Proud to announce that 130 Molasses is under contract!!!!
Theses owners did exactly what they should have as owners and where able to secure a great offer and in a timely manor.
K
Friday, March 20, 2009
Thursday, March 19, 2009
Irs rules to selling a home
Seven Things you Should Know When Selling Your Home
People who sell their home may be able to exclude the gain from their income. Here are seven things every homeowner should know if they sold, or plan to sell their house.
Amount of exclusion. When you have gain from the sale of your home, you may be able to exclude up to $250,000 of the gain from your income. For most taxpayers filing a joint return, the exclusion amount is $500,000.
Ownership test. To claim the exclusion you must have owned the home for at least two years during the five year period ending on the date of the sale.
Use test. You also must have lived in the house and used it as your main home for at least two years during the five year period ending on the date of the sale.
When not to report. If you are able to exclude all of the gain from the sale of your home, you do not need to report the sale on your federal income tax return.
Reporting taxable gain. If you have gain which cannot be excluded, it is taxable and must be reported on your tax return using Schedule D.
Deducting a loss. You cannot deduct a loss from the sale of your home.
Rules for multiple homes. If you have more than one home, you may only exclude gain from the sale of your main home and must pay tax on the gain resulting from the sale of any other home. Your main home is generally the one you live in most of the time.
People who sell their home may be able to exclude the gain from their income. Here are seven things every homeowner should know if they sold, or plan to sell their house.
Amount of exclusion. When you have gain from the sale of your home, you may be able to exclude up to $250,000 of the gain from your income. For most taxpayers filing a joint return, the exclusion amount is $500,000.
Ownership test. To claim the exclusion you must have owned the home for at least two years during the five year period ending on the date of the sale.
Use test. You also must have lived in the house and used it as your main home for at least two years during the five year period ending on the date of the sale.
When not to report. If you are able to exclude all of the gain from the sale of your home, you do not need to report the sale on your federal income tax return.
Reporting taxable gain. If you have gain which cannot be excluded, it is taxable and must be reported on your tax return using Schedule D.
Deducting a loss. You cannot deduct a loss from the sale of your home.
Rules for multiple homes. If you have more than one home, you may only exclude gain from the sale of your main home and must pay tax on the gain resulting from the sale of any other home. Your main home is generally the one you live in most of the time.
Saturday, March 14, 2009
Should you buy a home?
Everyone is asking is this the time to buy a home? Is this a buyer market?
Allow me to give you my opinion on a buyers market.'
If you are looking to buy a home you need to ask yourself these very important questions.
1. Do you have a savings account with at least 6 months of house payments plus an extra 1,000.00 dollars? If so then it may be time to consider buying.
If you have a savings account with this amount in it and have very little other debit then it may be a buyers market for you.
For it to be a buyers market you have to be able to get a loan or have cash to purchase a home.
If you have a credit score lower than 625 you may find it diffucult to find a loan with out have 20 percent to put down and money in a saving account.
If you do not have at least 3-5 percent to put down then you may note be able to get a loan.
So think about these itemsbefore you decide if you want to buy a home... and thisw will tell you if it is a buyers market.
Allow me to give you my opinion on a buyers market.'
If you are looking to buy a home you need to ask yourself these very important questions.
1. Do you have a savings account with at least 6 months of house payments plus an extra 1,000.00 dollars? If so then it may be time to consider buying.
If you have a savings account with this amount in it and have very little other debit then it may be a buyers market for you.
For it to be a buyers market you have to be able to get a loan or have cash to purchase a home.
If you have a credit score lower than 625 you may find it diffucult to find a loan with out have 20 percent to put down and money in a saving account.
If you do not have at least 3-5 percent to put down then you may note be able to get a loan.
So think about these itemsbefore you decide if you want to buy a home... and thisw will tell you if it is a buyers market.
