Image by 401K via Flickr Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013? That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 ... [Read More]
Image by 401K via Flickr
Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013? That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 would be taxed at your tax rate. For a person in the 25% tax bracket that means they would owe $25,000 to Uncle Sam. If you are having trouble making your payments, I can think of no better reason to do a short sale in 2012. Contact us today. You do have options!
Image via Wikipedia I’ve been in the real estate business for some 33 years. Over that tenure I have endured some pretty daunting markets. In the past I could always point to one or two problems that, once overcome or fixed in some way, would improve the market. It always felt as though it was ... [Read More]
Image via Wikipedia
I’ve been in the real estate business for some 33 years. Over that tenure I have endured some pretty daunting markets. In the past I could always point to one or two problems that, once overcome or fixed in some way, would improve the market. It always felt as though it was just a matter of time before things got better. I have to be honest and say this recession has been different. I have been unable to identify the one or two problems that need to be overcome that will make tings start moving again. I just read this article and it is quite obvious that our problem is jobs: http://economistsoutlook.blogs.realtor.org/2011/10/07/job-growth/.
For me, jobs, are not some dead end, temporary government funded stimulus attempt by some Washington bureaucrat, but real, career building, long term employment that an employee can strive at and achieve the rewards that we all desire. Until we see that kind of change in the job market, we are in for more of the same… falling incomes, high unemployment, more foreclosures, etc. The jobs are out there and will be created once our Government gets out of the way and empowers our job creators with lower taxes, certainty about the future costs of running a business, less government regulations, etc. At least that is my opinion.
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