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Montgomery AL Vacation and Investment Home Taxes

Thursday, February 14, 2008
by The Hat Team

Most of us are in the thick of  preparing our 2007 taxes, so I wanted to spend some time this week covering issues related to paying taxes on vacation homes.  Many homeowners in Alabama also own vacation or investment properties – but can these homes truly be claimed as vacation properties?

 

This article from RealEstateJournal.com answers this and other important questions, such as:

  • When and under what circumstances do I have to pay taxes on rental income?
  • What sort of deductions can owners of rental properties take?
  • If my vacation home is considered a secondary home (not a rental home), what deductions can I take?

 Once you have determined which category your property qualifies as, the chart below gives you a quick overview of what you should expect during tax season:

 

Vacation-Home Category

Rental Income

Deductions

Losses

Masters

not taxed

not available besides mortgage interest and property taxes

no tax benefit

Secondary

taxed

available

may possibly report a loss if mortgage interest and property taxes exceed rental income; but can't carry the loss forward or backward to apply to another tax year.

Rental

taxed

available

can carry losses forward, or back

 

Other helpful links on this topic:

To learn more about Montgomery AL real estate, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.  Or, visit InvestInMontgomeryAlabama.com to learn more about owning a Montgomery AL vacation home.

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JUST REDUCED! Montgomery AL Home For Sale - 1244 Gregory Ave.

Tuesday, February 12, 2008
by The Hat Team
 

This spacious one-owner home on estate sized lot will surely impress you inside and out. You can add your personal touches to features such as original hardwood floors and wonderful windows to allow as much natural light as possible. There are closets galore and plenty of space everywhere. The large family room overlooks the beautiful grounds with huge azaleas and brick lined paths. There is a greenhouse and additional storage bldg. The house has already been pre-inspected by a prof. home inspector and licensed structural engineer.  This is truly a one-of-a kind custom built home. Make it a part of your family's history.

For more information on this home or other Montgomery real estate, visit our website, HatTeam.com or give us a call for more personalized service, 800-428-5239.

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Montgomery AL Home For Sale - 447 Ross St.

Monday, February 11, 2008
by The Hat Team

Truly affordable housing!. The Centennial Hill Gardening Project is a Federally funded community development project and now offers it's 2nd of many affordable home ownership opportunities. Thanks to this non-profit organization, Ross St. and Centennial Hill will never be the same. This old shotgun structure has been transformed into this like new, low maintenance home you can own and love. All appliances are included, yes, W/D, Ref., Gas Range, Disposal, microwave and even a flat screen TV. This is your opportunity to get in on the ground floor of a movement that will grow at a surprising pace. Owner occupancy is required and certain home ownership initiatives and stipulations apply. Ask your agent for details.


For more information on this home or other Montgomery real estate, visit our website, HatTeam.com or give us a call for more personalized service, 800-428-5239.

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Montgomery AL Home For Sale - 3395 Cloverdale Rd.

Monday, February 11, 2008
by The Hat Team

Not even the hottest day will bother you here. Wide overhangs shade renovated rooms, and a sparkling pool invites you to take a cooling dip. Then join your friends and/or family on the shady multi-level deck for a cool one! Smashing redo including cozy breakfast room with fireplace and pool view. Super master suite has walk-in plus extra closet. All shaded by one of Cloverdale's oldest and most lovely oak trees. Located in Historically designated Cloverdale-Idlewild. See this one first. Priced to sell!

For more information on this home or other Montgomery real estate, visit our website, HatTeam.com or give us a call for more personalized service, 800-428-5239.

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Montgomery AL Real Estate Podcast

Friday, February 8, 2008
by The Hat Team

This month's edition covers Montgomery real estate market activity and discussions on low interest rates and the buyer opportunities they bring.

Features special guest Terri Murphy of US Learning.

Program length: approximately 6 1/2 minutes

 

download podcast mp3 file | subscribe to podcast feed

 

For more information about Montgomery AL real estate, please visit HatTeam.com or call me at 800-HAT-LADY.  You may also begin searching for Montgomery homes here!

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REDUCED! Montgomery AL Home For Sale - 1450 Midlane Ct.

Friday, February 8, 2008
by The Hat Team

You won't believe your eyes. A very spacious garden home on a double lot. Private back yard. Convenient location and move in ready. Master bedroom downstairs with 2 bedrooms up. Great room with 22' vaulted ceiling and a wall of windows makes you feel like you are living outside. Formal dining room and large kitchen complete this wonderful home. 

For more information on this home or other Montgomery real estate, visit our website, HatTeam.com or give us a call for more personalized service, 800-428-5239.

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Montgomery AL Home For Sale - 546 Morningview Dr.

