Monday, December 19, 2011
Loan Mortgage Rates Tie Record Low!
Thursday, December 8, 2011
New Listing In Caribe, Miramar Beach, FL
We have just received a new listing in Caribe. Come see this beautiful home in Miramar Beach, Florida!
MLS # 568614
Tuesday, November 1, 2011
New Apple iPhone 4S
Without new iPhone, Apple iOS 5 more evolutionary than revolutionary
SEATTLE – Oct. 19, 2011 – Apple’s latest update to its iOS software for iPhones, iPads and other handheld devices is more evolutionary than revolutionary, particularly if you’re not getting it on the new iPhone 4S, which was released Friday.
iOS 5, which Apple made available early this month, has a lot of neat new features. But the most exciting one – the Siri voice-command system – is available only on the new iPhone. Others, such as weather and stock widgets, aren’t available on the iPad.
Many of the other features, meanwhile, don’t break new ground; instead, they represent an effort by Apple to catch up with the competition.
Still, the additions in iOS 5 are welcome and the update is well worth the time needed – about 90 minutes in my case – to download and install it.
One of the big themes of iOS 5 is to cut the cord that has long connected Apple handheld devices to Apple’s iTunes software running on users’ personal computers. With the new software, users can pretty much get by without ever plugging their iPad or iPhone into their PCs.
After installing iOS 5, users no longer have to connect them to a computer to get new operating system updates. They can just download them directly to their device. And should they want to back up their device to their computer, they can configure the iOS device to do so wirelessly whenever it is plugged into an outlet to recharge.
As part of this effort, Apple has added a number of services that link iOS 5 devices to its data servers on the Internet. IPads and iPods can save their backups to Apple’s servers, rather than to a PC. Using a service called Photo Stream, Apple allows users to instantly and wirelessly transfer pictures they’ve taken on an iOS device to other such devices, their computers and to the Apple TV set-top box via its cloud service. Music that users purchase on an iOS device – or on their computer – is similarly synced automatically across devices through the conduit of Apple’s data servers.
iOS 5, which Apple made available early this month, has a lot of neat new features. But the most exciting one – the Siri voice-command system – is available only on the new iPhone. Others, such as weather and stock widgets, aren’t available on the iPad.
Many of the other features, meanwhile, don’t break new ground; instead, they represent an effort by Apple to catch up with the competition.
Still, the additions in iOS 5 are welcome and the update is well worth the time needed – about 90 minutes in my case – to download and install it.
One of the big themes of iOS 5 is to cut the cord that has long connected Apple handheld devices to Apple’s iTunes software running on users’ personal computers. With the new software, users can pretty much get by without ever plugging their iPad or iPhone into their PCs.
After installing iOS 5, users no longer have to connect them to a computer to get new operating system updates. They can just download them directly to their device. And should they want to back up their device to their computer, they can configure the iOS device to do so wirelessly whenever it is plugged into an outlet to recharge.
As part of this effort, Apple has added a number of services that link iOS 5 devices to its data servers on the Internet. IPads and iPods can save their backups to Apple’s servers, rather than to a PC. Using a service called Photo Stream, Apple allows users to instantly and wirelessly transfer pictures they’ve taken on an iOS device to other such devices, their computers and to the Apple TV set-top box via its cloud service. Music that users purchase on an iOS device – or on their computer – is similarly synced automatically across devices through the conduit of Apple’s data servers.
REO Sales
When will REO sales finally reach the peak?
NEW YORK – Oct. 19, 2011 – Properties repossessed through foreclosure may not peak until 2013, HousingWire reports, quoting several analysts and recent reports.
Foreclosure sales are expected to reach 1.48 million properties in 2013, according to analysts from Bank of America Merrill Lynch.
However, with the surge, “we do not expect to see anywhere near the downward pressure on home prices that we had back in 2008, since the expected percent changes in liquidation volumes are so much smaller,” the analysts said.
The increase in foreclosures is expected to mostly change from private banks’ portfolios – which nearly half are from now – to the government’s backlog of properties, with an increase in foreclosures forecasted from Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development’s portfolios. Overall, they are expected to liquidate about 595,000 properties in 2013.
