Virginia Beach Real Estate Agent Chris Faircloth
Virginia Beach Waterfront Luxury Homes, Condos & New Construction
NOW HIRING: Hostess to assist agents with new home site and open houses.
The position is a part time position located in the Greenbrier area of Chesapeake and will be between six and nine days a month with hours from 12 noon to 5:00PM. Professional attire, team player and dependability are a must. The perfect candidate would have a positive attitude and be out going and friendly to all guests. Pay is $10/hr., start the week of May 20th.
Send resumes to: AgentFaircloth@gmail.com
Real Estate Provisions in “Fiscal Cliff” bill H.R.8
So what’s the Fiscal Cliff bill mean to Real Estate? Well, on Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2.
Below is a summary of real estate related provisions in the bill:
Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be re-instituted for high income filers. These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. These thresholds have been increased and are indexed for inflation and will rise over time. Under the formula, the amount of adjusted gross income above the threshold is multiplied by three percent. That amount is then used to reduce the total value of the filer’s itemized deductions. The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions.
These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years. They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012. Had we gone over the fiscal cliff, Pease limitations would have been re-instituted on all filers starting at $174,450 of adjusted gross income.
Capital Gains rate stays at 15 percent for those in the top rate of $400,000 (individual) and $450,000 (joint) return. After that, any gains above those amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for sale of principal residence remains in place.
The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40 percent, up from 35 percent. The exemption amounts are indexed for inflation.
Our team recently flew across country to network with a top agent producing mega results. Although they are doing hundreds of transactions a year I was more interested in their systems for keeping the wheel moving smoothly. Our focus is not on quantity, but a quality five star experience. We are in the midsts of revamping our real estate business and hope to roll out many new systems and tools to help us work more efficiently and better serve our clients.
A new culture in real estate is coming soon.
A reverse mortgage is a loan for senior homeowners that uses a portion of the home’s equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage.
What are the pros and cons of a reverse mortgage?
What is a Reverse Mortgage Home Purchase?
Contact me today to find out who we use to do Reverse Mortgages at Sommerton 55 & Better Active Adult Community.
