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Did you know you can deduct moving expenses if you moved more than 50 miles away from your home? If you use the long version of the 1040 form, you can enter any moving expenses you incurred during 2010. Make sure you have yoru receipts and any other information to verify how much you spent to move to a new location.
If you're considering moving to a new town or city, make sure you keep your receipts and any other information for next year's taxes. It's all about maximizing your return!
According to a Realtor Magazine online article, home prices have returned to pre-housing bubble prices or even below the pre-bubble level, and are as affordable as they are going to get. 
Some markets are heavily undervalued, including Phoenix, where it's cheaper to buy a home than it is to rent.
Home values in Utah have returned to pre-bubble levels and here at RE/MAX Overland we've been tracking market trends. According to our data, the residential home listings are slowly decreasing from a little over 20,500 listings in November 2010 to approximately 18,800 listings at the beginning of February. It seems like the market is slowly returning to a better balance between available homes and willing buyers. Median sales prices in 2009 were hovering between $220,000 and $230,000. In 2010, the median home price was closer to the low $200,000.
The right time to purchase a home is crucial and it seems like the market is providing plenty of opportunities for willing buyers to purchase a home at a good price this year. Don't hesitate to call us at (801) 355-1717 if you have any questions.
It’s that time of year again, have you filed your taxes yet? Great News! The IRS has pushed the deadline back to April 18, instead of the usual “tax day” of
April 15, so if you tend to put taxes off, you get an extra three days! Here are a few things to remember to maximize your return, since you have a little extra time this year, make sure you take the time to maximize your return.
1. Deducting mortgage interest: One of the great perks of owning a home is come tax-time you can deduct the amount of money you paid in interest on your mortgage. Recent debate has put this deduction into question; however you can still deduct it on your 2010 taxes.
2. Charitable contributions: You can donate anything from cash to cars, just make sure you check into the donation tax rules and ensure the organization is tax-exempt with the IRS. Plenty of organizations will provide you with a receipt at the time of donation; hopefully you kept them in case you’re audited.
3. Deducting private mortgage insurance: Beginning in 2007, you could claim a tax deduction on private mortgage insurance (PMI), a new law extends the deduction to specific premiums paid in 2008 through 2010. Deducting PMI is applicable to homeowners who put less than 20 percent down and were required to purchase PMI, which is typically included in your regular mortgage payment. Generally, your mortgage company will provide you with the appropriate form to file your taxes properly.
4. Medical Expenses: Total medical expenses must be at least 7.5 percent of your adjusted gross income, this can include mileage to and from medical treatments, insurance payments from already taxed income, treatments insurance didn’t cover which can include an extra pair of eyeglasses, hearing aids or even artificial limbs.
5. State taxes: Sometimes a state or local tax can be a good thing. Many state and local taxes can be deducted on your federal return. These taxes would include sales and real estate taxes on your home or even the sales tax you paid on a new vehicle.
These are only a few tips, if you would like more information on how to maximize your return, visit bankrate.com’s tax guide.
The state of the housing market has not only left homeowners without shelter but their pets as well. The foreclosure crisis across the country has pushed
foreclosed homeowners to desperate measures. Inspectors, neighbors and Realtors have found animals locked in basements, garages and yards of foreclosed properties, left without proper nutrition to survive.
Fortunately, steps are being taken to care for these animals. No Paws Left Behind is a program designed to rescue animals from foreclosed properties, which recently announced that it has reached its 1000th animal rescue from a foreclosed home. No Paws works to rescue these pets and then place them in “no kill” shelters until foster care or adoptions can be arranged.
No Paws Left Behind was founded, and is operated, by Cheryl Lang, the CEO of Integrated Mortgage Solutions, an REO property inspections provider. Please take a moment to review their site here, and spread the word about this great program to anyone you may know either in the real estate industry or families that have recently faced foreclosure.
I read this article and I thought I would pass along the suggestions it made about home renovations.
While you may like the idea of restaurant quality appliances and a large island, it may be a turnoff to buyers that aren’t cooking gurus. If you’re looking to renovate your kitchen, consider simple upgrades that won’t compromise the value of your home or limit the pool of potential buyers.
2. Luxury bathroom upgrades
The 360-degree shower or jetted-tub may not be appealing to the environment conscious buyer. Instead of seeing a relaxing oasis, they see a high water bill. Consider keeping your renovations in the bathroom modest, you can go all out for nice fixtures and flooring, but keep in mind the potential buyer if you’re planning on selling your house in the near future.
A potential buyer sees a pool or hot tub as an extra expense. Maintaining a pool costs approximately $1,500 a year, along with other maintenance, such as cleaning. Pools and hot tubs are also an added liability that can affect homeowner’s insurance policies. While a pool may seem like a blast for the hot summers, it will also limit the amount of buyers interested in your property.
In conclusion, if you’re looking to sell your home in the near future, but are interested in making some changes in the mean time, don’t forget the potential buyer’s wants and needs. Keep renovations simple that will add positive value to your home.
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