Real Estate Information Archive

Home Selling 101: Capital Gains

For those who sold their home this year, it's important to understand how selling your home may impact your tax returns, now that tax season is upon us.  The following information explains how capital gains work for those who have recently sold a home.

If you sell your primary residence, you may be able to exclude up to $250,000 of gain – $500,000 for married couples – from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale.

There are a few catches: You also must not have excluded gain on another home sold during the two years before the current sale. However, special rules apply for members of the armed, uniformed and foreign services and their families in calculating the 5-year period.

If you do not meet the ownership and use tests, you may use a reduced maximum exclusion amount. But only if you sold your home due to health, a change in place of employment, or unforeseen circumstances.

An extra perk? If you can exclude all the gain from the sale of your home, you do not report it on your federal tax return. If you cannot exclude all the gain, or you choose not to, you must use Schedule D of Form 1040, Capital Gains or Losses, to report the total gain and claim the exclusion you qualify for.

How about for those with more than one home?

You can exclude the gain only from the sale of your main residence. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most often.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

Going green isn't just for environmentalists anymore ... it's for all homeowners who want to save thousands when building a new home or updating their current residence.

There are a variety of ways to make your home more energy efficient, from simply switching to Compact Fluorescent Light Bulbs (saving about $30 or more in electricity costs over each bulb's lifetime), to installing solar panels (saving up to $2,500 on an average home's annual utility bill).

According to the Appraisal Institute, for every dollar saved on a property's utility bill, a home's appraised value increases about $20.

The following are green suggestions, along with the savings homeowners may incur in the process:

Lower utility bills. Appliances, insulation, windows and heating systems all have the ability to be energy efficient. By upgrading everyday appliances to energy efficient models, such as Energy Star, homeowners can expect a minimum of 10-15 percent savings on their electricity bills right away. What's more, tax credits are available at 30 percent of the cost, up to a $1,500 lifetime limit, for installation of these products in 2010 - for existing homes only: windows and doors, insulation, roofs (metal and asphalt), HVAC, water heaters (non-solar), and biomass stoves. Installation costs may even be included as part of the tax credit calculation for certain HVAC, water heater, and biomass stove installations.

Materials matter. Outside the home, recycled plastic lumber and wood composite materials reduce reliance on chemically treated lumber and durable hardwood for decks, porches, trim and fencing. Inside the home, when it comes to flooring, next to natural wood, greener flooring choices include low-VOC (volatile organic compounds) carpets for better indoor air quality, laminates that successfully mimic scarce hardwood, and linoleum, a natural product making a design comeback.

Control your environment. Install a programmable thermostat to set your heating and cooling equipment to automatically turn on or off to match your schedule and create a comfortable and energy-efficient living environment. These units typically offer savings of 10 to 15 percent and cost anywhere between $40 and $100.

Think outside of the box. Not all greening is done within the walls of the home. Thanks to the Wind, Solar, Geothermal and Fuel Cell Tax Credit (Tax Code Section 25D), tax credits are available at 30 percent of the cost, with no cap through 2016 (for existing homes and new construction) for Geothermal Heat Pumps (use the earth as a source of heat in the winter, or as a coolant in the summer), Solar Panels (use light energy from the sun to generate electricity), Solar Water Heaters, Small Wind Energy Systems, and Fuel Cells. More detailed information on Solar Energy can be found at the American Solar Energy Society website:www.ases.org.

Conserve Water. This includes both inside and outside. Toilets, showers and faucets account for 60 percent of water usage in the home, according to the EPA. Green efficiency experts recommend that homeowners install low-flow showerheads, for example, which will save on water heating and use. Repair water leaks in tubs, showers and sinks. Replacing household appliances like dishwashers with more efficient models can save 11,000 gallons of water per year.

Lastly, when looking to upgrade your home, keep an eye out for the Manufacturer's Certification. This is a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit. The IRS encourages manufacturers to provide these certifications on their website to facilitate identification of qualified products. Tax payers must keep a copy of the certification statement for their records, however, they do not have to submit a copy with their tax return.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

1706 Eagle Ridge

Welcome to a stunning Stan Mountain custom home overlooking Canyon Trails with a gorgeous salt water pool. Amenities include: soaring ceilings, hardwood floors, gorgeous tile, hand painted 3D stenciled walls, class 5 granite throughout, copper sinks throughout, gourmet kitchen with stainless appliances - 6 burner stove - pot filler, luxurious master bedroom and bathroom, knotty-alder doors, crown moldings, over-sized utility room, stoned gas fireplace, charming study, formal dining, tankless water heater, 2 HVAC units with 4 zones, balcony, and a marvelous view.

