Mortgage Deductions.The interest you pay on a home mortgage is usually tax-deductible. Every year, you should receive a “Form 1098” from your lender which details how much mortgage interest you paid. To claim this deduction, you need to fill out “Schedule A”, under “itemized deductions” to record your interest deduction. These deductions can also include late payment charges and pre-payment penalties.

Moving expenses. If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct some of the expenses for you and your family and the cost of moving your household goods.

Deducting Real Estate Taxes. Real estate taxes are deductible in the year paid. They are generally reported on Form 1098, Mortgage Interest Statement, the annual statement from the financial institution holding your mortgage, or on your county real estate tax assessment statement. You should also deduct any prorated taxes collected from you at closing. These amounts are not always included on Form 1098, but may be itemized on your real estate closing statement.

Business Use of Your Home. If you are a homeowner who uses any portion of your home for business, from daycare to home office to rental property, you can take a deduction for business expenses.

Of course, tax deduction change every year and you may be able to claim deductions that you weren’t even aware of! To get the most out of this tax season contact a professional tax advisor.

Looking for a home? You could claim these exemptions and deductions next year! Contact me to start your search!

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Adapted by renowned playwright Max Bush, this production stays true to the mystery and enchantment of the original Brothers Grimm fairy tale. Theo and Helga long for a child of their own, as does Gothal, the powerful witch who lives next door. When Gothal catches Theo stealing from her walled garden, she forces him to give her his first born daughter, who she names Rapunzel. Imprisoned in a tower, Rapunzel spends her lonely days longing for companionship – until she meets the charming Prince Derrick. The young couple must rely on their love and courage to overcome the witch’s power.

This Charlotte event takes place at the Children’s Theater of Charlotte and is running through late February.

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According to a market study, 2012 could be a record year for home foreclosures. So, how do you go about buying a foreclosure home in 2012? What are the steps involved? First, you need to understand the different stages in the foreclosure process. The process varies from one state to another (based on state laws), but the basic stages are the same

1. Pre-foreclosure: Take for example a homeowner that falls behind on his mortgage payments. Maybe he lost some of his income, or perhaps his mortgage payment increased in size due to an ARM loan adjusting. Two or three months after falling behind on the payments, they receive a notice of legal action from the lender. This is the pre-foreclosure stage, where the homeowner has defaulted but the lender has not yet foreclosed on the property. When the lender files a legal record of the homeowner’s default, it becomes public information. During this stage, they might try to get back on track. They can do this through reinstatement, or one of several other foreclosure-avoidance options. They can even sell the home through a short sale, with the lender’s permission. This is one way to buy a foreclosure in 2011 (or a pre-foreclosure, to be exact). If none of these options work out, the bank will eventually foreclose on the home.

2. Auction: This is often the next stage in the foreclosure process, after the bank forecloses on the home. At this point, the homeowner has been evicted from the property. Next, the bank wants to sell the home as quickly as possible, since it’s a “non-performing asset.” An auction is one way to go about it. Bidders who have cash in hand can bid on the home. Generally, their bids must be above a certain starting point. If the property is sold through auction, that’s the end of it. If it’s not sold at auction, the home goes back on the market as a bank-owned house. Sometimes the auction process is skipped entirely.

3. Bank-owned home: When a foreclosure home comes back on the market for sale, it’s usually referred to as a bank-owned home. You can find these homes listed on the two websites mentioned above. The home might have been through an auction prior to reaching this stage, or the bank / lender might have skipped the auction. Either way, you can be fairly certain that the homeowner who defaulted is now out of the picture entirely. From a buying standpoint, most experts agree that this is the safest stage of the process. You might not get the kind of deal you would get during an auction. But you can probably rest assured that the home is “free and clear” of any liens or other legal claims.

 Of course, buying a foreclosure is not for everyone and there is no shortage of more traditional sales. Contact me today to see if a foreclosure is a good choice for you!

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The American Heart Association urges you to fight stress with healthy habits.

Do you have any tips for relieving stress? We would love to hear them – contact us today!

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Charlotte

16-year-old virtuoso Chad Hoopes performs Mendelssohn’s famous Violin Concerto, a beloved piece in the violin repertoire. Brahm’s Fourth Symphony, his final symphonic composition, is full of drama, passion and rich textures.

This evening at the Belk Theater is sure to inspire! The theater is located at 130 North Tryon St., Charlotte, NC 28202. Tickets range from $21.50-$80.50. Purchase your tickets here.  Enjoy!

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Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance prorated up to the date of the closing, even if they’re not due yet. In addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Home Inspections: Although the buyer pays for the home and pest inspections, it’s a good idea to get your own inspection before putting your house on the market. This way you’re aware of any hidden problems before selling.

Home Repairs: If your inspector finds problems or if you know of problems that you have been wanting to correct, it is time to fix them. The less problems that the home has, the more attractive it is to buyers. Don’t forget to budget for new paint, plants, hardware etc. that offers a fresh new look as well.

Legal expenses: A real estate attorney will prepare your deed and assist with closing.

Transfer Taxes/Deed Stamps: In NC sellers are responsible for the deed stamps which are $2 per $1,000 of the sale price.

Other Fees Negotiated by the Buyer: Buyer negotiated fees are becoming more common in the current real estate market. Some of the most commonly seen buyer negotiated fees might include a home warranty paid for by the seller, the cost of repairs needed to make the sale, and the cost for a home inspection. Keep in mind that most parts of the real estate contract are negotiable.

Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation. 

Do you have any questions about what you can expect to pay for as a home seller in today’s market? Contact me today to learn more!

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Charlotte’s premiere sip & paint soiree’ studio, Painting with a Twist is a fun, unique night out! Bring your own beverage & they will help you create your own masterpiece. Regular sessions nightly and private parties available.

The prices range from  $25-55 per person.

Make plans to come out with your friends and support Charlotte  businesses and create a work of art!

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