are willing to strip some of yesterday’s most popular rooms — such as home theaters — from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show here this week.
Anibal Group LLC RealtyNetWorth.com 