Other Amenities Include

• Stunning Stan Mountain Construction
• Charming front door with peep door.
• Stucco/Brick construction and composition roof.
• Charming study located off of front door entry.
• Knotty alder doors throughout.
• Formal dining located off of kitchen and front door entry.
• Soaring ceilings.
• Beautiful hardwoods and tile work.
• Stoned fireplace with gas logs.
• Wonderful built-ins.
• Gourmet kitchen offers 6 burner stove, stainless appliances, double convection ovens, and more.
• Copper sink is anti-bacterial and extremely sturdy.
• Kitchen also offers: pantry, class 5 beautiful granite, island, custom cabinets, pot filler, and more.
• 3D Stenciling on walls.
• Stained crown moldings.
• Isolated master bedroom with access to the backyard and pool.
• Luxurious master bathroom with his/her sinks and magnificent walk in closet.
• Master bathroom offers: copper tub, over-sized tiled shower, granite, and floor heaters. 
• Study nook located upstairs between beds 2 and 3.
• Bedrooms 2-3 share hall bath with tub/shower, custom tile work, and granite.
• All bedrooms have wonderful closet space.
• Balcony off of bedroom 3 offers amazing views overlooking Canyon Trails.
• Over-sized utility room off of garage hallway has sink, ample cabinets, and space for washer/dryer.
• Salt water pool completes the backyard with incredible views.
• Privacy fence and covered patio.
• Backyard does not face west which makes evenings very pleasant.
• Dog run in backyard.
• 2 HVAC Units with 4 Zones.
• Tankless Water Heater.

4346 Chelsea Ct.

Welcome to a wonderful cul-de-sac lot home in Fountain Park with a
pool, endless amenities, and an incredible recently added
mother-in-law suite. Other amenities include: over-sized master
bedroom with luxurious bath, bedrooms 2 & 3 are very large and share a
hall bath, two living areas with fireplace and wet bar, formal dining,
covered patio, kitchen with updated appliances, breakfast room, all
new tile and carpet, room off of pool area outside with half bath, 4
car garage, mother-in-law suite with living area, kitchen, and full
bath. Backyard has gunite saltwater pool, privacy fence, and workshop.

Other features include:

• Cul-de-sac lot in Fountain Park.
• Incredible mother-in-law suite.
• Suite offers full kitchen, garage access, living room, handicap shower, and porch area.
• Suite has it's own garage and entrance.
• Two living areas in front part of the home.
• Charming fireplace and woodwork are found in the living area.
• Wet bar located off of the second living area.
• Over-sized master suite with luxurious bathroom area.
• His/her walk-in closets in the master bathroom.
• Bedrooms 2-3 have great closet space and share hall bath.
• Hall bath offers sink and tub/shower.
• Half bath is located between kitchen and living room.
• Formal dining is located off the front door entry and connects to the kitchen.
• Kitchen offers new appliances, tiled floors, breakfast area, and buffet/hutch.
• There's a room off of the pool area that has a half bath. Great for pool use.
• Privacy fence.
• 4 car garage.
• Saltwater gunite pool.
• Workshop with power.

910 E. Texas

A wonderfully well kept home for the money located in Iowa Park and just minutes to Wichita Falls or Sheppard AFB. With over 2,000 square feet and built in 2004 this home offers multiple amenities that include:spacious living area, 4 bedrooms, isolated master, over-sized utility room, fireplace, covered patio, privacy fence, sprinkler system, storage shed, and ample driveway parking. All appliances to remain including washer/dryer and refrigerator.

Additional Information:

• Over 2000 square feet.
• Built in 2004.
• Neutral colors and very well kept.
• Spacious living area.
• Isolated master bedroom.
• Master bath offers Jacuzzi tub, shower, and his/her closets.
• Beds 2, 3, and 4 share hall bath with tub/shower.
• Fireplace.
• Spacious kitchen.
• Over-sized utility room.
• Spacious garage.
• Covered patio.
• Privacy fence.
• Storage shed will remain.
• Ample driveway parking.
• Just minutes to Wichita Falls or Sheppard AFB.
• All appliances remain except deep freeze.

