Tips Blog

Summarized from an article by Jerrold Stern, research fellow with the Real Estate Center at Texas A&M University, in Tierra Grande, Journal of the Real Estate Center at Texas A&M University

As the end of the year approaches it’s time to start putting together information for your 2008 Income Tax Return. If you have moved during the year for employment purposes you may be eligible for a tax deduction.  Three types of tests need to be met to obtain moving-related deductions-a “start of work” test, two distance test and a time test.

The taxpayer must begin working in the new location within one year of the move, but it is not necessary that employment actually be obtained before the move.  For example, if you moved on January 1, 2008, you must start your new job by January 1, 2009.  If you delay your move so that your child can finish the school year, the one-year rule could be waived.

In Distance Test No. 1, the distance from the new home to the new job location must be less than the distance from the previous home to the new job location. A second distance test is applied to make certain the taxpyer’s new job location actually requires relocation. The test is met if the distance from the old residence to the new job is at least 50 miles greater than the distance from the old residence to the old job.

For the time test to be satisfied the taxpayer must be employed on a full-time basis at the new workplace for 39 weeks during the first 12 months following the move. Of course, there are exceptions to each requirement and the calculations can be very complicated; therefore, you should consult with your tax adviser for your personal situation.

All moving expenses deductions are “above the line” deductions meaning they are deductible whether you itemize deductions or take the standard deduction.

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service.  Info@CarolDochenRealtors.com

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As down payment requirements are rising, did you know that you may qualify for a tax savings in the form of tax-deductible mortgage insurance payments? Congress created a provision in 2006 that allows some home buyers to deduct mortgage insurance payments for mortgage insurance contracts issued after Dec. 31, 2006 and for mortgage insurance payments made before Jan. 1, 2011. The deduction is allowed for premiums related to a principal residence and even a secondary non-rental residence, but not for home equity loan debt. The deduction is subject to an income phase-out. The amount allowable as a deduction is phased out for taxpayers with adjusted gross income in excess of $100,000 ($50,000 for a married taxpayer filing a separate return). Partial deductions are allowed for taxpayers with adjusted gross incomes between $100,000 and $110,000 ($50,000 and $55,000 for married filing separate). Combine this with the new first-time home buyers credit and you may find significant tax savings! This information was gathered from an article in the Nation’s Builder News.

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service Info@CarolDochenRealtors.com

If you are a first time home buyer or have not owned a home within the last three years, the First Time Home Buyer Tax Credit included in the Housing and Economic Recovery Act of 2008, may be good news for you. Although, this is really more of a non-interest loan than a typical tax credit it may provide some much needed cash in your first year of home ownership. The “credit” is 10% of the cost of the home, up to a maximum amount of $7500. To qualify, you have to make no more than $75,000 (individual) or $150,000 on a joint return. There is a phase-out for amounts up to $95,000 (individual) and $170,000 (joint). The loan is to be paid back over 15 years, beginning 2 years after the credit is claimed. If the property is sold before the 15 year pay-back ends the amount remaining must be paid back upon sale of the property. The credit only applies to property closed between April 9, 2008 and July 1, 2009. With those dates in mind, if you are thinking about purchasing your first dream home, this might be a great time to get started!

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service Info@CarolDochenRealtors.com

For those of you who have sold a home since 1997 you know that the rules for excluding gain from home sales has improved. The general rule is that $500,000 of gain can be excluded by joint filers and $250,000 for single individuals. To qualify for the exclusion, two conditions must be met. The home must be owned and used by the taxpayers as a principal residence for two or more years during a five-year period ending on the date of sale. In addition, the taxpayer must not apply the gain exclusion to any other principal residence sale during the previous two years.

Several new IRS rulings accomodate the needs of taxpayers who sell their homes “early” because of “unforeseen circumstances.” There is a “change of employment” exception that allows taxpayers to receive a portion of the exclusion based on the number of months they lived in the house if they have to move for employment reasons. Another exception applies if the sale is motivated by circumstances that the taxpayer could not have reasonably anticipated before purchasing and moving in the residence. Some examples of qualifying events are fires, divorce or death of the taxpayer or spouse. This is just to provide an overview. The rules governing home sale gain exclusions are complicated. You should always consult a tax accountant or attorney to discuss your specific situation.
There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service. Info@CarolDochenRealtors.com

Have you ever purchased a piece of property and taken your closing statement to your CPA only to hear him/her ask why didn’t you come see them FIRST? In addition to other more complicated considerations, such as tax-free exchanges, there are many simple ways to structure a closing to your tax benefit. Many items on your closing statement, such as real estate taxes and interest expense are tax deductible by you as a buyer. Many times a contract will contain a provision for the seller to pay a lump sum amount towards buyer closing costs and prepaids.

It’s a good idea to have your tax adviser review your proposed settlement statement BEFORE you close to assure that the seller credit is applied against items that are not tax deductible to you to preserve your greatest tax benefit. For instance, if your contract allows for the seller to pay $1,000 towards buyer closing costs and prepaids it might be easier for the title company to merely credit that amount towards a large item, like a loan origination fee or prepaid taxes. As a buyer you would potentially be better offer offsetting several smaller non-deductible charges. After closing there is very little, if anything, that can be done to restructure a deal.

We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service.

Did you know that you may qualify for a federal tax credit for certain home improvements?
Tax credits are available for many types of home improvements including adding insulation, replacement windows, and certain high efficiency heating and cooling equipment. The maximum amount of homeowner credit for all improvements combined is $500 during the two year period of the tax credit. This tax credit applies to improvements made to your primary residence from January 1, 2006 through December 31, 2007.

Tax credits are also available for qualified solar water heating and photovoltaic systems. The credits are available for systems “placed in service” from January 1, 2006 through December 31, 2008. The tax credit is for 30 percent of the cost of the system, up to $2,000. This credit is not limited to the $500 home improvement cap.

For more information go to the EPA’s Energy Star website at www.energystar.gov and click on “Tax Credits Under the Energy Bill”

We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service.