WHERE, OH WHERE DID SUMMER GO???..Yes, it seems to have flown by this year. And…it is going out HOT!
SCHOOL BEGINS…August 23. Please watch for children around the school busses and SLOW DOWN in those school zones.
THIS MONTH’S NEWSLETTER IS DEVOTED TO..the question of a “Sales Tax” real estate sales. Several neighbors have emailed me that this new tax information was supposedly tacked on the new health bill. Certainly, I am not a tax expert, but I can share an explanation published in The Texas Realtor, a publication for Real Estate Professionals, in April of this year. The first $250,000 in profit from the sale of a personal residence won’t be taxed (or the first $500,000 in the case of a married couple). The tax falls on relative few--mostly on those with high income from other sources.
The perception has been expressed that a new tax was passed with the health care bill. The misconception got started because of the highly technical language in the bill that does refer to net gains attributable to the disposition of property, but notes that “gross income does not include…excluded gain from the sale of a principal residence” (the $250,000 or $500,000 mentioned above). Investment property and Second homes, however, are not exempt from possible taxes in the event of a profit. This is the way it has been for the past several years.
If you have any questions or doubts, I suggest that you contact your Tax Advisor and ask specific questions. However, it does not appear that many homeowners will fall into the class where a tax is levied.
On a positive note, our Falcon Point real estate market has survived the May debacle after the expiration of the tax rebate. Homes are being visited by serious prospective buyers again! We should see new neighbors in our midst soon!
THE NEW HEB IS OPEN…..in Katy Main Street. I plan to try it out any day now! See you there!
Anne
Of course, for those of you who are considering a move, CALL ME at 281-578-4425 for an enlightening discussion of….PROACTIVE MARKETING, PROFESSIONAL CREATIVITY AND PERSISTANT EXECUTION designed to bring you the PHENOMENAL SUCCESS of a timely sale at the best possible price.
