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Real Estate Buyer Blog  Buyers ... Stay Informed on the Local Market
Ask Questions..Get Answers
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What is a Buydown Mortgage? |
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As a buyer in the market, you’ll find there are many different mortgage options available to you. A buydown mortgage is one such option. This option can help you reduce your interest rate either temporarily or permanently. In this article, we’ll go over the two different options you have for a buydown mortgage so you know exactly how a buydown mortgage works.
What is a Buydown Mortgage?
A buydown mortgage is when you pay an initial lump sum to “buy down” the interest rate on your loan. This allows you to qualify for larger loan amounts based on your income, because your monthly payments will be lower.
Basically, a buydown mortgage is when you pre-pay your interest upfront. There are two types of buydown mortgages: Temporary and permanent.
What is a Temporary Buydown Mortgage?
Just as the name implies, a temporary buydown mortgage is when you buydown your mortgage for a specific period of time.
The most common way to do this is the 1-2-3 method. This means the buyer pays 3% less than the usual interest rate the first year, 2% the second, and 3% the third. Of course, the terms are usually negotiable and you can buy down even more if you choose to.
The temporary buydown mortgage is great because it can help you reduce your monthly payments for the first three years of moving into a new home. This can help offset the costs of moving expenses, furnishings, building costs, etc.
What is a Permanent Buydown Mortgage?
Again, just as the name implies, a permanent buydown mortgage is a buydown mortgage that allows you to pay upfront for the entire loan.
Keep in mind that you’ll still have to pay the interest either way. In this case, you’re just paying it upfront.
In a “buyer’s market,” it’s not uncommon for sellers to try and entice buyers by offering a permanent buydown mortgage.
You now know what a buydown mortgage is, its benefits and how it works. Knowing your options is a big part of choosing a loan. No matter what you choose, it’s important to speak with a local professional in person. So if you have any mortgage questions, I will me more than glad to answer you queries. Call me on my cell at (904) 962-8404 or email me at kimsellsjax@gmail.com |
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Become familiar with realty forms before finding the right home in |
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When buying a home in , most of the home buyer's effort is put into finding the right home. But very little thought is usually put into writing the purchase offer.
Often the real estate agent drags out a "standard purchase contract." The truth is there is no such thing as a standard purchase contract.
However, there are many different forms printed by local or state Realtor associations, local multiple listing services, individual real estate offices and form publishing companies. State law frequently mandates some provisions in realty purchase offers, but buyers and sellers are free to negotiate additional provisions.
Avoid vague provisions
If you are presented with a printed purchase offer form by a real estate agent in to sign, consider who wrote the form. Most printed purchase offers are prepared by attorneys working for clients with vested interests, such as real estate brokers and realty trade associations.
Although it takes time, be sure to read the form before signing it. When you first start looking with an agent at homes for purchase, ask the agent for a blank copy of the purchase offer that agent uses. Then study it before making a purchase offer. If you don't like or understand a clause, unless it is required by state law, don't hesitate to cross it out. Just because it is printed doesn't mean it can't be changed.
Well-written purchase offer printed forms contain blanks for the names of the buyer, address of the property, purchase offer price, financing details and amount of the good faith earnest money deposit.
There is no rule of thumb as to how large the deposit should be. But real estate agents encourage buyers to make as large a deposit as possible, thus enhancing the probability the buyer will complete the purchase as agreed.
If your purchase offer is considerably below the seller's asking price, a large earnest money deposit often impresses the seller into accepting a low offer. However, be sure the deposit is not to be given to the seller until the sale closes but shall be held safely beyond the seller's control.
Well-written printed home purchase forms contain a detailed finance contingency clause. Read it extremely carefully. Be sure it says your purchase offer is contingent on both the buyer and the property qualifying for a specific mortgage.
Damage clause a good idea
Many printed purchase offers contain a liquidated damages clause. That means the exact damages would be hard to determine if the buyer defaults, so the buyer and seller agree in advance that default damages will be limited to a specified amount. This is usually a good clause for the buyer to sign because it prevents litigation.
Most home buyers want their offer contingent upon their approval of a professional inspection report on the home. Smart buyers accompany the inspector, who should be able to explain any defects discovered, their importance and estimated cost of repairs.
The purchase offer often specifies the seller is to pay for necessary repairs, up to a designated maximum amount. Additional inspection clauses may provide for termite, pest control, energy efficiency, radon, plumbing, electrical, roof and other customary reports that are subject to the buyer's approval.