To handle the expected surge, the government continues to consider ideas, including proposals of turning some of the foreclosures into rentals, and a plan from the Federal Housing Finance Agency to refinance more underwater borrowers so they’ll be less likely to walk away from their property.
But some analysts are skeptical that a surge in foreclosures will come without an intervention from the government.
“Do they really think that the government under any administration would let 500,000 homes hit the mark and crash prices all over again, six years after the first crash?” Scott Sambucci, chief analyst at Altos Research, told HousingWire.
Source: “REO Sales May Not Peak Until 2013,” HousingWire (Oct. 17, 2011)
Foreclosure sales are expected to reach 1.48 million properties in 2013, according to analysts from Bank of America Merrill Lynch.
However, with the surge, “we do not expect to see anywhere near the downward pressure on home prices that we had back in 2008, since the expected percent changes in liquidation volumes are so much smaller,” the analysts said.
The increase in foreclosures is expected to mostly change from private banks’ portfolios – which nearly half are from now – to the government’s backlog of properties, with an increase in foreclosures forecasted from Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development’s portfolios. Overall, they are expected to liquidate about 595,000 properties in 2013.
To handle the expected surge, the government continues to consider ideas, including proposals of turning some of the foreclosures into rentals, and a plan from the Federal Housing Finance Agency to refinance more underwater borrowers so they’ll be less likely to walk away from their property.
But some analysts are skeptical that a surge in foreclosures will come without an intervention from the government.
“Do they really think that the government under any administration would let 500,000 homes hit the mark and crash prices all over again, six years after the first crash?” Scott Sambucci, chief analyst at Altos Research, told HousingWire.
Source: “REO Sales May Not Peak Until 2013,” HousingWire (Oct. 17, 2011)
"Smishing" New Threat For Texts and Email Scam
Sever experienced a spreading high-tech con known as “smishing.”
Smishing is like phishing, a technique that uses e-mails that look legitimate to trick victims into handing over vital information, but with smishing, identity thieves ply their scam through messages to a mobile phone, not a computer.
With recent attacks in the western U.S., law enforcement and consumer affairs officials have expressed concern that similar large-scale attacks could spread nationally.
FBI spokesman Tim Ryan, supervisor of cyber investigations for the FBI’s Newark division, based in Franklin, N.J., said the message Sever received is part of an open case.
In the recent spate of scams in the West, identity thieves sent text messages en masse to random cellphones that read: “Wells Fargo notice: Your card 4868* has been deactivated.” The message listed a phone number.
People who dialed the number were asked for account information, Social Security numbers and personal identification numbers, officials said.
The crooks cast a broad net. Many people other than Wells Fargo customers got the messages.
Wednesday, October 5, 2011
Homes for sale declining across South Florida
FORT LAUDERDALE, Fla. – Oct. 5, 2011 – The number of homes and condominiums for sale has steadily declined across South Florida in 2011, frustrating buyers and leading to bidding wars in some cases, real estate agents say.
An October update from Chip Rowand of the Keyes Co. in Weston shows that Broward County has 13,480 single-family homes and condos for sale. In Palm Beach County, there are 15,782 homes and condos on the market.
Those figures are less than half of what they were a few years ago, Rowand said.
“We’re seeing multiple showings and multiple offers if the homes are priced right,” he said. “We need more inventory.”
Analysts expect that’ll happen soon enough as a new wave of foreclosures hits the market.
The foreclosure pipeline slowed considerably last year as banks investigated possible paperwork errors as part of the “robo-signer” controversy. Now lenders are starting to process foreclosures more quickly.
Last week, research firm CoreLogic reported that the so-called shadow inventory of homes for sale declined to 1.6 million in July from 1.9 million a year ago.
Shadow inventory is a hidden supply of homes that are likely to come on the market as a result of foreclosures.
