5 Tax Tips, Tricks and Traps for Homeowners
1. You Have to Itemize Your Return to Claim Your Deductions
…..nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that’s what you’ll save on your taxes by writing off your home office….
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years’ decline in their home’s value. Those who have equity have flocked en masse to refinance…….
5. Don’t Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs.
For more details, read the rest of the article at
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CURB APPEAL! Exterior Home Improvements Recoup More $$$ for Sellers
★★★★★★★★★★★★★★★★★★
Owners Recoup More with Exterior Home Projects
As part of the 2010-11 Remodeling Cost vs. Value Report, REALTORS® recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time………Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement ………midrange garage door replacement…………“Curb appeal remains king – it’s the first thing potential buyers notice when looking for a home, and it also demonstrates pride of ownership,”
Compliments of Realtor.Org
For More Information Visit:
http://www.realtor.org/rmodaily.nsf/pages/News2010121601?OpenDocument
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October Market Update
For the month of October:
Total Number of Listings: 1334
Total Pending: 122
Total New Listings: 203
Total Sold: 57
Source: Bayou Board of Realtors