Northern Nevada Real Estate Tax Changes for 2013 Lisa Wetzel and Jim Valentine RE/MAX Realty Affiliates

Northern Nevada Real Estate Tax Changes for 2013 

Northern Nevada Real Estate   Tax Changes for 2013   Lisa Wetzel and Jim Valentine RE/MAX Realty Affiliates

Northern Nevada Tax Changes For 2013 As happens every year at this time, there are changes in laws, policies and procedures that affect Northern Nevada real estate. The beginning of a new year is a convenient time for government to implement change, a measurable break off point, especially when it comes to matters involving taxation. There are some esoteric changes this year that don't affect many, but will have a significant impact on those that they affect. The first is the 3.8% tax tucked away in the ObamaCare bill. It is estimated that this might affect 2-3% of home sellers going forward. To be affected by this tax you must: 1. Have a gain of $250,000 - $500,000 (single or married) over the current exclusion of $250,000-$500,000 on your primary residence. 2. Have an annual income of $250,000. 3. You or your accountant must then plug the amount of gain above the exclusion into a "formula" to see if it's taxable. If it is then you will be taxed at 3.8% on that amount. Because the 3.8% tax is not actually a tax on the sale of real estate, but is a tax on a capital gain, it is calculated when you do your income tax figuring, not at the time of the sale. Example: A married couple must have a $500,000 gain over their $500,000 exclusion on their primary residence, and earn over $250,000 to have exposure to this tax. The tax will be paid in 2014 for 2013. Some of the tax changes for 2013 are actually extensions of existing policy. There was much consternation in the real estate industry while the good folks in Washington D.C. were figuring out our tax future. The real estate elements in the resulting H.R. 8 legislation include: 1. Mortgage Cancellation Relief extended to January 1, 2014. This is very important for those involved in a Short Sale or Foreclosure of their primary residence. It is an essential item for the continued recovery of the real estate economy in our opinion. 2. Filers making below $110,000 will be happy that the Deduction for Mortgage Insurance Premiums was extended and made retroactive to cover 2012. 3. The Energy Efficiency Tax Credit of 10% up to $500 for energy improvements made to existing homes is extended through 2013 and made retroactive to cover 2012. Capital gains rate will stay at 15% for those at the top rate of $400,000 individual and $450,000 joint return, but gains above those amounts will be taxed at 20%. Those that fit into this income category will likely either hold their asset, or put it in to a tax-deferred exchange in accordance with IRS Code 1031 to defer the gain. This will have a mixed effect on the investment real estate market. As values rise investors may wish to change their assets, i.e.- sell in California and move to Nevada, so we will likely see many exchanges again as we did in the early and mid-2000's. The Estate Tax went up from 35% to 40% for those amounts over $5 million in an individual estate and $10 million in a family estate. Be sure to work with your CPA to have your estate in order to minimize the tax consequences to the best of your ability should you have an estate that exceeds those amounts. Our Advice: Taxes are the price we pay to live in this great country of ours. It isn't always a pleasure to write the check, but the good news is that if you are paying taxes you are making money. After Christmas comes the taxes. Maybe we should use the 5th of July for new taxes.    When it comes to choosing professionals to assist you with your real estate needs... Experience is Priceless!  Lisa Wetzel and Jim Valentine are real estate agents with RE/MAX Realty Affiliates in Gardnerville. They are short sale and foreclosure specialists and certified distressed property experts. Contact them at   carsonvalleyland@hotmail.com www.carsonvalleyland.com      Tax Changes for 2013  Northern Nevada Tax Changes For 2013 Lisa Wetzel & Jim Valentine  RE/MAX Realty Affiliates 1320 US Highway 395 N. Gardnerville, Nevada 89410 775.781.5472 - Cell 775.783.6854 - Direct 775.552.8585 - Fax Email Us carsonvalleyland@hotmail.com View Our Website - www.carsonvalleyland.com

edit

delete

Pending Under Offer! 454 Sheep Camp Drive Dayton, Nevada 89403 .... Heart Of Dayton