“The steady improvement in the shadow inventory is a positive development for the housing market,” Mark Fleming, chief economist for CoreLogic, said in a statement. “However, continued price declines, high levels of (underwater mortgages) and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”
© 2011 Sun Sentinel (Fort Lauderdale, Fla.), Paul Owers. Distributed by MCT Information Services
An October update from Chip Rowand of the Keyes Co. in Weston shows that Broward County has 13,480 single-family homes and condos for sale. In Palm Beach County, there are 15,782 homes and condos on the market.
Those figures are less than half of what they were a few years ago, Rowand said.
“We’re seeing multiple showings and multiple offers if the homes are priced right,” he said. “We need more inventory.”
Analysts expect that’ll happen soon enough as a new wave of foreclosures hits the market.
The foreclosure pipeline slowed considerably last year as banks investigated possible paperwork errors as part of the “robo-signer” controversy. Now lenders are starting to process foreclosures more quickly.
Last week, research firm CoreLogic reported that the so-called shadow inventory of homes for sale declined to 1.6 million in July from 1.9 million a year ago.
Shadow inventory is a hidden supply of homes that are likely to come on the market as a result of foreclosures.
“The steady improvement in the shadow inventory is a positive development for the housing market,” Mark Fleming, chief economist for CoreLogic, said in a statement. “However, continued price declines, high levels of (underwater mortgages) and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”
© 2011 Sun Sentinel (Fort Lauderdale, Fla.), Paul Owers. Distributed by MCT Information Services
Wednesday, September 28, 2011
Housing Inventory Dropping
Shadow Inventory Drops: ‘Positive Sign for Housing’
Residential shadow inventory is on the decline, falling in July to 1.6 million units and representing a supply of five months, a new report from CoreLogic shows.
One year ago, nationwide shadow inventory stood at 1.9 million units, marking a six-month supply. Shadow inventory is 22 percent lower than the peak reached in January 2010 of 2 million units -- or 8.4 months of supply.
CoreLogic calculates shadow inventory by taking into account the number of distressed properties not yet listed on the multiple listing services that are more than 90 days delinquent, in foreclosure, and real estate owned by lenders.
"The steady improvement in the shadow inventory is a positive development for the housing market," says Mark Fleming, chief economist for CoreLogic. "However, continued price declines, high levels of negative equity, and a sluggish labor market will keep the shadow supply elevated for an extended period of time."
Source: “Shadow Inventory Declines to 5-Month Supply: CoreLogic,” HousingWire (Sept. 27, 2011)
Wednesday, September 21, 2011
Tuesday, September 20, 2011
National Geographic Lists DESTIN as one of top Ten BEST FALL TRIPS!
National Geographic has just put out it’s Best Fall Trips 2011 lists, and names The Emerald Coast as one of it’s choices! Among the reasons this area was chosen are the comfortable temperatures that are perfect for swimming and fishing in the emerald green waters, and for golfing among the areas beautiful golf courses. More than 30,000 fishing enthusiasts visit in October for the Destin Fishing Rodeo, and The Destin Seafood Festival is also in October. Discounts can also be found at local condos and hotels in the fall.
The other places listed on the Best Fall Trips 2011 include Lavaux Vineyard Terraces, Switzerland, Cannstatter Volkfest, Stuttgart, Germany, Columbus, Ohio, Zanzibar, Tanzania, Churchill, Manitoba, Canada, Dublin, Ireland, White Mountains, New Hampshire, Shoreline Highway, Marin County, California, and Day of the Dead, Puebla, Mexico.
Monday, September 19, 2011
Coldwell Banker United Destin Cares
CBU Cares: From dream homes to children in need, CBU Realtors strive to provide
September 17, 2011 1:20 PM
As well as helping homebuyers and sellers with their real estate quests, the agents of Coldwell Banker United are passionate about supporting local charities and children in need.
“Last year, a group of agents got together and created the idea of an internal organization to raise money for charities in the community that they’re passionate about,” said Jamie Huggins, CBU sales manager and broker.
That dream of an informal organization quickly grew into a formal foundation known as CBU Cares. After each sale, each of the 59 agents pledge to make a donation of a certain percentage of their sales commission.