Sunday, March 8, 2009
Fox Chase Subdivision
Peace and Quiet close to the city, that is what Fox chase Subdivision can offer it homeowners. Fox chase homes are a minimum of 1500 sq ft, on a slab and 70% of the home must be brick.
The roads are paved and there is city water, and city sewage. All the drainage will be covered.
This subdivision is located north of I-10 in Sunset la.
Lots start at 21,500 and owner financing is available.
The roads are paved and there is city water, and city sewage. All the drainage will be covered.
This subdivision is located north of I-10 in Sunset la.
Lots start at 21,500 and owner financing is available.
Saturday, March 7, 2009
Land For Sale and they are not making more!
Well I have several lots for sale.
3 lots in arnaudville. they are about quarter of an acre. Electric and water are at the property.
The price is 9950.00 per lot. The minium to build is 1500sqft
3 lots in arnaudville. they are about quarter of an acre. Electric and water are at the property.
The price is 9950.00 per lot. The minium to build is 1500sqft
Friday, March 6, 2009
House For Sale
Here is a beautiful home in the north lafayette area.If you need Four bedrooms 3 baths at a great price, this is the home for you!
This home offers wonderful wood floors and tile floors in the wet areas. A lot of storage, a formal dining room, granite countertops and a 2 car garage. if you would like more information on this house or any other house please call.
Thursday, March 5, 2009
Home For Sale
Check out this house for sale.
130 MOLASSES LAFAYETTE, LA 70508
Great Patio home, just waiting for new owners. This home has 3 bedrooms ,2 baths with an open den /kitchen. It has fresh paint, a new roof and a new dishwasher . These are just a few of the great features this homes has to offer. Call for your personal showing today!
All potential buyers should be preapproved.
This Just In
This is from the Irs website... If you have sold your home at a loss or it has been forclosed, please read this. It may effect you. There website is www.irs.gov
Mortgage Debt Forgiveness
If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income.
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return.
Taxpayers may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
However, proceeds of refinanced debt used for other purposes (for example, to pay off credit card debt) do not qualify for the exclusion.
If you qualify, you claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to your federal income tax return for the year.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other tax relief provisions, (for example, insolvency), may be available. See Form 982 for details.
If your debt is reduced or eliminated you will receive a year-end statement, Form 1099-C, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
The IRS urges borrowers to examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for your home (Box 7).
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit the IRS Web site at IRS.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers may obtain a copy of this publication and Form 982 either by downloading from IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Links:
Form 982
Form 1099-C
Mortgage Debt Forgiveness
If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income.
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return.
Taxpayers may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
However, proceeds of refinanced debt used for other purposes (for example, to pay off credit card debt) do not qualify for the exclusion.
If you qualify, you claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to your federal income tax return for the year.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other tax relief provisions, (for example, insolvency), may be available. See Form 982 for details.
If your debt is reduced or eliminated you will receive a year-end statement, Form 1099-C, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
The IRS urges borrowers to examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for your home (Box 7).
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit the IRS Web site at IRS.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers may obtain a copy of this publication and Form 982 either by downloading from IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Links:
Form 982
Form 1099-C
Wednesday, March 4, 2009
Should I Buy or Shouldn't I Buy
Have you been watching CNN, World News, and listening to the radio? It can be depressing and overwhelming. Turn It off!
If we listen to them, the world is coming to an end and all homes are going to come crashing down! This is not the non-bias truth.
If you need a roof over you head and you can balance your families budget, you should own a home, but you must you understand the following statement! Not everyone should own a home and everyone should understand that more goes into owning a home than just paying a mortgage!
Owning a home IS different than renting.
You can create equity and be proud of something when you own a home. You can paint your walls what ever color you want and you can hang pictures where ever you want!
Remember, if someone has told you that you can OWN for the SAME price that you are renting, they are not giving you the entire truth. Your monthly note may be the same as your rent, but that may vary and they are not explaining everything that goes into owning a home. If you have never owned a home, you have to be prepared for the expenses.