$151,500.00 - Pending Under Offer! 454 Sheep Camp Drive Dayton, Nevada 89403 .... Heart Of Dayton Bedrooms: 4 Bathrooms: 3 Parking Spaces: 3 Year Built: 2004 Subdivision: Sutro West Lot Size: .19 Garage Size: 3 School District: Dayton Square Footage: 1973 Agent Name: Lisa Wetzel and Jim Valentine Broker: John Fisher MLS #: 130000221 Price: $151,500.00 Flexibility: Pending Under Offer! Additional Pricing Information: Subject to Third Party Approval ... Short Sale with One Lender 454 Sheep Camp Dayton , NV 89403 View Map Pending Under Offer! 454 Sheep Camp Drive Dayton, Nevada 89403 .... Impressive 4 Bedroom Home in the Heart Of Dayton, Nevada Stately Dayton Two Story is just the spot for a growing family. This beautiful 4 bedroom home offers something for everyone. Large Master with double sinks and a very roomy walk-in closet plus two additional family bedrooms that share a Jack and Jill bath round out the upstairs. Downstairs also has a forth bedroom and third bath. Spacious island kitchen has breakfast bar and large dining nook that adjoins the family room. In addition there is a separate formal living room and formal dining room. Landscaped with rear fencing, there a very big covered patio and a finished three car garage. Close to shopping and elementary school, this wonderful home has many upgrades including stucco exterior and cozy gas fireplace. Pending Under Offer! 454 Sheep Camp Drive Dayton, Nevada 89403 .... Impressive 4 Bedroom Home in the Heart Of Dayton, Nevada Appliances Dishwasher Sink Disposal Central Vacuum Single Oven Gas Range Interior Amenities Fireplace Kitchen Island Vaulted Ceilings Attic Breakfast Bar Breakfast Nook Gas Log Fireplace High Ceilings 2 Story Home Air Conditioning Carpet, Tile and Vinyl Flooring Exterior Amenities Patio Fenced Yard Grass Lawn Covered Patio Fully Landscaped Northern Nevada MLS Northern Nevada Blog Northern Nevada Website Lisa Wetzel and Jim Valentine carsonvalleyland@hotmail.com 775-781-5472 Created with vFlyer Marketing Equal Housing Opportunity | VFLYER ID: 206563002 Photo Gallery Created with vFlyer Marketing Equal Housing Opportunity | VFLYER ID: 206563002 All information in this site is deemed reliable but is not guaranteed and is subject to change

Newsletter from Lisa Wetzel and Jim Valentine 1.5.2012

Short Sales And Cash Buyers  Cash is king and Cash Buyers are often treated like one. There is great buying power when shopping for real estate with cash, but does it apply in a Short Sale situation? The process takes significant time and most Cash Buyers use short time and their ability to close quickly to negotiate a good price. With that gambit taken off the table by the time constraints of a Short Sale does the Cash Buyer get the benefit of their cash position that they are seeking? The benefits of cash are not lost on lenders reviewing a Short Sale package. They understand that the sale has a higher percentage chance of closing than does a sale requiring a new loan. In the latter type of transaction there are many uncontrollable factors that can doom the escrow. The potential for job loss or transfer by the buyer/borrower is real these days and occurs more frequently than we all care to admit. Loan program or policy changes can also affect the viability of a loan even if it is in progress. Cash Buyers minimize such risk. Frustration with the Short Sale process can build as time elapses. Over the two to three month period required to get Short Sale approval from a lender, the Market can change. New listings become available that can tempt a Buyer currently under contract. Most Buyers don't stop scrutinizing the Market because they are under offer. If a preferable property becomes available some Buyers yield to temptation. Most will wait until they have the opportunity to quit their original transaction per the terms of the contract, but the point remains that they quit and all the efforts by the Lender(s), Agents, and Sellers are for naught. Cash Buyers have typically negotiated the right deal on the right house and are more inclined to stay the course, especially with a large Deposit in play. Cash Buyers can benefit from their cash in a variety of ways. If there are multiple offers on the same property the Cash Buyer's offer is usually given preference. Cash Buyers usually put up a bigger deposit, a fact not lost on the Short Sale review lender. Many Cash Buyers buy bank owned (REO) properties because of their depleted condition and the readily available cash to repair them. The Short Sale purchase is generally in good condition and requires no additional money or time invested before the property is useable. Our Advice: The Cash Buyer must be clear on what she is trying to accomplish. Is it buying the right house at a great price, or must it be a steal to get her to part with her cash? There is a fine line between great price and steal. It is important to not trip over dollars to save a dime. If the home has everything you want and need then appreciate the fact that your cash buying power is getting you the separation from the rest of the market enabling you to be able to buy the home you want without paying more than the next guy. This latent savings is a benefit and should be recognized. Use your cash wisely, but don't lose opportunities because you don't use it. Incredible investment opportunities are plentiful these days, but they will only return to those that invest. Don't find yourself talking in 2013 about what you could have bought in today... but didn't. Be a wise Cash Buyer and don't be afraid of the right Short Sale situation. Short Sale transaction prices are below Market, the homes and property in fine condition, and the competition for the good ones fierce. The Cash Buyer reigns supreme in this arena and can enjoy the benefits of their purchase if they master the game of patience not usually found in a typical price driven cash sale. When it comes to choosing professionals to assist you with your real estate needs... Experience is Priceless! Lisa Wetzel and Jim Valentine are real estate agents with RE/MAX Realty Affiliates in Gardnerville. They are short sale and foreclosure specialists and certified distressed property experts.   Contact them at   carsonvalleyland@hotmail.com www.carsonvalleyland.com  Lisa Wetzel & Jim Valentine  RE/MAX Realty Affiliates 1320 US Highway 395 N. Gardnerville, Nevada 89410 775.781.5472 - Cell 775.783.6854 - Direct 775.552.8585 - Fax Email Us - carsonvalleyland@hotmail.com View Our Website - www.carsonvalleyland.com