Wednesday, February 6, 2008
by The Hat Team


Stop paying the rent monster. Great starter home in very desirable neighborhood. Rooms are spacious and the yard is absolutely beautiful. Easy maintenance vinyl trim and fairly new roof. See this one first as it won't be on the market long.

For more information on this home or other Montgomery real estate, visit our website, HatTeam.com or give us a call for more personalized service, 800-428-5239.

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Wetumpka AL Home For Sale - 504 Windsong Loop

Wednesday, February 6, 2008
by The Hat Team

This custom built home is open and has a great flow for easy living. The large formal dining room has volume ceiling and is open to the HUGE great room with corner fireplace. Off the LR is a great sunroom overlooking a screened porch. The split plan has two extra large bedrooms on one side and a spacious master bedroom, WIC and big bath on the other. Galley style kitchen has loads of cabinet space and is open to sunny breakfast room. Big two car garage and 5X13 workshop attached. The big back yard gently slopes and is like a nature preserve...with inground sprinkler system. PLUS, this neighborhood has a community swimming pool for your enjoyment without the hassle of maintaining one! Only minutes from Wetumpka and Montgomery. And will be zoned for the new Redland Elementary school opening 2009. This one is a keeper, so call for your private viewing today!

For more information on this home or other Montgomery real estate, visit our website, HatTeam.com or give us a call for more personalized service, 800-428-5239.

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What Do The Interest Rate Cuts Mean To YOU?

Thursday, January 31, 2008
by The Hat Team

The Fed lowered interest rates again this week, and the media again began buzzing about the real estate market.  But – when it comes to you and me – what do these lower interest rates really mean? Here are some examples:

Homeowners: If you already have an adjustable-rate mortgage (ARM) on a home, you could save hundreds of dollars a month if your loan is pegged to Treasury rates, which have fallen considerably thanks to the Fed's recent cuts.  The catch is that many buyers in more expensive areas resort to “jumbo loans,” which are typically pegged to slower-moving indexes that remain elevated.  If you have a fixed-rate mortgage (not a jumbo loan), you could consider the cost of re-financing (think origination fees, appraisal fees, closing costs) against the savings of a lower interest rate for your monthly payment.

Borrowers: Several banks lowered their prime rate, which forms the foundation for car loans, home equity lines and other loans.  But you must carry a whopping $5,000 credit card balance to save just $12.50 annually from a quarter-point rate cut.

Consumers: Lower rates threaten to boost inflation and the price of imports.  So far, inflation has been held in check, and foreign companies generally are holding the line on prices.

Savers: Falling interest rates normally would whack rates on CDs and other savings.  But the cash crunch has spurred many banks to prop up such rates.

Travelers: International vacations and business trips cost more because the dollar has sagged in the wake of the Fed's cuts.  But it could be buoyed if other central banks trim rates.

In short, unless you are about to purchase a new home and can take advantage of the new lower interest rates by locking in a fixed-rate mortgage now, you may not end up seeing a whole lot of benefit to the interest rate cuts.

For more information about Montgomery AL real estate, please visit HatTeam.com or call me at 800-HAT-LADY.  You may also begin searching for Montgomery homes here!

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A Word Of Warning To Potential Home Buyers In Alabama

Friday, January 25, 2008
by The Hat Team

This week I wanted to share with you a very important article brought to us courtesy of WSFA 12 News:

 

This was my first time buying."

That's why Shirley Brock hired a realtor she could trust, a critical move considering Alabama is among a hand-full of states that does not require home sellers to tell potential buyers about problems with the house, although there are exceptions. The Alabama Supreme Court has ruled in previous cases the seller must disclose issues if they involve health and safety problems.

"You and I should have a responsibility to ourselves," said Brock.

Recently, a first-time home buyer near Mobile felt she had been mislead not only by her agent but also by the seller. Once the new homeowner moved in, problems like rotting wood started cropping up. The new homeowner reportedly did not have the property inspected.

"The Alabama Supreme Court has held that Alabama is a 'caveat emptor' state, meaning that it is the duty of the buyer to inspect and make themselves satisfied about the conditions of the property they want to purchase," said Charles Sowell of the Alabama Real Estate Commission.

When it comes to real estate Alabama has often been called a 'buyer beware' state, and one veteran state lawmaker says don't expect the Alabama legislature to change that label.

"Everybody is always talking about government intrusion in their lives," said Representative Thad McClammy of Montgomery.

And besides McClammy points to the fact that the state requires home inspectors to be licensed and certified, one more tool prospective home buyers can use to protect themselves. Take it from Shirley Brock; she's been in her condo for 5 years and has no regrets.

"You have to make sure you get a reputable agent or a real estate lawyer," Brock said.

To learn more about Montgomery AL real estate, please call me at 800-HAT-LADY or visit www.HomesForSaleInMontgomeryAlabama.com.  You may also begin searching for Montgomery AL homes here!

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Displaying blog entries 71-80 of 128

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