Archive for April 2010

Double Tax Credits?

25. April 2010 by Michael McFarlane.

YES!  Not only is there a credit from federal taxes, there is also one from the state of California.  And, yes, if you plan right (and things go according to plan) you can get BOTH.  In an article just released by Kathleen Pender in the San Francisco Chronicle it may involve some risk though.  Like most things, if this interests you, you should be aware of and plan for the possible risks.

 One of the critical things is timing.  Each of the credits has its own deadline dates.  Be sure you understand them or your work could be for naught. 

To read her full article click HERE.

For a complete list of homes for sale in Yuba City, Marysville, Sutter, Live Oak, Plumas Lake, the Foothills and sourounding areas visit our web site Yuba Sutter Homes and Loans.com, go to the buyers menu and click on search the MLS.  Or just click HERE. 

Be sure to visit our web site at YubaSutterHomesAndLoans.com  for all your real estate related needs, or our sister site at YubaSutterHomeBuys.com.  And, just for you, we are constructing a new site devoted to community information.  click HERE.

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Zillow says my home is worth more…

22. April 2010 by Michael McFarlane.

Have you heard this before?  Do you wonder why Zillow and others say one thing but the Realtor® you are working with says something else?  Who is right?

These are very good questions.  While we can’t give you specifics here (every home is different) the general answer is that your Realtor® should be someone local, someone who knows the local market, trends, and has knowledge only obtained by living in an area.  Also, if you are working with a licensed agent, he or she is sworn to put your interests ahead of their own; that means doing what is right for you, not just trying to make a sale.  If you are working with a Realtor® (as opposed to a licensed salesperson without the Realtor®) that standard is even higher!  Unfortunately, this is not the case with Zillow and others.  Their objective is to sell subscriptions, making money from advertising.

While we don’t think they are intentionally misleading the public, they are not local people living and working in the community either.  They glean thier information from MLS searches etc without the knowledge of how those numbers came to be.

 Does this mean you should not use Zillow, Google, et al?  NO!  It is usually good to get all the information possible, but remember to temper it according to it’s source.  If you are in the Yuba-Sutter area and would like a FREE estimate of your home ’s value in today’s market click HERE.

Are you just curious about home prices in your neighborhood?  To get a FREE search of the current homes listed for sale click HERE or visit Yuba Sutter Homes and Loans.com.  Thinking about purchasing a new home?  We have exclusive deals with many of our local builders.  Would you like a FREE home inspection (yes, even a new home!), or a security system installed?  FREE protection for your new purchase?  Free…well, you get the idea.  Click on over to Yuba Sutter Home Buys.com. 

Call, email, blog.  The information is FREE.  How may we help you today?

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Tax Credits for Energy Efficiency

21. April 2010 by Michael McFarlane.

You may have heard that the federal government is giving tax credits to those that upgrade or remodel their homes with appliances or materials that increase the over-all energy efficiency of the home.  While this is true, many of these have limits and/or deadline dates.

 While we certainly commend anyone for decreasing thier carbon footprint, and we don’t want to discourage anyone from their plans to do so, we do think it is a good idea to know just what really is available BEFORE one jumps into such projects. 

To get the OFFICIAL story go to the source.  No we don’t mean you have to wade through tons of government legal-speak.  We have done that for you, and located a site with the good and maybe-not-so good spelled out!  all you have to do is click HERE.

For more Real Estate news visit Yuba Sutter Homes and Loans and click on “Hot News“.

To search for your new home (or sell yours) visit (just click) Yuba Sutter Home Buys.

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NO MORE STATE TAX ON FORGIVEN DEBT

15. April 2010 by Michael McFarlane.

Finally!  It’s law!  California has ratified it’s tax law to not tax those whose primary residence has been foreclosed upon.  In many respects, the law follows the current federal law.

 Following is the just released article from the California Association of Realtors®.

NO MORE STATE TAX ON FORGIVEN DEBT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law.  For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences.  The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence.  It includes both first and second trust deeds.  It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012.  Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.
 
Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions.  Most notably, taxpayers who are bankrupt are exempt from debt relief income tax.  Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board’s Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service’s Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage.  The full text of Senate Bill 401 is available at www.leginfo.ca.gov. 

C.A.R. provides REALTORS® with many legal articles covering a wide range of topics of interest.  Some of the new or newly revised legal articles available at http://qa.car.org/ are as follows:

For additional information see In The News at YubaSutterHomesAndLoans.com

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