Northern Nevada Real Estate Deals … Have You Missed Them?

Northern Nevada Real Estate Deals … Have You Missed Them?  With the strong sales numbers year to date resulting in fewer homes for sale in Northern Nevada we are being asked on a regular basis “Have we missed them?”, “Have we missed the good deals?” Many home buyers wonder if prices are bouncing up and their opportunity to make an incredible buy has passed? 

So, as a Northern Nevada Home buyer … Have you missed them?

Many Northern Nevada Home Buyers have been waiting for the current housing market to bottom out, while others have been getting their personal circumstances arranged so they can move forward with their purchase.  For quite a while now we’ve advised those timing the market to buy and enjoy their purchase.  There are great homes at good prices being put up for sale every day.  The main difference is that now you have competition as a buyer in this market.

Gone are the days of offering 20% below the asking price.  Sellers know that the market has solidified and they don’t need to discount that much. 

Home prices in Northern Nevada have stabilized in most market segments, and are increasing in some areas. The days of Limbo Offers … “How Low Can You Go?” … being accepted in a panic, banks pricing low to stay ahead of the market driving the market down as the market tumbles, are gone.

To make the great buy today you must be ready with your financing, your wants/needs, and understand that when the right home becomes available you and your Agent need to act immediately. 

You can still get the great buy if you are poised and ready.  You won’t have as many homes to select from, won’t be the only one offering, and you may have to adjust a want or a need, but you can do it.  The process might take longer, but your time will be spent.

Be patient and diligent.  The reward is worth it to you and your family when you find the right home at the right price.  You will have a better purchase because of your commitment to the transaction. 

Our Advice:  Just as Sellers that didn’t sell in 2005 didn’t realize the cash value of their home at that time, Buyers that aren’t buying now shouldn’t lament what they don’t get by not acting in a timely manner.  You can enjoy what you can get and rejoice as the market continues to recover and you realize the great buy that you made by acting.  Remember, 

the art is to make the great buy on the right home for you.  It’s a great time for both Buyers and Sellers.

Beyond getting a great price … Remember when you’re buying your Primary Residence you are Buying Your Home!  Make sure you get what you want for you and your family!

When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 carsonvalleyland@hotmail.com, www.carsonvalleyland.com

Here are a few of our blog posts ... please enjoy!

The Unsinkable Volunteer Spirit in Northern Nevada Equals A Continued Demand In Our Local Real Estate Market!
The Weeds Keep Growing in Carson Valley, Nevada

Back to School in Lyon County Nevada

Back to School in Carson City, Nevada

Back to School in Douglas County Nevada

Skunks and Chickens ... A Lesson in Private Property Rights!

Passion ... Inspiration ... What Is Your Why?

The Nevada Homestead Exemption Act

Douglas Pop Warner Little Scholars Awards Three Scholarships to Graduating Seniors in Carson Valley

You Really Don't Have to Be A Jerk! ... More Tales From The Trenches!

Maximizing Your Price As a Home Seller In Today's Market!

How To Be A Good Real Estate Buyer

What is You "Investional" Fortitude?

Lisa Wetzel and Jim Valentine are the authors of this blog.  Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County, Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704.  To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com