• Built by Ed Routon in 1998
• 5.67 Acres
• 4 bedrooms, 3 living areas, 3 car garage.
• Soaring ceilings and crown mouldings.
• Magnificent hardwood floors.
• Fireplace separates both living areas.
• Gourmet kitchen with worlds or storage within Red Oak cabinets.
• SubZero refrigerator and double oven in kitchen.
• Breakfast area off of kitchen.
• Formal dining and study space off of entry.
• Large master bedroom with fireplace and tall ceilings.
• Storm closet in master bathroom.
• Luxurious master bath with his/her space and closets.
• Workout room located off hallway from kitchen.
• Bedrooms 2, 3, and 4 are isolated off of second living area.
• All bedrooms offer wonderful closet/storage space.
• Cedar closet off of 2nd living area.
• Utility room with easy to use space.
• Cellulose foam insulation for the entire home. Very efficient and low utility bills.
• 45 ft X 30 ft shop with 2 levels, concrete floor, insulated walls, and 2-20 power.
• Garage door of shop is 12 ft x 12 ft.
• Dirtbike trail is already in place.
• Incredible gunite pool with electronic cover.
• Stamped concrete in backyard patio and surrounding the pool.
• Storage room and half bath located off of pool for outdoor use.
• Covered patio with speakers for entertaining.
• Control4 Sound System http://www.control4.com/residential/
• 2 water heaters.
• Propane heat.
• Alarm system.
• Holliday ISD.

October Pod Cast Is Up!

This month's edition covers Greater Wichita Falls real estate market activity and then and we'll discuss the latest staging tips for buying or selling in this upcoming fall market. Features special guest Terri Murphy of US Learning. Check out www.TheFallsPodCast.com.

Now Is The Time

Rates have NEVER been this low, and inventory has never been this high. Don't let this opportunity pass you by.

http://www.texomahomesource.com/properties - See our listings!

www.TheFallsHomeFinder.com - Every home for sale.

www.LuxuryHomesWF.com - Daily updates on the luxury market.

www.TexasBankOwned.com - Looking to invest? Start here.

Thinking of Selling?

We all want to know what our home is worth in today's economy. See www.TexomaHomeValue.com. Within 24 hours we will get you an updated market analysis for your area.

Make it a great week, and let us know how we may serve you or anyone you may know.

Thinking About Investing for College?

It is no secret that college cost are only going one way...up! I can show you how $7,000 invested today in a rent house, can turn into $109,000 15 years from now. I'm currently building a portfolio to ease the burden of college expenses when my children leave for school, and I can help you do this too. Of course it all starts at www.TheFallsHomeFinder.com. Start looking around at the available homes on the market, and when you are ready - we will be there to serve you.

Listen the the Wichita Falls Market Update

www.TheFallsPodCast.com. This month's edition covers Greater Wichita Falls real estate market activity and then we'll talk about the top transaction strategies for fall 2011.

Supply and Demand

Our inventory of homes is high and we need more buyers! The buyers that we do have our loving this buying opportunity. Interest rates have never been this low, so it is a great time to capitalize on the market's affordability. Check out www.ImAhappyBuyer.com.

Good Monday morning to you!

What In The World Is Going On?

I don't have the answers for what's going on in the world, but I can help you better understand the local market. For three years we have called the market we are in a "price war and a beauty contest." The truth endures.

Our prices have also remained fairly stable. If you purchased a home for $200,000 five years ago, chances are we can sell it for that today. And this is GREAT news when compared to the rest of country.

For more information on our market, please tune into our show on Time Warner, Channel 15 (Monday, Thursday, Saturday). You can also listen to www.TheFallsPodCast.com.

I'm Ready to Buy!

If you are ready to buy today, you must check out www.TheFallsHomeFinder.com. See why over 3,000 local buyers have made this their main site for buying in our local market. Here you will fine GoogleEarth aerial images, virtual tours, and you can create your very own favorites list. Click the request a showing button, and we will meet you there at the time that works for you!

Reputation for Results

In this market, you need a professional. One who knows the market, and how to maneuver through it. If you are looking to buy or sell in the near future, please see www.SeeWhatTheyAreSaying.com. We look forward to working with you one day!

"The chief cause of failure and unhappiness is trading what you want most for what you want right now". Zig Ziglar