Volunteer CBU Realtors, known as the Vision Council, recently went through agent-submitted applications and decided that Children in Crisis was exactly what they were looking for in their first act of charity as a foundation.
At Wednesday’s sales meeting, CBU Realtors presented Ken Hair, the president and CEO of Children in Crisis, a check for $2,500.
CIC is a nonprofit charity in Fort Walton Beach that provides homes for neglected, abused and abandoned children of the community. Hair said they were very happy and thankful to be selected as CBU Cares’ signature charity.
“The money will go to feed, clothe and care for these children,” Hair said. “It’s because of donations from places like Coldwell Banker that we are able to keep our doors open.”
CBU Cares is an agent-driven foundation with the dream of contributing time and money to local organizations and charities. Coldwell Banker United also supports Habitat for Humanity and breast cancer research through the American Cancer Society.
“One of our five core values is supporting and being a part of the community,” Huggins said, adding that CBU Cares will make an annual donation to Children in Crisis. “That is my dream for this office.”
Destin Named Best Place To LIve and Boat
Magazine names Destin the best place to live and boat
May 28, 2011 7:18 PM
Florida Freedom Newspapers
TOP PLACES TO LIVE AND BOAT:
- Destin, Fla.
- Long Island, N.Y.
- Newport, Ore.
- Lake of the Ozarks, Mo.
- Chattanooga, Tenn.
- Phoenix
- Seattle
- Columbia, S.C.
- Green Bay, Wis.
- Traverse City, Mich.
SOURCE: Boating magazine
DESTIN — The area has another feather in its cap after scoring the top spot in Boating magazine’s Top 10 Best Places to Live and Boat.
“Once people go boating in Destin, they’re hooked,” said Fred Pace, managing partner for Legendary Marine.
When deciding the best places to set sail, Boating magazine considered “livability, public access, convenience and also relaxing getaways …”
“Destin has great cruising ability and it’s a terrific place to fish,” Pace said. “There are so many places to boat. There is Crab Island, the magnificent waterways … I’m not sure there is a close second.”
Among the local landmarks for the magazine were Crab Island, Choctawhatchee Bay, the Intracoastal Waterway and the “plentiful” vacation rentals.
Peter Wright, owner of the Ship’s Chandler in Destin, said he thinks there are a couple of reasons Destin took the top spot on the list.
“It’s a big vacation area. A lot of people from cities that placed on the list come here,” he said. “There are places you can catch bigger marlin and more shellfish, but if you drew a five mile circle around the East Pass, you will catch such a variety of fish unlike anywhere else.”
Wright moved to the Emerald Coast in the 1970s with his family and got his first job on a fishing boat in Destin.
“This is going to help everybody out, especially the charter boat captains who took one on the chin” during last year’s oil spill, Wright said. “For boat dealers like myself, we’re starting to pick up that pace, but there is still a lot of work to go. I’m just glad the fish are biting.”
Shane Moody, president and CEO of the Destin Area Chamber of Commerce, said even after living here for nearly eight years, being on the water is still a magnificent experience.
“The colors, the clarity, the marine life — we see dolphins near or around the boat every time we go out. You can’t get that anywhere else,” Moody wrote in an email. “You have Crab Island, the most unique boating destination
I’ve ever seen. You have the Intracoastal Waterway and the sound where you can pull your boat up on one of numerous islands or beaches and have a day-long outing.”
I’ve ever seen. You have the Intracoastal Waterway and the sound where you can pull your boat up on one of numerous islands or beaches and have a day-long outing.”
He also noted Destin’s location on the Gulf of Mexico and its great fishing.
“Destin’s history is full of boating, from charter boats to commercial fishing to recreational boating,” Moody wrote. “It’s not really part of our lives, it is our way of life, and that’s what makes living and boating spectacular in Destin.”
Read more: http://www.nwfdailynews.com/articles/destin-40589-live-magazine.html#ixzz1YPMDh4NW
Sunday, September 18, 2011
Staged-to-Sell, But Is it Priced-to-Sell?
