6 Mortgage Interest Deduction Myths

Visit houselogic.com for more articles like this.
Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®


Sue Lucas
Broker Associate
Re/Max Southern Shores
843-997-4595

Comments

Post a Comment

Popular posts from this blog

10 Ways to Prepare for Homeownership

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.  2. Develop your home wish list. Then, prioritize the features on your list.  3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.  4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.  5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any lat...
Read more

August Foreclosure update

Image
Foreclosure Stats are in from Realtytrac.com: For August 2012 1 in every 677 homes in South Carolina received a foreclosure filing. 1 in every 692 homes in Horry County received a foreclosure filing in August 2012. 148 homes filed foreclosure in the Myrtle Beach area this includes zip codes, 29588, 29575, 29579, 29577 and 29572.  The highest filings were in the 29579 and 29588 zip codes. Foreclosures will continue to hit our market, but the rate at which they are being filed is slowing down. There are still some great buys here at the beach!!!! For more information or a list of the newest foreclosures call or email me. Sue Lucas Re/Max Southern Shores https://www.facebook.com/CarolinaForestRE www.suelucas.com 843.997.4595 sl1586@sccoast.net
Read more

Understanding Capital Gains in Real Estate

Understanding Capital Gains in Real Estate When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations. How to Calculate Gain In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate, follow these steps: 1. Purchase price: _______________________ The purchase price of the home is the sale price, not the amount of money you actually contributed at closing. 2. Total adjustments: _ ______________________ To calculate this, add the following: Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage. Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale. Cost of improvement...
Read more