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        <title>Real Estate Blog</title>
        <link>http://www.wcfbor.com/blog/author/not-working-with-agent/</link>
        <description></description>
        <item>
            <guid>http://www.wcfbor.com/blog/deduct-mortgage-interest-and-home-equity-loans.html</guid>
            <link>http://www.wcfbor.com/blog/deduct-mortgage-interest-and-home-equity-loans.html</link>
            <author>wcfbor@gmail.com (* Not working with agent)</author>
            <title>Deduct Mortgage Interest and Home Equity Loans</title>
            <description> <![CDATA[ 


Deduct Mortgage Interest and Home Equity Loans






Deducting mortgage interest is a great tax benefit that can make home ownership more affordable. Your first mortgage isn’t the only loan that qualifies, either. In many cases, you can also deduct interest on home equity loans, second mortgages, and home equity lines of credit, or HELOCs. 






If you want to deduct all of your mortgage interest, there are limits on both how much money you can borrow and on what you do with the money you get. You also need to itemize your return to reap the benefits of these deductions. Calculations can be complicated, so consult a tax adviser.






• Know your loan limits. A good place to check out what you can deduct before you borrow is the chart on page 3 of IRS Publication 936. It’ll walk you through the requirements you must meet to deduct all of your home loan interest. It’s an hour well spent.?






The first hurdle you’ll run into is the total amount of your loan or loans. In general, individuals and couples filing jointly can deduct the interest on up to $1 million ($500,000 if you’re married and filing separately) in combined home loans, as long as the money was used for acquisition costs, that is the cost to buy, build, or substantially improve a home, explains Scott O’Sullivan, a certified public accountant with Margolin, Winer &amp; Evens in Garden City, N.Y. Any interest paid on loan amounts above the $1 million threshold isn’t deductible.






The same $1 million limit applies whether you have one home or two. Buying a vacation home doesn’t double your loan limits. And two homes is the max; you can’t deduct a mortgage for a third home. If you have a mortgage you took out before Oct. 13, 1987, you have fewer restrictions on claiming a full deduction. The calculations for “grandfathered debt” can get complex, so get help from a tax professional or refer to IRS Publication 936.??






Whatever you do, don’t forget that you can also deduct the points and fees associated with a first or second mortgage when you initially buy your home, says Jeff Rattiner, a CPA with JR Financial Group in Centennial, Colo. If you refinance the same house, you have to deduct those costs over the entire term of the loan. If you refinance again, you can deduct all the costs from the earlier refi in the year you take out the new loan.






• Spend loan proceeds wisely. The other limitation on how much you can borrow and still get your deduction comes into play when you take out a home equity loan or HELOC that you don’t use to buy, build or improve your home. In that case, you can deduct the interest you pay only on the first $100,000 ($50,000 if married filing separately). This loan limit also applies in a so-called cash-out refi, in which you refinance and take out part of the equity you’ve built up as cash, says John R. Lieberman, a CPA with Perelson Weiner in New York City.






That means if you decide to take out a $115,000 home equity loan to buy that Porsche, you can deduct the interest on the first $100,000 but not on the $15,000 that exceeds the limit. Use the same $115,000 to add a new bedroom, however, and the full amount is allowable under the $1 million cap. Keep in mind, though, that the $115,000 gets added into the pot of whatever else you owe on your other home loans. In many cases, points and loan origination costs for HELOCs are deductible.??






• Beware the dreaded AMT. Even if you’ve followed all the loan limit rules, you can still get stuck paying tax on mortgage interest. How come? It’s all thanks to the Alternative Minimum Tax. Congress created the AMT, which limits or eliminates many deductions, as a way to keep the wealthy from dodging their fair share of taxes.






Calculating the AMT can be complex, but if you make more than $75,000 and have several kids or other deductions, you might well be subject to it. Problem is, if you fall into the AMT group, you may not be able to deduct interest on a home equity loan, even if the loan falls within the $1 million/$100,000 limit. If you’re subject to the AMT and borrow money against the value of your home, you’ll have to use it to buy, build or improve your place, or you may not have a chance to deduct the interest, says Rattiner, the Colorado CPA.






This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.






Source: HouseLogic - http://www.houselogic.com/home-advice/tax-deductions/deduct-mortgage-interest/






 






 ]]> </description>
            <pubDate>Thu, 16 Feb 2012 11:29:05 -0600</pubDate>
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            <guid>http://www.wcfbor.com/blog/2011-year-residential-sales-statistics-4th-quarter-stats.html</guid>
            <link>http://www.wcfbor.com/blog/2011-year-residential-sales-statistics-4th-quarter-stats.html</link>
            <author>wcfbor@gmail.com (* Not working with agent)</author>
            <title>2011 Year Residential Sales Statistics &amp; 4th Quarter Stats</title>
            <description> <![CDATA[ 


2011 Year Residential
Sales Statistics




 




2147 Sales compared to 2210 in 2010




Average Sales Price was $126,446 compared to $126,926 in
2010




Median Sales Price was $115,000 in 2011 – the same as in
2010




DOM were 80 in 2011 compared to 71 in 2010


 










4th
Quarter 2011 Residential Sales Statistics






544 Sales in 2011 compared to 512 in 2010



Average Sale Price was $126,407 in 2011 compared to $128,229
in 2010



Median Sale Price was $116,500 in 2011 compared to $ 117,000
in 2010



DOM were 75 in 2011 compared to 88 in 2010








 




 


