Posts Tagged ‘ taxes ’

Tax Advantages of Owning a Home

With tax time coming up (this year on April 18th) I though I would share with you some of the tax advantages of owning your home and possible items that you can use for deductions. Renters take note: you are very limited on your tax deductions when it comes to renting, it is your landlord that is getting the tax write-offs.

Mortgage Interest: All the interest that you pay on  your mortgage payments can be deducted.

Points Paid: If you refinanced in 2010 you may be able to write off the points that you paid on the new loan or if you paid higher points to get a better interest rate on your 2010 home purchase, this can be deducted.

Capital Gains: If you are married and sold your home, you can exclude up to $500K ($250K if you are single) of the profits of the sale if you lived in the home for two of the last five years.

Home Improvements: Hold onto the receipts of any improvements that are done. You may not  be able to deduct them, but you can use them to offset any taxable gain when you sell.

Moving expenses: If a new job requires you to move more than 50 miles you may be able to write off the cost of the move.

These are just some of the ways that home ownership can be beneficial for tax shelter purposes, but if you would like to know what the exact guidelines are for the IRS please contact a  tax specialist such as H&R Block or your local tax accountant. If you would like additional real estate information in the Boise area, please go to my website (no sign up required): www.BoiseRealEstateChick.com

2011
04/02
CATEGORY
Buyers and Sellers
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Boise area Home Owner Exemption Status

Did you buy a home since last May? Did you apply for your home owners exemption? If you do not apply by April 15th your property taxes will be higher until next year and you will pay the same rate as if you were a non-owner occupied. This is an item that can sometimes get overlooked when purchasing a home.

The process is very simple here in Boise. You have several options: fax it, mail it, apply on-line, or walk into the Ada County Assessor’s office. If you fax it or mail it, make sure to get a receipt to prove that you did apply on time. If you apply on-line you will get an electronic receipt. If you walk it in, they will give you a copy of the paperwork with a “received” stamp on it.

You have to do this even if you are just refinancing a mortgage. I recently refinanced and I then walked my home owners exemption paper in to the Assessor’s office and as helped right away (by a very helpful clerk named Vicki). She plugged in the information, handed me the receipt and I was on my way.

To get a copy of the exemption form go online to: www.adacountyassessor.org  To fill out the form you will need the parcel number, the date the property was purchased, the date that the property was moved into, and the purchase price. The Ada County Assessor’s office is located at 190 E. Front St (right next to the court building) in Boise. Parking is free if you are there less than one hour (there is usually no waiting). 

To fax it: 208-287-7209

To mail it: Ada County Assessor’s Office, 190 e. Front St., Ste 107, Boise 83702

Online: see web address listed above

If you would like additional information regarding home owner’s exemptions or if you would like other Boise Real Estate information please feel free to contact me through my website (no sign up required): www.BoiseRealEstateChick.com

2011
03/15
CATEGORY
First Time Home Buyers
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Why You Should Google an Address

With instant information available at our fingertips via “google” magic, it is extremely easy to find out pretty much anything we want. But have you ever googled your address? or your neighbors? or maybe one of your children’s friends? While this may seem like spying, it is actually a very handy tool to have available for a few reasons.

  • 1.-To keep you and your loved ones safe – Local sex offenders have to register with their local county Sheriff’s department. By typing in an address you can see if a sex offender lives there. If you want to see if there are in your neighborhood or in a neighborhood that you are considering purchasing a home, you can type in the address, the town, or the zip code followed by “Megan’s law” and the registered offenders should appear.
  • 2. To protect against scams – By doing a search on an address you can see if it is being advertised by scammers as being for rent or sale.  If you are doing the search on a property that you plan on buying you will be able to see if someone other than the owner or realtor are advertising the property.
  • 3.To check on Home Sold Prices – This is especially helpful if you think your taxes are too high. By checking on the local sold prices you will be able to see the sold pricing  trend in your area. If the you see a downward trend (which you most likely will right now) you will be able to petition the local tax assessor to adjust the tax assessment. (If you go to Trulia.com you will be able to get this information also)
  • 4. To see street views – This is really a great idea especially if you are getting ready to list your home. Many potential buyers go to the internet first before they physically view a home. Google Maps lets them see a street view, not just of your property but of those around it too.  There may be a shot of your house maybe when you were cleaning out your garage or having a garage sale (you get the idea). Was your former neighbor a pig? Now they have moved and their yard looks great but usually the google street view is a few months (sometimes years) old. If you think that the view is not a good one make sure that it is mentioned by your realtor in the listing so potential buyers are not scared off before they even get to see the inside!

Whether you are buying, selling or just trying to stay safe, it is an excellent idea to google an address!

If you have any questions regarding the real estate market in the Boise area please feel free to contact me: mary@heritagewifi.com or www.BoiseRealEstateChick.com

source site: Trulia.com and WalletPop.com

2011
02/02
CATEGORY
Home buying or selling tips
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