Bush Tax Cuts May Expire January 1: Homeowners of $1 M+ Properties Beware

Bush Tax Cuts May Expire January 1: Homeowners of $1 M+ Properties Beware

Capital_gains_tax

Do you own a home valued over 1 million dollars? Beware! Congress may allow the Bush Tax Cuts to expire on January 1, 2013. What does this mean for homeowners of properties valued over $1,000,000? Capital Gains taxes may rise as high as 20% from the current 15%. CNBC reports that if these go into effect, wealthy home owners could owe millions of dollars more in taxes on their home sales. Because Bush Tax Cuts may expire January 1, Homeowners of $1 M+ Properties are contacting REALTORS across the country, hoping to get their home on the market and sold before January 1.

Source: “Wealthy Home Owners Brace for ‘Mansion Cliff,’” CNBC (July 13, 2012)

But don’t panic! Regardless of the rate rise, the $500,000 capital gains exclusion remains in effect. This means that, under the current federal Tax Code, any sales gain of $250,000 or less for single filers and $500,000 or less for married couples filing jointly will still be exempt from capital gains tax. So…is it time to rush right out and sell your $1,000,000+ property? Can you afford to take your time? The best way for you to make that decision is to call The Oetkens! We have our finger on the pulse of the North Idaho Real Estate Market, and we keep a close eye on the news, politics, and other factors that can have a major influence on the Coeur d’Alene Real Estate market. Let’s start by establishing the current market value of your property.

Call us today for a complimentary Comparative Market Analysis.

Randy or Christy Oetken

208-660-0506

Oetken@RealEstate-Browser.com

Once we establish the value of your property, then we can help you determine the wisest course of action based on your specific circumstances. We’re in the business of helping you Own The Lifestyle. We have proven strategies for optimizing your Real Estate Investment Portfolio, and we have the experience, education and expertise you can trust. Call us today! Call

Randy or Christy Oetken

of

Windermere Coeur d’Alene Realty

208-660-0506

Oetken@RealEstate-Browser.com

For more information on our local Real Estate Market, visit

www.RealEstate-Browser.com/MarketNews

Posted on August 1, 2012 at 12:13 pm
Randy and Christy Oetken | Category: Home Ownership, I.R.S., Luxury, Market Analysis, Market News, Market Value, Premier Property, Real Estate, Save Money, Sell, Sellers, Taxes

JUST SOLD in Mill River, Coeur d’Alene Idaho

We just sold an exquisite Luxury Condo in Mill River!

Thinking of Selling?  We have buyers.

Call us today!  We’d love to help you Own The Lifestyle

208-660-0506

Oetken@RealEstate-Browser.com

What is your property worth in today’s Real Estate market? Find out!
Call us for a FREE, NO OBLIGATION Comparative Analysis of your home, land, or business or commercial property.

Interested in Mill River?
Contact us today to schedule your private tour of other Mill River Condos.
We happily provide information about other homes for sale in this neighborhood and surrounding areas.
If you’re just starting your property search, we can schedule a no-obligation buyer’s consultation
to answer questions and help you determine the right budget for your new home.

Contact Randy or Christy Oetken

208-660-0506

Oetken@RealEstate-Browser.com

Posted on January 17, 2012 at 12:42 pm
Randy and Christy Oetken | Category: Coeur d'Alene, Condos, Condos, Just Sold!, Luxury, Mill River, Real Estate, Sell, Sellers, Sold | Tagged , , , , , , , , , , , , , , , , ,

JUST SOLD: Exquisite Lake Coeur d’Alene View home


We just sold this Exquisite Lake Coeur d’Alene View home overlooking Blue Creek Bay.

Randy Oetken has just earned his CNE Designation:
Certified Negotiation Expert.
CNE Agents

  • Uncover Information more effectively,
  • Get More,
  • Give Less
  • Retain More Control

    in Real Estate negotiations.

Thinking of Buying or Selling?

We have the training, skills & experience
to help you Buy or Sell with confidence.

Own The Lifestyle.

Call TODAY!

208-660-0518

Posted on November 1, 2011 at 10:35 am
Randy and Christy Oetken | Category: Buyers, Coeur d'Alene, Craftsman, Curb Appeal, home, Home Ownership, Idaho, Just Sold!, Kootenai County, Lake Coeur d'Alene, Lake View, Luxury, Photographs, Press Releases about the Oetkens, Real Estate, Sell, Sellers, Sold, Trakker, View Property, Water View | Tagged , , , , , , , , , , , , , , , , , , ,

JUST SOLD: Brand New Craftsman Style Hayden Home

We just sold this Brand New Craftsman Home in Balser Estates.

Randy Oetken has just earned his CNE Designation:
Certified Negotiation Expert.
CNE Agents Uncover Information more effectively,
Get More, Give Less & Retain More Control in Real Estate negotiations.

Thinking of Buying or Selling?

We have the training, skills & experience
to help you Buy or Sell with confidence.

Own The Lifestyle.

Call TODAY!

208-660-0506

Posted on October 27, 2011 at 1:02 pm
Randy and Christy Oetken | Category: $200,000, Around $200,000, Buyers, Craftsman, Curb Appeal, Hayden, Hayden Listings, home, Home Ownership, Idaho, Just Sold!, Kootenai County, New Construction, Our Listings, Photographs, Real Estate, Sell, Sellers, Sold, Windermere | Tagged , , , , , , , , , , , , , , , ,

JUST SOLD: Harrison Idaho area 6+ Acre Storybook Retreat

Thinking of Selling?

Call us today!

