Reporting Capital Gains
Jul 16th
(Property Capital Gain) Reporting Capital Gains
FS-2007-19, May 2007
In order to educate taxpayers about their filing obligations, this fact sheet, the twelfth in a series, provides information with regard to capital gains reporting. Incorrect reporting of capital gains accounts for part of an estimated $345 billion per year in unpaid taxes, according to Internal Revenue Service estimates. More >
To boost quality, Fannie Mae calls for experienced appraisers
Jul 16th
(Property Capital Gain)
By Kenneth R. Harney
Saturday, July 10, 2010
Picture this: You’ve signed a contract to sell your house. Your buyers say they have nailed down the right mortgage. All is well. But then the appraisal comes in low — $25,000 to $50,000 under what was agreed upon in the contract.
The lender insists on cutting the mortgage amount to reflect the lower appraised value. You refuse to negotiate anywhere near the price indicated by the appraisal, and suddenly — poof! The whole deal is off. You, the buyers and the agents involved are all left sputtering over the appraisal that scuttled the transaction. More >
Watch this!
Jul 13th
Win Realty PA – Irwin, PA
Jul 13th
(Property Capital Gain) Win Realty is the broker of choice
At Win Realty we endeavor to provide superior service to our clients. As a matter of fact our mission statement is “Win Realty of PA is the Broker of choice for our clients because we understand and meet our clients’ needs better than any other broker”.
At Win Realty PA, LLC our customers are as follows:
1. 1st time Home Buyers
2. Entry level Real Estate Investors
3. General Public Homes sellers and buyers
4. Banks and other sellers of foreclosed properties
5. The Affluent who wish to buy or sell real estate valued at $500,000 and above
6. Commercial Investors who wish to buy or sell commercial real estate
7. Rental property owners seeking property management
8. Real Estate professionals seeking licensing or continuing education
WIN Realty PA, LLC
324 Main Street
Irwin, PA 15642
www.winrealtypa.com
via Win Realty PA – Irwin, PA.
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Real Estate Capital Gains Taxes on the Sale of a Home
Jul 13th
(Property Capital Gain) When you are about to sell your home, one of the first things that you should consider is if you will have to pay capital gains taxes on the sale. This is a topic that hasn’t come up much in recent years with property values declining, nevertheless, it should be on the radar of those joining the world of home ownership.
Capital Gains on the Sale of a Home: A Good Problem to Have
If you have to pay capital gains on the sale of a home, it’s really not a bad problem to have. It means your house has appreciated in value since you have purchased it. You’re luckier than just about anyone who has bought a home in the last 10 years! That being said, there are certain rules and exceptions that can exclude you from paying capital gains on the sale of property that should be at the top of your mind. More >
When are taxes due on sale of inherited house?
Jul 12th
(Property Capital Gain) Ask The Experts: When are taxes due on sale of inherited house?
By CLAUDIA BUCK
McClatchy Newspapers
How to handle the sale of a parent’s home is a question many baby boomers face after their parents are gone. Here are two different situations answered by Internal Revenue Service specialist Jesse Weller and estate planning attorney Tracy Potts.
QUESTION: My parents lived in a 1910 home until they passed away in the ’60s. Eight siblings were willed the home, but we allowed one brother to live there until he died in 2009. The home was sold in 2010 and proceeds divided among eight heirs (gross amount: $10,000 each). Are we obligated to pay federal taxes on this inheritance? If so, how do we determine the home’s tax basis and what tax forms are required?
ANSWER: Based on this information, it sounds like you and your siblings will each report a share of the home sale next year on your 2010 federal income tax returns. Normally you would each complete Schedule D, Capital Gains and Losses, showing your one-eighth interest in the sale. More >
Deferring capital gains taxes on property
Jul 12th
(Property Capital Gain) Deferring capital gains taxes on property
By David Kuns, CES
Published October 2004
The tax deferred exchange provides real estate owners with one of the last true tax breaks and the only method of deferring tax on the sale of investment and business property. Most taxpayers know they can exclude the gain on a sale of their personal residence. Unfortunately, many business and investment property owners, among them physicians, fail to capitalize on the benefits of another type of tax-deferred exchange, under Internal Revenue Code Section 1031. More >
Avoiding Capital Gains on Investment Property
Jul 9th
(Property Capital Gain) Avoiding Capital Gains on Investment Property
Thinking of selling investment property and buying a retirement home or a second home on Cape Cod or in Florida? With a little planning, you could be retiring to a home in a destination of your choice without paying capital gains taxes of approximately 30%. You could have 30% more buying power if you were to perform a 1031 tax-deferred exchange. More >
Forbes once again names Pittsburgh ‘Most Livable City’
Jul 9th
Forbes Magazine has once again named Pittsburgh its “Most Livable City” in its annual report that looks at cost of living, unemployment rate, income growth and crime rates, among other factors. “Indeed, Pittsburgh’s art scene, job prospects, safety and affordability make it the most livable city in the country, according to measures studied,” according to the magazine. The magazine cites Pittsburgh’s “strong university presence” as a major factor in its ranking, as well as its income growth potential and low cost of living. Mayor Luke Ravenstahl said in a prepared statement he was “thrilled” at the recognition from Forbes. “It’s important that we look to these ratings as an opportunity to not only tell our good story and attract more people and businesses to Pittsburgh, but to roll up our sleeves and work on getting even safer, creating more jobs, and being more livable,” Ravenstahl said Pittsburgh ranked No. 10 on Forbes’ 2009 Most Livable list. The magazine has been a big fan of the Steel City in recent years, naming Pittsburgh the Best Housing Market in February, and calling Pittsburgh one of its “Best Bang” metros in December 2009. Forbes wasn’t as kind to Pittsburgh’s baseball team, putting the Pirates dead last on a ranking of the value of the 30 MLB teams.
via Forbes once again names Pittsburgh ‘Most Livable City’ – Pittsburgh Business Times.
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