Often a home is being sold "as is." That means the seller will not pay for any repairs. However, be sure the purchase offer specifies the seller and real estate agent have disclosed all known property defects in writing. Some states require such disclosures, whereas they are voluntary in other states. It is usually a good idea for the buyer to make the defect disclosure part of the purchase contract.
The general rule is no personal property now on the premises is included in the sale of real estate. If you want any personal property included in the sale price, such as the stove, refrigerator, washer, dryer, drapes and carpets, be sure to list them specifically even if the agent's listing sheet says they are included.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer you queries. Call me on my cell at (904) 962-8404 or email me at kimsellsjax@gmail.com. |
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$15,000 Available in Down payment Assistance Available for Jacksonville FL First Time Homebuyers! |
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Up to $15,000 Available in Down payment Assistance Available for Jacksonville FL First Time Homebuyers!
The Headstart to Homeownership or H2H program is finally funded again for Jacksonville FL residents! I am so excited about this because they have been out of funds for over 6 months now.
They provide much needed downpayment and closing cost assistance to eligible Jacksonville FL residents in amounts of $10,000, $12,500 or $15,000 depending upon family size and income.
Here are some of the additional guidelines......
· DPA is based on TOTAL household income (see guidelines below). · Sales price limit - $271,050.00. · You must sign up for a 8-hour training through one of their approved partners. · A full home inspection must be completed and requested by the city on the subject property and that any deficiencies noted will need to be repaired. H2H DPA CHART
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Income Limit
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Assistance Received
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70 – 80%
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$10,000.00
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60 - 69%
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$12,500.00
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50 - 59%
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$15,000.00
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An additional $5,000 may be available if the subject property being purchased is within target neighborhoods. This link includes a map of Duval County’s Targeted Areas:
http://www.ehousing.cc/jax_targetedareas.htm
If you have any questions or if this program can be of benefit to you or someone that you know please don't hesitate to give me a call..........
(904) 962-8404 or contact me via email Dove4homes@yahoo.com.
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Last Updated ( Saturday, 09 January 2010 )
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How Can Your Home Inspector Help You |
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It is always the case that your home is the most important and most expensive purchase you will ever make. However, unlike the other purchases that buyers make with a guarantee attached to it, your home often comes WITHOUT a money-back guarantee or even a return policy. This is true even if you are not satisfied with your purchase. So once you buy a home, you are on your own in its maintenance, repair, problems, and bills payment. And THIS is the reason why you have to know as much about your potential home as you possibly can before you sign under that dotted line and close that deal.
What Do Home Inspectors Do?
Everybody is ready to believe that the best way to understand a home’s condition, habitability, and safety is through a home inspector, and they are right in believing so. A properly trained and professional home inspector will review a house and all its systems. He will look at how one component of the house might affect the operability or lifespan of another. And in doing this, he is able to give you a more or less accurate picture that no amount of sales talk can cover up.
The home inspector will go through the property and perform a comprehensive and objective visual inspection of all its aspects. He will assess the condition of the house and of all its systems. In doing that, he helps in determining the components that are not performing properly as well as items that are beyond their useful life or are unsafe.
A home inspector’s specialty is identifying problems and areas that need repair. However, a home inspector’s job is not merely restricted to problem identification. His functions may include areas where critical repairs may be needed and where there may have been problems in the past. The purpose of a home inspector’s report is to provide you, the client, with a better understanding of property conditions, as observed at the time of the inspection.
What is the Scope of the Inspection?
The home inspector can only provide a visual inspection. He does this by looking at the home’s various systems, including both the interior and exterior components. If he cannot gain access to certain difficult to reach areas, then they will not be included in his assessment. But the usual places that a home inspector checks include exterior components, such as roofing, flashing, chimneys, gutters, downsprouts, wall surfaces, the foundation, and the grading around it.
Interior systems that a home inspector will check include electrical, heating, air conditioning, ventilation, plumbing, insulation, flooring, ceiling and wall finishes, windows and doors. Fireplaces and wood stoves are not the areas of the home inspector. Only WETT (Wood Energy Technology Training) specialists are qualified to inspect those areas.
A home inspector does not appraise your home. Neither is he able to exact quotes for repairs or point out the noncompliance with building code requirements.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at (904) 962-8404 or email me at kimsellsjax@gmail.com. |
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Short Sale deal in Jacksonville FL 3000 sq ft for 149,900 |
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Follow the link for this incredible deal on this West Jacksonville short sale. We have this 3000 sq ft home listed for $149,900 if you are searching for a lot of room this is it!
www.1684Avenger.info
You can recieve down payment assistance on this home in addition to the tax credit!!!!
