Friday, December 18, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
National housing policy will hold a much higher priority in the Biden White House than it was with the previous tenant. Jim Parrott, a nonresident fellow at the Urban Institute, said housing is 'not an abstraction' for the president-elect. Parrott was keynote speaker at the National Association of Realtors' Real Estate Forecast Summit on December 10th, 2020. Parrott served as a senior adviser to the National Economic Council during the Obama administration where he led the team counseling the cabinet and the president on housing issues. Before that, he was counsel to U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan.
Affordable housing a priority.
Parrott said that he felt the Biden team will see more affordable housing, for both buyers and renters as a goal worth taking on in and of itself, as a part of broader economic challenges. Biden views the lack of affordable hoh ...
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hudson valley real estate, 'urb to 'burb, home investment, housing sales, housing sales inventory, mortgage, the economy, fha, taxes, capital gains taxes, capital gains tax exclusion, 1031 like-kind investment
Thursday, December 10, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
In this seller’s market, we’ve seen a lot of happy people sitting at the real estate closing table admiring the profit they’ve made selling their Hudson Valley home. For some, it’s a windfall of unexpected proportions. For others...ehhh, not so much. This is because some home sellers will have to share part of their profit with Uncle Sam. It’s called Capital Gains Taxes.
The IRS and many states including New York assess capital gains taxes on the difference between what you paid for an asset — in tax terminology your “basis” — and what you sell it for. Capital gains taxes can apply to investments such as stocks or bonds, and tangible assets like cars, boats as well as real estate.
For example, if you bought a home say, 5 years ago for $200,000 and sold it today for $800,000, you’d make $600,000. If you’re married and filing jointly ...
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hudson valley real estate, 'urb to 'burb, home investment, hudson valley home sellers, selling your home, capital gains taxes, capital gains tax exclusion
Tuesday, November 10, 2020 / by Vanessa Saunders
Photo by Bruno Bucar on Unsplash
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
After months of campaigning, weeks of voting and untold hours of the media digesting and regurgitating the story of the moment, we have survived another presidential election. Given the challenges we faced during the campaign - a deadly pandemic, an economy suffering the worst recession since the depression and numerous hot-button racial and immigration issues - we still have a real estate market that's white hot, and record-low mortgage rates that have pushed prices to new heights. So what issues can New York real estate expect for the next four years? Here’s the short list according to a report from Inman News.
Affordable housing
The Biden campaign’s housing proposal pinpointed the dearth of housing supply as the driving force behind the affordability crisis.
Biden has pledged to invest $640 billion in housing over the next 10 years. Among other h ...
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hudson valley real estate, hudson valley home, 'urb to 'burb, hudson valley home owners, hudson valley home sellers, selling your home, pandemic, lower property taxes, capital gains taxes, racial discrimination, racial steering, red lining
Thursday, April 30, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
April 30, 2020
Congratulations! If you are thinking about selling your house this year, you’ll probably get more for it than you paid. It’s going to be another seller's market, with a shortage of homes to buy and lots of buyers competing with each other to win a bidding war. You’re one smart seller.
You may be worried about capital gains taxes. Currently the capital gains tax is 15% of the profit a property owner makes from the sale of their property. For example, if you sold your house for $200,000 more than you paid for it, you’d owe Uncle Sam $30,000 in capital gains. Also, there was an additional tax of 3.8% added in 2013 to help pay for changes in Medicare, so add another $7,600 in investment income tax in this scenario.
Sure takes the shine off that bundle you made from selling at a profit, doesn’t it?
There is one exception which makes a seller exempt from c. ...
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hudson valley real estate, hudson valley property, hudson valley home, hudson valley home owners, hudson valley home sellers, housing sales inventory, sales strategies, capital gains taxes, capital gains tax exclusion
