Florida Christmas

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Lakewood Estates New Port Richey

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Lakewood Estates New Port Richey

http://www.propertypanorama.com/instaview/mfr/W7631181

Happy seller

debbiesmallnet Debbiesmall of Florida Luxury Realty

Albino Alligator

http://www.fox13news.com/trending/231905787-story

#loveFL #sold

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Waterfront 2/2 BRAND NEW GRANITE KITCHEN $120K

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Just Listed debbiesmall.net

Just Listed debbiesmall.net debbiesmall.net@gmail.com Realtor Florida Luxury Realty

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"It's A SMALL World!" debbiesmall.net: http://youtu.be/QgNJZGRspkU

I'd LOVE 2 be your Realtor!

I'd LOVE 2 be your Realtor! Debbiesmall.net debbiesmall.net@gmail.com Realtor Florida Luxury Realty #debbiesmall #loveFL #HolidayLakes #westpasco #baileysbluff #gulfharbors #baileysbluff #beaconsquare

Elfers, Florida....Why "Elfers"???

The area was known as the Baillie settlement until the Elfers post office was established on Dec. 14, 1909. Frieda Marie (Bolling) Eiland, the wife of the first postmaster, chose the name of the post office to honor a favorite uncle, whose last name was Elfers. Railroad service came to Elfers for the shipment of citrus in 1913. In 1915, the Elfers School opened; it was the first brick school in western Pasco County. A new building replaced it in 1966.[4] The Elfers School red brick school has been converted into the Elfers CARES Center which celebrated a grand re-opening in 2013. The building now has a cafe, a "spacious auditorium", and is the home of the Avery Branch of the New Port Richey Public Library.[5] Elfers was incorporated from 1925 to 1933. Homes for sale in the Elfers Area lovely Eastbury Gardens

Just Listed!

5552 TULIP DR, NEW PORT RICHEY 34652 MLS#W7604778: http://youtu.be/ECVSuiG8u9Q

Sold!

4307 Sail Drive; New Port Richey, FL 34652: http://youtu.be/_-PusMgrO00

should you sell your home or rent it out? What are the tax ramifications?

Some homeowners who can’t sell their home may consider converting it to a rental rather than lowering the price or leaving it vacant. Remember, if a home has been used two out of the last five years as a primary residence, it may qualify for the homeowner’s exclusion of Section 121 of the tax code. This means any gain up to $500,000 for a married couple filing jointly or $250,000 for a single person may be excluded and exempt from tax. Therefore, the property could be rented for up to three years and still fall within the qualifying timeframe. If the property was rented for more than three years, it would no longer qualify for the exclusion. Example: Phil and Miranda are married homeowners who are looking at selling their home. If they sell, they would have a $300,000 long term capital gain. Since Phil and Miranda meet the requirements of the Section 121 exclusion, there is no tax due. However, if instead of immediately selling the house, they rent the home for more than three years and then sell they would lose the exclusion. This would mean a tax liability of $300,000 x 15% or $45,000 upon the sale of the property. If there is not much of a gain to be taxed, converting a primary residence to a rental property may be an appropriate strategy. Again, real estate licensees should encourage their customers to consult with tax experts to make an informed decision.

What is Cancellation of Debt?

Overview of IRS Cancelation of Debt Income, from the Taxpayer Advocate Service What is Cancellation of Debt? If a taxpayer borrows money from a commercial lender and the lender later cancels or forgives the debt, the taxpayer may have to include the cancelled amount as income for tax purposes, depending on the circumstances. When the taxpayer borrowed the money he or she was not required to include the loan proceeds as income because the taxpayer had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount received as loan proceeds is normally reportable as income because the taxpayer no longer has an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to the taxpayer and the IRS on Form 1099-C, Cancellation of Debt. debbiesmall.net

Short Sales, Foreclosures and Income Taxes: a Summary

Short Sales, Foreclosures and Income Taxes: a Summary If a taxpayer owes mortgaged debt to a lender and the lender cancels or forgives that debt in a short sale or foreclosure, in general the cancelled debt is taxable. However, the canceled amount may be excluded from taxation under the Mortgage Forgiveness Debt Relief Act of 2007. In general, this law allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure or short sale, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2,000,000 of forgiven debt is eligible for this exclusion ($1,000,000 if married filing separately).

Just Sold!

Just Sold!  Waterfront Pool home in Lovely Beacon Square#debbiesmall debbiesmall.net #WestPasco #loveFL #NewPortRichey #FloridaLuxuryRealty # #baileysbluff #GulfHarbors #beaconsquare #HolidayLakes #holiday # waterfront #poolhome

Sinkholes Holiday Florida

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