By Melissa Dittmann Tracey, REALTOR® Magazine
Staging a home to perfection can certainly get buyers’ attention, but pricing the home to sell is what often will get them in the front door, housing experts say.
With home values dropping across the country, a few sellers are still struggling to come to terms that their home may not be worth what they previously thought. About 77 percent of home owners believe their home is worth more than the recommended listing price, according to real estate professionals surveyed in the HomeGain National Home Values Survey. Yet, about 67 percent of home buyers say home values are still overpriced.
Nearby foreclosures can certainly influence a seller’s asking price. Foreclosures in a community can actually reduce nearby property values, on average, by $20,300 per household, according to research by the Center for Responsible Lending.
But many sellers can’t accept that their home’s value may be lower because of the houses down the street.
The sellers who tend to be overpricing their homes the most are the ones who bought post-housing bubble too, according to a study earlier this summer by Zillow.
Zillow found that home sellers who purchased their home in 2007 or later are overpricing their homes by an average of 14.1 percent. On the other hand, sellers who purchased their homes between 2002 and 2006 (pre-housing bubble) tend to price their homes about 9.3 percent above market value, according to the Zillow study.
“Post-bubble buyers seem to believe they escaped the worst of the housing recession, as evidenced by how they price their homes today,” says Stan Humphries, Zillow’s chief economist. “But 2006 was just the beginning of the housing recession, and it is continuing in earnest to this day. That means that even people who bought after the bubble burst need to break out the pencil and paper and do serious research into what has happened in their market since they first bought their home, whether it was four years ago or six months ago. Overpricing homes causes them to stagnate on the market and keeps inventory from decreasing–not a desirable outcome for either the sellers or the market as a whole.”
Downsizing Trend Shows Signs of Reversing
New-home sizes had shown signs of shrinking since the housing crisis and recession. However, Americans are still showing signs of living large.
A new-home built in 2010 averaged 2,392 square feet — still more than 650 square feet larger than in 1980, according to U.S. Census Bureau data. While square footage in new homes have dropped slightly since 2007 (when it as 2,521 square feet), new-home sizes are still bigger than what they were from three decades ago. In 1980, new homes were, on average, 1,740 square feet.
With the extra square footage nowadays, home owners are adding more rooms. For example, in 1980, more than 25 percent of all new homes had 1.5 bathrooms or less. In 2010, only 8 percent of homes had 1.5 or fewer bathrooms, while the overwhelmingly majority had a lot more.
Source: “The Way We Live Now is Bigger,” LifeInc.com (Sept. 8, 2011)
Thursday, July 28, 2011
Lenders Starting To Lend Again!
Pending Home Sales Rise
Wednesday, June 8, 2011
Foreclosure Wave Has Crested!
Foreclosure Wave Looks As Though It Has Crested According to USA Today News.
Fewer US homes are going delinquent and problem loans have hit 3 year lows, possibly signaling that a 5 year wave of foreclosures is starting to recede.
Almost 4 million homes have been repossessed by lenders since 2006.
Tuesday, June 7, 2011
Friday, May 20, 2011
Thursday, May 19, 2011
Experience Paradise in Sandestin, Florida!
Wednesday, May 4, 2011
Friday, April 8, 2011
Home in Caribe
Call Ben at 334-797-8815
to see this quality home in Caribe. It has 3 bedrooms, 3 baths.
Caribe in Miramar Beach
 |
| 243 Rue Martine |
Call Ben at 334-797-8815
to see this quality home in Caribe. It has 3 bedrooms, 3 baths.
Caribe in Miramar Beach
Caribe is a unique community with private beach, two pools well maintained gardens and gated security.
Monday, April 4, 2011
New listing! 4409 Southwinds Condo on the Beach in Sandestin!
Southwinds #4409 Gulf Front Condo
3 Bedrooms and 3 Baths
Beautiful Sunsets and Gulf Breezes.
Call Ben: 334-797-8815 for more information!
