Luminous Realty http://luminousrealty.com Sun, 19 Feb 2012 15:22:17 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 How long is the recovery period after foreclosure and short sale? http://luminousrealty.com/%sample-post% http://luminousrealty.com/%sample-post%#comments Mon, 22 Aug 2011 00:22:32 +0000 Luminous One http://luminousrealty.com/?p=139 Below is a chart that will outline how long credit recovery may take after foreclosure or short sale.  Since more than 50% of the population has had or will have one of these experience, it might be a good idea for credit bureaus to revise this.  Or, eliminate it all together.  Many of the people caught in the bank, credit agency, insurance company and government devised scam should not be penalized for their participation.

 

Waiting Period Chart TBWS

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]]> http://luminousrealty.com/%sample-post%/feed 0 IRS Summertime Tax Tip 2011-15, August 8, 2011 http://luminousrealty.com/%sample-post% http://luminousrealty.com/%sample-post%#comments Sat, 20 Aug 2011 17:22:58 +0000 Luminous One http://luminousrealty.com/?p=126 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).

 

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]]> http://luminousrealty.com/%sample-post%/feed 0 Condo for Sale http://luminousrealty.com/%sample-post% http://luminousrealty.com/%sample-post%#comments Mon, 15 Aug 2011 23:12:20 +0000 Luminous One http://luminousrealty.com/?p=32 $107,004 - 65  Verde Valley School Rd #E-10,  Sedona, AZ  86351
Well located, well kept First Floor condo. Almost 800 Sq. Ft. of easy living. Perfect little place in the Village of Oak Creek. Sliders on the living room and bedroom doors to outdoor access. Beautiful clubhouse, pool, tennis courts and spa. Walking distance to all restaurants and shopping. $162.12 monthly HOA feeincludes heat, water, trash and landscaping. Buyer will be responsible for an assessment for new roof and boilers in the sum of $2,676.00.

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