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Tuesday, March 27, 2012
La banderole de 3 mètres pour le printemps
Thursday, March 22, 2012
Don't Overlook Valuable Tax Credits
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Don't Overlook Valuable Tax Credits
Let’s face it. Most of us are not equipped to interpret U.S. tax code. Unfortunately, that means we often overlook tax considerations that apply to our particular situations and, therefore, miss out on a larger refund or a reduction in the amount of taxes owed.According to tax preparation service Jackson Hewitt, much like tax deductions, tax credits serve to reduce the amount of tax an individual pays. Unlike tax deductions, which are a reduction in the amount of a taxpayer's income that is subject to tax, credits serve to allow a direct reduction of the tax due, lowering an individual's tax burden dollar for dollar.
Working with an accountant or professional tax preparer who is up-to-date on tax code and can identify the credits that apply to your specific circumstances is essential. When filing your 2011 tax return, the experts at Jackson Hewitt recommend paying close attention to these five commonly overlooked credits:
- Earned Income Tax Credit. This credit provides eligible individuals and families with low-to-moderate earned income with up to a $5,751 refundable credit. The credit is available for taxpayers with or without children and is based on income earned from wages, tips, salary and self-employment.
- Child and Dependent Care Credit. Taxpayers who worked and had dependent care expenses for a dependent child under age 13, or for a dependent or disabled spouse, may be able to claim a credit for these expenses. This nonrefundable credit is calculated based on dependent care expenses and income. It can reach a maximum of $1,050 for the expenses for one qualifying child, or $2,100 for more than one child.
- American Opportunity Tax Credit. Parents who are paying a child's qualified tuition and related higher education expenses may be able to take advantage of the American Opportunity Tax Credit, which requires the student to be enrolled at least half-time in one of the first four years of post-secondary education. If the student does not meet the requirements for the American Opportunity Credit, taxpayers may be able to claim the Lifetime Learning Credit. However, taxpayers cannot claim both a Lifetime Learning Credit and the American Opportunity Tax Credit for the same student in the same year.
- Residential Energy Efficient Property Credits. To qualify for the credits, the home must be the taxpayer's principal residence, located in the U.S., and the property or improvements must have a reasonable life expectancy of at least five years. These credits are available on the installation of solar water heating systems, solar energy production systems and qualified fuel cell power plants, among other energy efficiency improvements.
- Retirement Savings Contributions. Taxpayers who contribute to an IRA or an employer-provided retirement account, such as a 401(k), may be eligible for a credit based on up to $2,000 of their contribution for the year. This is in addition to any deduction or exclusion from income for the contribution.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
Sincerely,
| Barbara Corsi bcorsi@rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com |
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Thursday, March 15, 2012
Americans More Positive About Economy, Housing
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Americans More Positive About Economy, Housing
After several years of understandable negativity toward the economy and the real estate market, a new survey shows that Americans’ concerns about key economic and housing issues are beginning to subside.Fannie Mae’s February 2012 National Housing Survey shows that consumer attitudes have stabilized across most indicators—including personal finances, housing, and employment—compared to late summer and fall of 2011. The survey polls 1,003 Americans via telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts.
The survey shows that the most dramatic change revolves around the economy—35 percent of Americans now feel that the economy is on the right track, up 19 percentage points since November, and 57 percent think the economy is on the wrong track, down 18 percentage points since November.
Americans’ confidence about personal financial situations, household income, and household expenses, as well as attitudes about homeownership and renting is holding at steady levels. Also important to note, Americans’ concerns about losing their job in the next 12 months has stabilized since the late fall, with 76 percent of Americans saying they are not concerned in February 2012, compared to 70 percent in November 2011. Fannie Mae believes that the recent pick-up in the pace of hiring over the past few months is directly responsible for alleviating consumer concerns about unemployment.
Here are some additional highlights from this important survey:
- Only 12 percent of respondents believe that their personal financial situation will worsen in the next 12 months, a 3 percentage point drop from January and the lowest value in over a year.
- 33 percent say their expenses have increased significantly over the past 12 months, a 3 percentage point decrease from last month and the lowest level in the past 12 months.
- 28 percent of respondents expect home prices to increase over the next 12 months (consistent with last month), while 15 percent say they expect home prices to decline (down 1 percentage point since last month).
- 10 percent of Americans say that mortgage rates will go down in the next 12 months, a 2 percentage point increase from last month.
- The percentage of respondents who say it is a good time to sell rose by 3 percentage points to 13 percent, the highest level in over a year.
- 45 percent of respondents think that home rental prices will go up, a 2 percentage point increase from last month.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
Sincerely,
| Barbara Corsi bcorsi@rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com |
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Wednesday, March 14, 2012
Banderole standard avec son kit de tourillon et sandows
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Thursday, March 8, 2012
Cancellation of Mortgage Debt and Your Tax Return
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Cancellation of Mortgage Debt and Your Tax Return
Linda Goold, Tax Counsel for the National Association of REALTORS® recently wrote an article for RISMedia’s Real Estate magazine advising consumers how to handle cancellation of mortgage debt on their tax returns. She offered some great information that is worthy of sharing.According to Goold, in today’s market, a lender will sometimes forgive some portion of a borrower's debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule exist and a law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven. However, this relief expires on December 31, 2012. Goold provides the following general information you need to know about this law and cancellation of mortgage debt. Be sure to review this information with your accountant or personal tax advisor before filing this year’s tax return:
General Rule for Debt Forgiveness: If a lender forgives some or all of an individual’s debts, the general rule is that the forgiven amount is treated as ordinary income and the borrower must pay tax on the forgiven amount. Exceptions apply for bankruptcy, insolvency and certain other situations, including mortgage debt.