208-660-0506

Oetken@RealEstate-Browser.com

Posted on September 14, 2011 at 1:36 pm
Randy and Christy Oetken | Category: Acreage, Curb Appeal, Harrison, Harrison, home, Idaho, Just Sold!, Kootenai County, Land, Land, Mountain Acreages, Mountaintop Listings, Our Listings, Photographs, Real Estate, Sell, Sellers, Sold, St Maries & Harrison areas, View Property, Windermere | Tagged , , , , , , , , , , , ,

JUST SOLD in Hoffman Hills, Coeur d’Alene Idaho

Thinking of Selling?

Call us today!

208-660-0506

Oetken@RealEstate-Browser.com

Posted on September 14, 2011 at 1:27 pm
Randy and Christy Oetken | Category: $200,000, Around $200,000, Coeur d'Alene, Coeur d'Alene Listings, Curb Appeal, Hoffman Hills, home, Idaho, Just Sold!, Kootenai County, Our Listings, Photographs, Real Estate, Sell, Sellers, Sold, View Property, Windermere | Tagged , , , , , , , , , , , , , ,

Selling Your Home? Ten Tax Tips from IRS.Gov

Ten Tax Tips for Individuals Selling Their Home

IRS Summertime Tax Tip 2011-15,  August 8, 2011

The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.

  1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
  2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
  3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
  4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
  5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
  6. You cannot deduct a loss from the sale of your main home.
  7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
  8. If you have more than one home, you can exclude a gain only from the sale of your main home. 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 ordinarily the one you live in most of the time.
  9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
  10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Links:

  • Publication 523, Selling Your Home ( PDF)
  • Form 5405, First-Time Homebuyer Credit and Repayment of the Credit ( PDF)
  • Form 8822, Change of Address ( PDF)
Posted on August 30, 2011 at 11:43 am
Randy and Christy Oetken | Category: home, I.R.S., Idaho, Real Estate, Save Money, Sell, Sellers, Taxes | Tagged , , , , , , , , , , ,

Creative Home Staging: Here’s a FUN idea from Hooked on Houses!

We all know that staging a home is a great way to showcase the house in a postive light…but here is a new take on it. Take a look at the early ’60s motif they decided to use to stage this home located in Georgia. It must have worked…the $300,000 home is now under contract.

What era would best describe your home?

Staging a Mid-Century Modern House the Don Draper Way

by hookedonhouses on June 21, 2011

 

 

 

 

 

 

 

 

 

 

 

Maybe the real estate agent had been watching too many episodes of “Mad Men” when she listed this cool mid-century modern house in Georgia because the staging seems to have been inspired by Don and Betty Draper. Take a look and you’ll see what I mean.

Welcome to our mid-century home, built in 1960. It has 4 bedrooms, 2.5 baths, and a $300,000 listing price. One of our favorite things to do is to sit on the sofa and look out our big picture window in the living room.

All that’s missing from these photos is the cigarette smoke…

Based on a photo of the Realtor, I think she may be the one playing Betty.

Is that Sterling Cooper calling? I hope pretend Don Draper doesn’t have to “work late” again (we all know what working late at that ad agency really entails!).

The pretend DD spends a lot of time on the phone…

And the pretend BD is getting a little fed up with it.

This house is really fabulous. I love the ceilings and those huge windows. Also love that she’s vacuuming that small skin rug in a dress, an apron, and heels. Ah, the good old days!

Thankfully, they chose not to stage the bathroom…

Agents have been getting pretty creative with their listings in order to grab our attention lately, and it’s working! We’ve also seen house tours given by a drunk doll, a couple of vases filled with flowers, and even a lime.

Check the listing for the rest of the photos and more information about the house.

Posted on July 25, 2011 at 3:28 pm
Randy and Christy Oetken | Category: Curb Appeal, home, Modern, Photographs, Real Estate, Sell, Sellers, Staging | Tagged , , , , , , , , , , , , ,

GOOD NEWS! Pending Home Sales UP 49%

“The price of new homes is fixin’ to RISE
In other words, Beat the Crowd!”

Hello, Friends!

When was the last time you heard THAT???

Today, we thought we’d pass along this VERY GOOD NEWS to give your spirits a better-than-average lift.  Reading graphs like this is such a pleasure…

Pending Home Sales are UP 49% over last year!

Great news – statisically speaking. Market stats (as provided by the CDA Multiple Listing Service) shows that PENDING HOME SALES ARE UP 49% when comparing May and June of 2010 to May and June of June 2011. Right now a very hot segment of the market are those homes selling for less than $200k. If you are thinking of selling…there are plenty of investors in the market.

Call us for more info if you’re interested in Buying or Selling
We’d love to help you find the perfect property under (or over!) $200K

208-660-0506

Oetken@RealEstate-Browser.com

AND THERE’S MORE!

We thought you would like the article we posted a few weeks ago, originally posted in Fortune Magazine, by Shawn Tully, senior editor-at-large.

Real Estate: It’s Time to Buy Again

Forget stocks. Don’t bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.…(click on this link to read the entire article)

Enjoy!

Randy & Christy

Posted on July 21, 2011 at 2:48 pm
Randy and Christy Oetken | Category: Bank-Owned, Buyers, Coeur d'Alene, Foreclosures, graph, Home Ownership, Idaho, Interest, Investment Properties, Kootenai County, Market News, Market Value, Mortgage, Multiple Listing Service, New Construction, Our Listings, Price Reduction, Pricing, Real Estate, Rental, Save Money, Sell, Sellers, Short Sale, Taxes | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

JUST SOLD in Fairway Forest

 

Thinking of Selling?

Call us today!

208-660-0506

Oetken@RealEstate-Browser.com

Posted on June 29, 2011 at 12:19 pm
Randy and Christy Oetken | Category: Coeur d'Alene, Curb Appeal, Fairway Forest, home, Idaho, Just Sold!, Kootenai County, Photographs, Real Estate, Sell, Sellers, Windermere | Tagged , , , , , , , , , , , , ,

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