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Time Running out on Homebuyer Tax Credit |
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Yeah, yeah, yeah I know, we just started a New Year here is Jacksonville FL.
So you're asking yourself, Kim why are you counting down and we are just starting the year out? Well I just wanted to remind that a deadline is looming. You know the one I am talking about, the home buyer tax credit. You haven't forgotten about it that quickly have you?
Well the home buyer tax credit was extended a while ago to April 30, 2010. In addition to the home buyer tax credit being extended it was also made available to current home owners. This means we need the time to sell your current home to move on to a new one. You may visit www.Itsoldin90days.com for information on getting your Jacksonville FL for Orange Park home sold in time for the tax credit deadline.
I know it may seem like there is plenty of time to take advantage but if you are serious about using it the you had better get moving now. The buying process has been extended in some cases depending upon financing so the clock is ticking.
If you are ready to take advantage of this historic event please give me a call (904) 962-8404. It would be a pleasure for me to not only help you into your dream home but also help with a little extra cash.
You are also welcome to reach me via personal email Dove4homes@yahoo.com or visit my site.
Keep in mind that there is still additional funds available for down payment and closing cost assistance, up to $7,500.
Here are some of the highlights............
(Information provided by NAHB)
$8,000 First-time Home Buyer Tax Credit at a Glance
- The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
- To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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Down Payment Assistance in Jacksonville FL-Jacksonville Florida Down Payment Assistance Availability |
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Welcome to Jacksonville FL 2010!!!!!!
It’s that time of year again, a time of renewal. While we are making plans and resolutions for the New Year I thought it would be a good time to get up to date on available down payment and closing cost assistance programs in Jacksonville FL.
Florida Housing Finance Corporation (Bond Money)
Right now “Bond Money” is the only available source of down payment assistance here in the Jacksonville FL area unfortunately. It is however a great tool for funding down payments for buyers who qualify.
Florida Housing’s First Time Homebuyer Program (FTHB) offers 30-year fixed interest rate mortgage loans to first time homebuyers through its network of participating lenders and lending institutions. However, if you are not a first time homebuyer, you may still be eligible for this program if you are purchasing a home in a GO Zone county, or other federally designated targeted area.
The good news is that Jacksonville FL is considered a GO Zone county. So in addition to non first time homebuyers in Jacksonville FL receiving up to $7,500 you may also be eligible for up to $6,500 Federal tax credit. This program uses income and purchase price limits to determine eligibility.
Federal Home Loan Bank of Atlanta (Match Money)
Certainly a favorite that is currently out of funding however rumor has it from a reliable source that funds should become available again sometime in the first quarter of 2010. Keep your fingers crossed.
This program is what we call the “match money program” that is a favorite of many of my first time homebuyers. We have been able to use this many times successfully in conjunction with all other down payment assistance programs.
The amount of your grant that you receive is based on you. For every $1 that you put into your transaction Federal Home Loan Bank will give you $5. For example if you contribute $1000 towards your home purchase you will be matched with a $5000 grant. The maximum award is $10,000.
If you would like to view a complete list of down payment assistance programs available in Jacksonville FL and the Orange Park areas click here.
Sign up for updates on the availability of Jacksonville FL and Orange Park area funds here
You may also contact me directly at dove4homes@yahoo.com I would certainly like to help you start your New Year in a new home
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Jacksonville FL Real Estate Series- Buying in Jacksonville, FL |
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Customer Checklist
I have compiled a list of customary items required for loan approval in the Jacksonville FL area. Please feel free to contact me if you have any questions.
2 most recent monthly bank statements (ALL PAGES) for all your accounts to strengthen your file
Tip- Please ensure that you are showing a positive balance in your accounts each month. Banks like to see that you are a saver and will be still be comfortable should an emergency arise. A cushion of about 3 months of your anticipated PITI (Payment, Interest, Taxes and Insurance) should be sufficient.
For example if you if you anticipate a $800 mortgage then $2400 would be a good amount to have saved.
This amount doesn’t necessarily have to be used in your home purchase
30 days of your most recent payroll check stubs, indicating your year-to-date earnings.
It would be wise to start keeping all paycheck stubs for reference until you close on your home.
401k/RETIREMENT STATEMENT FOR THE LAST MONTHS
Please order your statement now, sometimes it takes a while.
W-2’s for the last 3 years and last 3 years tax returns (ALL PAGES)
Please make sure returns match the information on your loan application. All returns will be verified with the IRS.