Current Law for Mortgage Debt (Jan. 1, 2007 through Dec. 31, 2012): A borrower can be excused from paying tax on forgiven mortgage debt. The debt must be secured by a principal residence and the total amount of the outstanding obligation may not exceed the original mortgage amount plus the cost of any improvements. The objective of the legislation was to assure fairness: Homeowners should not be required to pay income tax where there is no cash realized in a transaction.
Does the relief apply only to a sale? No. The provision has broader application. Lenders might forgive some portion of mortgage debt in a sale known as a short sale or in a foreclosure where the debt is wiped out. In addition, if a borrower still living in the home is able to make an arrangement with a lender that reduces the principal balance of a mortgage, the amount forgiven in that workout will not be taxed.
Can the homeowners in a short sale or foreclosure claim a loss? No. The loss is considered a personal loss and is therefore ineligible for either capital loss or ordinary loss treatment.
What happens to the seller when mortgage debt is forgiven? Until January 1, 2013, the homeowner will pay no tax on any forgiven amount. Under pre-2007 law, the amount of forgiven mortgage debt, would have been treated as income, and taxed at ordinary income rates.
Does this provision apply to a refinanced mortgage? Only in limited circumstances. The relief provision can apply to either an original or a refinanced mortgage. If the mortgage has been refinanced at any time, the relief is available only up to the amount of the original debt (plus the cost of any improvements). Thus, if the original mortgage was $125,000 and later refinanced in a cash-out arrangement for a debt totaling $140,000, the $15,000 cash-out is not eligible for relief if a lender later forgives some amount related to the cash-out. Tax relief is generally not available for second mortgages or home-equity lines of credit where the funds are not used for home improvement. Any amount that is not eligible for the relief provision will be taxed as ordinary income.
How does the homeowner get the correct information to the IRS? The lender is required to provide the homeowner and the IRS with a Form 1099 reflecting the amount of the forgiven debt. The borrower/homeowner must file a Form 982 to reflect the amount forgiven and to show the reason why the forgiven amount is not taxable. Any taxable portion of forgiven debt will then be reported on the homeowner’s Form 1040 for the tax year in which the debt was forgiven.
What if a property declines in value, but the owner stays in the house? The provision would not apply. The provision applies only at the time of sale or other disposition or when there is a workout (reduction of existing debt) with the lender. No mechanism exists to reflect a loss of value while the property is still being used as a residence.
Do all lenders forgive mortgage debt when property values decline or you are in foreclosure? No. Some states have laws that allow a lender to require a repayment arrangement, particularly if the borrower has other assets. Forgiveness of debt is always at the lender's discretion.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
Sincerely,
| Barbara Corsi bcorsi@rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com |
This email was sent by RISMedia, Inc. on behalf of Barbara Corsi.
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Tuesday, March 6, 2012
Renting vs. Buying: It's All about Finances
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Thursday, March 1, 2012
Tips for Making Tax Time Less Taxing
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Tips for Making Tax Time Less Taxing
If you’re one of the many Americans who dreads the approach of April 15, don’t despair. The stress that’s often associated with tax season usually stems from disorganization. With the right planning, however, you can approach filing your taxes with a sense of order and control, which will result in accomplishing the task and receiving your refund check even sooner.This year’s official tax due date is Tuesday, April 17, so there’s still plenty of time to collect and prepare the necessary documentation—usually the most time-consuming and overwhelming part of the filing process. Here are a few suggestions to help move things along and reduce stress:
- Get organized. Employers, banks and other institutions must send all tax documents by the end of January, so a checklist of documentation needed can help. Check off items as they arrive to easily determine which ones are still needed prior to starting the filing process.
- e-File. According to USA.gov, over 100 million people will electronically file their tax return this year. Tax software from companies such as Turbo Tax and H&R Block not only have easy-to-use e-file features, but also offer a number of additional benefits, including faster tax submissions and returns, increased accuracy, and greater security.
- Look for discounts. Taxpayers can save time and money by finding online offers and discounts on sites like DealTaker.com and Coupon Sherpa to purchase tax software programs, tax-related services, and office supplies.
- Access tax resources. Not everyone can e-file, so individuals need to know where to find all the necessary paperwork for a mailed return. Since the IRS no longer mails tax forms, taxpayers can visit www.irs.gov to download tax forms or visit a local library for printed copies.
- Ask questions. Some of the major tax companies offer free tax advice or access to professionals who can answer a variety of tax-related questions. Taxpayers should take advantage of these services to avoid paying more or filing incorrectly.
- Think ahead. Since tax filing is a yearly event, a little pre-planning for next year will go a long way toward reducing the stress and time associated with tax preparation. Visit office supply stores such as Staples, Office Max, and Office Depot to stock up on file folders, envelopes, shredders, and more to help organize receipts and other paperwork for 2012. Also consider using a finance management software such as Mint.com and Quicken to track income and expenses over the coming year.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
Sincerely,
| Barbara Corsi bcorsi@rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com |
This email was sent by RISMedia, Inc. on behalf of Barbara Corsi.
If you wish to edit your subscription or unsubscribe, please click here.
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