Friday, March 11, 2011
Friday, February 25, 2011
Click on the Link Below
Then Market Snapshot
Henderson Real Estate Group Free Market Snapshot!
NEW LISTING in CARIBE - Caribbean Village By the Gulf!
243 Rue Martine is a lovely cottage home in a village by the Beach!
Call us for more information!
Saturday, January 29, 2011
Thursday, January 13, 2011
Tax Deductions Not to Overlook!
Believe it or not, as taxpayers, we may overlook some seemingly obvious deductions that could save us more of our hard-earned money. Here are some of those items to keep in mind when tax time is looming. Remember, if you're ever unsure about a specific deduction, ask a trusted tax preparer, or visit www.irs.gov for more information.
Vehicle excise tax.
If you get a bill from your state or local government charging you a tax for owning a vehicle, you may be able to deduct that tax. You can also get the tax deduction if you lease a vehicle and your finance company bills you for the tax.
Job-hunting expenses.
It pays to save your receipts for job-hunting expenses. These expenses are deductible if they were incurred to locate a new job in the same line of work.
Real estate taxes.
Also, don't forget taxes you paid indirectly, such as taxes paid through a mortgage escrow account. If you bought a house, check your settlement statement for any taxes which you reimbursed the seller at the closing, too.
Cost of tax preparation.
Tax software expenses, preparation fees, and other tax-filing expenses are all deductible on your tax return as a miscellaneous itemized expense. Be careful to deduct them on the return for the year in which you paid the costs.
Estate tax.
If the estate of the person who died was large enough to trigger estate tax, find out the amount of estate tax attributable to the IRA distribution. This amount is tax-deductible.
Capital loss carryover.
If your capital losses are greater than your capital gains, you won't have to pay tax on the capital gains. If you have a capital loss one year and a capital gain the next year, use your capital loss carryover to reduce your taxes in the later year.
State tax you paid in April with your return.
If you owed taxes when you filed your last state tax return, that check you wrote could help you when it's time to pay your next year's taxes.
Reinvested dividends.
Often a mutual fund account is set up to automatically reinvest dividends in additional share purchases.
Credit for excess Social Security tax.
If you worked for more than one employer during the year, look into the credit for excess Social Security tax.
Non-cash contributions.
If you've donated clothes, furniture, or other items to a charity, the value of your donated items is deductible. Always get a written receipt. With non-cash charitable contributions, no receipt means no deduction if you're audited.
New points on refinancing.
Any points you pay to refinance your home can be deducted on a monthly basis over the life of the new loan.
Old points on refinancing.
Lots of people miss this one. All unamortized points on an old refinancing are deducted in the year of a new refinancing.
Health insurance premiums.
Any health insurance premiums you pay are potentially deductible. You have to add these to your total medical expenses, however, and they have to exceed a certain percent of your adjusted gross income (AGI) before they give you any tax benefit. If you're self-employed and not covered by any other employer-paid plan, you can deduct 100% of your health insurance premiums.
Investment and tax expenses.
Many of us forget tax planning and investment expenses because they are part of miscellaneous itemized expenses. Expenses to track include your employee business expenses, tax preparation fees and even the portion of your legal or accounting fees relating to tax planning.
Casualty deductions.
If the area where you live has been declared a disaster area as the result of a hurricane, flood, wildfire, tornado, etc., you may claim your loss on your next tax return.
Retirement tax credit.
This deduction/credit is designed to give moderate and low-income taxpayers an incentive to save for retirement.
Should I Itemize My Deductions?
Itemized deductions are certain expenses that you can use to lower your taxes. You should itemize deductions if your allowable itemized deductions are more than your standard deduction. Some taxpayers must itemize deductions because they do not qualify for the standard deduction.
The categories of itemized deductions are:
Medical and dental expenses
State and local income taxes, or sales tax
Real estate and personal property taxes
Home mortgage and investment interest
Charitable contributions
Casualty and theft losses
Job expenses
Miscellaneous deductions
You may be subject to a limit on some of your itemized deductions based on your adjusted gross income. This limit applies to all itemized deductions except medical and dental expenses, casualty and theft losses, gambling losses, and investment interest.