IF YOU DON’T HAVE THE TAX RETURNS PLEASE CALL 800-899-1040 DON’T PRESS ANY #’S AFTER A FEW PROMPTS IT WILL PUT YOU TO A LIVE PERSON……….BE PATIENT AND JUST HOLD …THEN REQUEST YOUR “TAXTRANSCRIPTS” FOR THE YRS MISSING. ASK THEM TO FAX TO YOU DIRECTLY.
If self-employed - last 3 year tax returns complete, and current profit and loss statement.
Please make sure returns match the information on your loan application. All returns will be verified with the IRS.
Proof of child support, retirement, Social Security, SSI, AFDC, etc., if applicable.
If you are receiving SSI for yourself you will have to provide proof from your doctor that your condition will remain for at least 3 years. Please be prepared.
Your award letter will also be required.
Copy of Driver’s license. Please make sure the copy is legible.
Divorce decree (if divorced), separation decree, child support decree.
These items must be documented to be counted for income.
Written explanation regarding delinquencies, bankruptcies, and past or present.
Please stay current on ALL accounts. This includes utilities, cable, and cell phones. None of your accounts should show any past dues in the last year to show fiscal responsibility.
If you have any negative accounts please make sure they are paid off before you input your mortgage application.
All judgments should be paid off prior to your submitting your mortgage application.
A check made out for $400 for your application to your lender. This will fund your required appraisal.
Until you have the approval from your lender please do not enter into any contracts.
I will work closely with your lender to get your approval, denial or request for documentation. It is very important that your lender may request be turned in quickly.
The sooner we can obtain approval the faster we can start shopping!
Please feel free to contact me if you have any questions.
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Jacksonville FL Home buyer education providers-Jacksonville Florida home buyer education providers |
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There are many ways for home buyers to obtain funds to assist with the down payment and closing cost in Jacksonville FL. One way is with the Florida bond program in where you may recieve up to $7,500 towards the purchase of your Jacksonville FL home.
One of the few requirements of the Florida Bond program is that you must attend a 8 hour class through a HUD approved counseling agency.
I have compiled a list of providers below along with contact information for each.
If you are in need of more information regarding homebuyer down payment assistance and how you may receive it in Jacksonville FL please visit my website www.CallKimDove.com.
Approved Home Education Providers
HOMEBUYER EDUCATION PROVIDERS
CATHOLIC CHARITIES
134 EAST CHURCH STREET, SUITE 2
JACKSONVILLE, FLORIDA 32202
(904) 354-4846
Next avaialble dates 4/14 or 4/18
Fee $50
FAMILY FOUNDATIONS
OF
NORTHEAST FLORIDA, INC.
1639 ATLANTIC BLVD.
JACKSONVILLE, FLORIDA 32207
(904) 396-4846
HOUSING PARTNERSHIP
OF
NORTHEAST FLORIDA
4401 EMERSON STREET, SUITE 1
JACKSONVILLE, FLORIDA 32207
(904) 398-4424
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What is an impound account? |
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What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
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Last Updated ( Wednesday, 30 July 2008 )
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appealing your property taxes |
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Where can I learn more about appealing my Jacksonville and Orange Park FL property taxes?
Contact your local Jacksonville and Orange Park FL tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
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Last Updated ( Thursday, 04 September 2008 )
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Are property taxes deductible? |
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Are Jacksonville and Orange Park FL property taxes deductible?
Property taxes on all Jacksonville and Orange Park FL real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
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Last Updated ( Thursday, 04 September 2008 )
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Tax benefits to homeowners |
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What tax benefits are there toJacksonville and Orange Park FL area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
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Last Updated ( Thursday, 04 September 2008 )
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are points deductible? |
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Are points deductible?
If you are a Jacksonville and Orange Park FL buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your Jacksonville and Orange Park FL area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
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Last Updated ( Thursday, 04 September 2008 )
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loss from selling your home |
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Can I deduct the loss I suffered when I sold my Jacksonville and Orange Park FL area home?
The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return.
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Last Updated ( Thursday, 04 September 2008 )
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inheriting a house |
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What are the rules on capital gains when inheriting a house?
When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.
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Last Updated ( Thursday, 04 September 2008 )
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how do i save on taxes? |
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How do I save on taxes?
Here are some ways to save money on taxes:
* Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home.
* Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
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Last Updated ( Thursday, 04 September 2008 )
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Contact Information
Kim Dove Watson Realty Corp.
Office: (904) 962-8404 Cell: (904) 962-8404 Fax: (904) 212-0148
Lic. #: SL3137324
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