 ]]> </description>
            <pubDate>Tue, 10 Jan 2012 07:38:17 -0600</pubDate>
                    </item>
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            <guid>http://www.wcfbor.com/blog/3rd-quarter-2011-residential-stats.html</guid>
            <link>http://www.wcfbor.com/blog/3rd-quarter-2011-residential-stats.html</link>
            <author>wcfbor@gmail.com (* Not working with agent)</author>
            <title>3rd Quarter 2011 Residential Stats</title>
            <description> <![CDATA[ 
Third Quarter Residential Sales Data 2011


 644 Sales in 2011 compared to 527 in 2010


Average Sale Price of $134, 114 in 2011 compared to $124,391 in 2010


Median Sale Price of $121,900 in 2011 compared to $110,500


Days on Market (DOM) were 69 in 2011 compared to 68 in 2010
 ]]> </description>
            <pubDate>Mon, 10 Oct 2011 09:25:49 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.wcfbor.com/blog/2010-year-end-statistics-for-residential-sales.html</guid>
            <link>http://www.wcfbor.com/blog/2010-year-end-statistics-for-residential-sales.html</link>
            <author>wcfbor@gmail.com (* Not working with agent)</author>
            <title>2010 Year End Statistics for Residential Sales</title>
            <description> <![CDATA[ 
I have posted the 2010 year end residential statistics along with the 4th quarter figures for 2010.   The 2201 sales in 2010 are about the same as in 2009 and 2008.  The Median Sale price shows that home prices are holding and in most instances are going up slightly.  


2010 was not a typical year for reporting sales because of the 2 stimilus tax credits for Buyers that ended in the 2nd quarter.  Typical sales that would have been made in the 3rd and 4th quarters were made and closed in the 2nd quarter.


We all see and hear about the national housing market being down and prices dropping.  Remember tha all real estate markets are local .  What happens in the Cedar Valley isn't necessarily the trend in the other parts of the United States. We have been fortunate to have steady employment, low interest rates, good economy and a good supply of homes available for sale.   


2201 sales compared to 2173 in 2009


Median Sale Price in 2010 was $115,000 compared to $114,900 in 2009


Average Sale Price in 2010 was $128,276 compared to $134,784


Days on Market in 2010were 71 compared to 74 in 2009


 


4th Quarter 2010


 


505 Sales in 2010 compared to 584 in 2009


Median Sale Price in 2010 was $117,000 compared to $115,875 in 2009


Average Sale Price in 2010 was $128,276 compared to $134,784 in 2009


DOM were 88 compared to 73 in 2009
 ]]> </description>
            <pubDate>Fri, 07 Jan 2011 15:18:20 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.wcfbor.com/blog/wcfbor-2nd-quarter-real-estate-statistics.html</guid>
            <link>http://www.wcfbor.com/blog/wcfbor-2nd-quarter-real-estate-statistics.html</link>
            <author>wcfbor@gmail.com (* Not working with agent)</author>
            <title>WCFBOR 2nd Quarter Real Estate Statistics</title>
            <description> <![CDATA[ 
The 2nd quarter 2010 statistics for the Waterloo/Cedar Falls Board of Realtors can now be found below or on the Market Statistics page.  Statistics dating back to late 2009 can also be found on the Market Statistics page.  Please check back for 3rd Quarter stats to be released soon.


Thank you!


2nd Quarter 2010 Residential Sales


774 Sales in 2010 compared to 622 in 2009


Average Sales Price was $129,535 compared to $128,141 in
2009


Median Sales Price was $117,500 compared to $112,000 in 2009


Days on Market (DOM) was 63 in 2010 compared to 70 in 2009


June 2010


257 Sales in 2010 compared to 219 in 2009


Average Sales Price was $130,879 in 2010 compared to
$135,511 in 2009


Median Sales Price was $122,000 in 2010 compared to $115,000
in 2009


May 2010


251 Sales in 2010 compared to 225 in 2009


Average Sales Price was $127,116 in 2010 compared to
$127,770 in 2009


Median Sales Price was $118,000 in 2010 compared to $109,000
in 2009


April 2010


266 Sales in 2010 compared to 178 in 2009


Average Sales Price was $130,518 in 2010 compared to
$120,469 in 2009


Median Sales Price was $115,500 compared to $119,919 in 2009



 


 
 ]]> </description>
            <pubDate>Tue, 05 Oct 2010 15:53:48 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.wcfbor.com/blog/wcfborcom-update.html</guid>
            <link>http://www.wcfbor.com/blog/wcfborcom-update.html</link>
            <author>wcfbor@gmail.com (* Not working with agent)</author>
            <title>WCFBOR.com update</title>
            <description> <![CDATA[ 
Thanks for visiting the new wcfbor.com.  In an effort to
provide a better overall home search experience we will be adding more
functionality over the next several weeks.  Please take a look around and
let us know if you have any feedback on the new site and enjoy your home
search.  Please take advantage of the registration, favorite listings and saved search capabilities.


Please bear with us as we try to provide you with a better
experience in searching for your home online.


Thanks,


WCFBOR
 ]]> </description>
            <pubDate>Wed, 30 Jun 2010 20:30:07 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.wcfbor.com/blog/welcome-to-the-new-wcfborcom.html</guid>
            <link>http://www.wcfbor.com/blog/welcome-to-the-new-wcfborcom.html</link>
            <author>wcfbor@gmail.com (* Not working with agent)</author>
            <title>Welcome to the NEW WCFBOR.com!</title>
            <description> <![CDATA[ 
Welcome to the newly redesigned WCFBOR.com site.  Find all your local real estate information in one place.  Check the new WCFBOR blog for up to date news and market statistics, search for homes, save searches, and mark your favorite homes.  Also, take a look at the upcoming open houses throughout the Waterloo/Cedar Falls Board of Realtors MLS.  We hope you enjoy the new site.
 ]]> </description>
            <pubDate>Wed, 23 Jun 2010 16:56:10 -0500</pubDate>
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