The Trivia Block
During a severe windstorm or rainstorm, the Empire State Building in New York City may sway several feet to either side!
Believe it or not, as taxpayers, we may overlook some seemingly obvious deductions that could save us more of our hard-earned money. Here are some of those items to keep in mind when tax time is looming. Remember, if you're ever unsure about a specific deduction, ask a trusted tax preparer, or visit www.irs.gov for more information.
Vehicle excise tax.
If you get a bill from your state or local government charging you a tax for owning a vehicle, you may be able to deduct that tax. You can also get the tax deduction if you lease a vehicle and your finance company bills you for the tax.
Job-hunting expenses.
It pays to save your receipts for job-hunting expenses. These expenses are deductible if they were incurred to locate a new job in the same line of work.
Real estate taxes.
Also, don't forget taxes you paid indirectly, such as taxes paid through a mortgage escrow account. If you bought a house, check your settlement statement for any taxes which you reimbursed the seller at the closing, too.
Cost of tax preparation.
Tax software expenses, preparation fees, and other tax-filing expenses are all deductible on your tax return as a miscellaneous itemized expense. Be careful to deduct them on the return for the year in which you paid the costs.
Estate tax.
If the estate of the person who died was large enough to trigger estate tax, find out the amount of estate tax attributable to the IRA distribution. This amount is tax-deductible.
Capital loss carryover.
If your capital losses are greater than your capital gains, you won't have to pay tax on the capital gains. If you have a capital loss one year and a capital gain the next year, use your capital loss carryover to reduce your taxes in the later year.
State tax you paid in April with your return.
If you owed taxes when you filed your last state tax return, that check you wrote could help you when it's time to pay your next year's taxes.
Reinvested dividends.
Often a mutual fund account is set up to automatically reinvest dividends in additional share purchases.
Credit for excess Social Security tax.
If you worked for more than one employer during the year, look into the credit for excess Social Security tax.
Non-cash contributions.
If you've donated clothes, furniture, or other items to a charity, the value of your donated items is deductible. Always get a written receipt. With non-cash charitable contributions, no receipt means no deduction if you're audited.
New points on refinancing.
Any points you pay to refinance your home can be deducted on a monthly basis over the life of the new loan.
Old points on refinancing.
Lots of people miss this one. All unamortized points on an old refinancing are deducted in the year of a new refinancing.
Health insurance premiums.
Any health insurance premiums you pay are potentially deductible. You have to add these to your total medical expenses, however, and they have to exceed a certain percent of your adjusted gross income (AGI) before they give you any tax benefit. If you're self-employed and not covered by any other employer-paid plan, you can deduct 100% of your health insurance premiums.
Investment and tax expenses.
Many of us forget tax planning and investment expenses because they are part of miscellaneous itemized expenses. Expenses to track include your employee business expenses, tax preparation fees and even the portion of your legal or accounting fees relating to tax planning.
Casualty deductions.
If the area where you live has been declared a disaster area as the result of a hurricane, flood, wildfire, tornado, etc., you may claim your loss on your next tax return.
Retirement tax credit.
This deduction/credit is designed to give moderate and low-income taxpayers an incentive to save for retirement.
Should I Itemize My Deductions?
Itemized deductions are certain expenses that you can use to lower your taxes. You should itemize deductions if your allowable itemized deductions are more than your standard deduction. Some taxpayers must itemize deductions because they do not qualify for the standard deduction.
The categories of itemized deductions are:
Medical and dental expenses
State and local income taxes, or sales tax
Real estate and personal property taxes
Home mortgage and investment interest
Charitable contributions
Casualty and theft losses
Job expenses
Miscellaneous deductions
You may be subject to a limit on some of your itemized deductions based on your adjusted gross income. This limit applies to all itemized deductions except medical and dental expenses, casualty and theft losses, gambling losses, and investment interest.
The Trivia Block
During a severe windstorm or rainstorm, the Empire State Building in New York City may sway several feet to either side!
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