Items in a home need to be repaired/replaced over time. This will cost money and if you have not been prepared for this, it can come as a shock. I know many reading this are think Duh, but many ,many people forget this and are not told this by anyone. It can end up costing an owner their home. Homes can quickly become Bills and not a Home.
YOU ALWAYS WANT YOUR HOME TO BE A HOME AND NOT JUST A MONTHLY BILL!
If you are buying a home you should start putting money into a savings account. This is future reserves,not to be used to buy the home. Start small 50 dollars a pay check. If you can do more then do more. It will help in the long run. This will be the savings account used in case something breaks during ownership. It may not be enough to pay for the repair entirely,but it will help.
Not only will things need to be repaired/replaced but taxes and ,as most coastal residents know, insurance can go up.
You could start off with a note that is 1000.00 per month and then after the first year insurance doubles. This will add to your monthly note. Having money in savings can allow you pay this in advance with out increasing your note, or if you can not do it in advance,then you will be use to putting money in savings and you can reduce the amount put into savings, helping to balance out the increase in the monthly note.
If we listen to them, the world is coming to an end and all homes are going to come crashing down! This is not the non-bias truth.
If you need a roof over you head and you can balance your families budget, you should own a home, but you must you understand the following statement! Not everyone should own a home and everyone should understand that more goes into owning a home than just paying a mortgage!
Owning a home IS different than renting.
You can create equity and be proud of something when you own a home. You can paint your walls what ever color you want and you can hang pictures where ever you want!
Remember, if someone has told you that you can OWN for the SAME price that you are renting, they are not giving you the entire truth. Your monthly note may be the same as your rent, but that may vary and they are not explaining everything that goes into owning a home. If you have never owned a home, you have to be prepared for the expenses.
Items in a home need to be repaired/replaced over time. This will cost money and if you have not been prepared for this, it can come as a shock. I know many reading this are think Duh, but many ,many people forget this and are not told this by anyone. It can end up costing an owner their home. Homes can quickly become Bills and not a Home.
YOU ALWAYS WANT YOUR HOME TO BE A HOME AND NOT JUST A MONTHLY BILL!
If you are buying a home you should start putting money into a savings account. This is future reserves,not to be used to buy the home. Start small 50 dollars a pay check. If you can do more then do more. It will help in the long run. This will be the savings account used in case something breaks during ownership. It may not be enough to pay for the repair entirely,but it will help.
Not only will things need to be repaired/replaced but taxes and ,as most coastal residents know, insurance can go up.
You could start off with a note that is 1000.00 per month and then after the first year insurance doubles. This will add to your monthly note. Having money in savings can allow you pay this in advance with out increasing your note, or if you can not do it in advance,then you will be use to putting money in savings and you can reduce the amount put into savings, helping to balance out the increase in the monthly note.
Always remember to ask as many questions as possible and if after you buy a home if you have questions call your agent that sold you the home or call your lender. They should always be willing to help get you the right answers.
Kristy
Tuesday, March 3, 2009
Tax Credits!
Tax Credits!! It is all the rage!
So what is the tax credit you can get if you purchase a home in 2009?
This is the IRS had to say about it.
Expanded Tax Break Available for 2009 First-Time Homebuyers
IR-2009-14, Feb. 25, 2009
WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.
“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. “This important change gives qualifying homebuyers cash they do not have to pay back.”
The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.
This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their.
Expanded Tax Break Available for 2009 First-Time Homebuyers
IR-2009-14, Feb. 25, 2009
WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.
“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. “This important change gives qualifying homebuyers cash they do not have to pay back.”
The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.
This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their.
I found this article March 3, 2009
This can be found on the IRS website:www.irs.gov . I highly recommend that you do not buy a house based on this tax credit. The rules could change and it can effect everyone differently. Please seek advice from your CPA or accountant. They can advise you as to what will benefit you and what this credit can mean for you in the long run.
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