Important Real Estate Info

tag:blogger.com,1999:blog-69679162067777334932011-12-13T19:54:09.584-08:00Important Real Estate InfoNate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.comBlogger121100tag:blogger.com,1999:blog-6967916206777733493.post-59637874064160500932009-07-29T14:42:00.000-07:002009-07-29T17:12:16.495-07:00Can a home buyer qualify for the first-time homebuyer tax credit if they are buying on a land contract (aka agreement for sale, contract for deed)?

When a home buyer purchases a home with seller financing, through an installment sale, using an agreement for sale (also known as a "contract for deed" or "land contract"), the seller generally retains legal title, while the buyer gets "equitable title". The buyer has equitable title because the agreement for sale gives them a claim on the title, and the agreement for sale or equivalent is

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com39tag:blogger.com,1999:blog-6967916206777733493.post-76950796977085473022009-07-16T14:09:00.000-07:002009-07-16T14:19:03.505-07:00Investors no longer protected under Arizona Deficiency Judgment Statute?

In Arizona, home owners that have their home foreclosed are exempt from deficiency judgments if their property is under 2.5 acres and consists 1 or 2 units. Previously, that included owner occupants, investors, and even developers. However, a recent bill appears to make it so investors are no longer included.From Tom Farley, Arizona Association of Realtors, July 16, 2009:"SB 1271 -

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com0tag:blogger.com,1999:blog-6967916206777733493.post-40312479184989987852009-07-03T15:33:00.001-07:002009-07-03T20:11:35.745-07:00How to Amend Your Tax Return to Claim the First Time Home Buyer Tax Credit

If you purchase a home before December 1, 2009, for purposes of the first time homebuyer tax credit, you can treat the purchase as if it had happened on December 31, 2008. So you can claim the tax credit on your 2008 return by filing an amended return for 2008.For the amended return, the 2 forms you need to file are:The Amended U.S. Individual Income Tax Return (Form 1040X)The First-Time

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com0tag:blogger.com,1999:blog-6967916206777733493.post-19604204404694152442009-04-01T05:41:00.000-07:002009-04-02T22:49:11.758-07:00Tax Consequences of a Short Sale, Foreclosure, or Deed in Lieu of Foreclosure

I have done a fair amount of research into the potential tax consequences of a Short Sale, Foreclosure, or Deed in Lieu of Foreclosure. There seems to be a lot of confusion about it, even among CPAs and other tax professionals. Hopefully this will clarify things a little bit. DISCLAIMER: I am not a CPA so make sure to consult your tax professional.Deficiency JudgmentsBefore even worrying about

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com9tag:blogger.com,1999:blog-6967916206777733493.post-42492099087008226932009-04-01T04:17:00.000-07:002009-04-01T06:55:34.326-07:00What is my Tax Basis?

The tax basis (or "cost basis") of your home is the amount the IRS thinks that your home is worth. It is not related to the actual market value.Your tax basis is used to calculate capital gains. For example, if you sell a home for $120,000, and your tax basis is $101,000, then you have a $19,000 capital gain.Your tax basis is determined by taking the original purchase price, adding in the capital

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com0tag:blogger.com,1999:blog-6967916206777733493.post-85072429336103379132009-03-20T13:51:00.000-07:002009-06-29T16:39:14.369-07:00Details of the $8,000 tax credit for first time home buyers

The American Recovery and Reinvestment Act was passed on February 13th, 2009. Among other things, the Act allows for an $8,000 tax credit to first time home buyers. Prior to the American Recovery and Reinvestment Act of 2009, there was already a first time home buyer tax credit in place, of $7,500, but the big difference is that the $8,000 does not have to be paid back! For first time home buyers

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com5tag:blogger.com,1999:blog-6967916206777733493.post-71644330960456786282008-08-21T19:15:00.000-07:002008-08-21T19:34:41.636-07:00Section 179 Deductions

I just bought a book about tax deductions for landlords, which I really like. Most of the topics in there I already knew about, such as depreciation, mortgage interest, home office, real estate professional exemption, etc., and I am just clarifying the details on how it all works. But I came across one item that I've never even heard of -- Section 179 Expensing.After going on about depreciation,

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com3tag:blogger.com,1999:blog-6967916206777733493.post-4624501193687801472008-08-14T16:10:00.000-07:002008-08-15T01:27:06.114-07:00Credit Score Breakdown

Credit Score BreakdownI went to a credit repair company sales pitch today. One of the things I learned was the breakdown of how your FICO score is calculated.The breakdown of your credit score (FICO score):Payment History: 35%Amount Owed: 30%Length of History: 15%Inquiries/New Debt: 10%Types of Credit: 10%Buying Your Credit ScoresYou can get your credit report for free at annualcreditreport.com.

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com0tag:blogger.com,1999:blog-6967916206777733493.post-39856422124833595192008-08-04T00:55:00.000-07:002008-08-04T01:12:39.141-07:00It is IMPOSSIBLE to violate a "Due on Sale" clause

I hear all the time about the dangers of violating the "Due on Sale" clause in a deed of trust (or mortgage). I've heard a very experienced title officer state that wrap around mortgages were illegal because they violate the Due on Sale clause. I've heard that in some states realtors are banned from participating in "subject to" transactions because they are illegally helping the seller to

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com0tag:blogger.com,1999:blog-6967916206777733493.post-52822058655127217632008-02-09T21:32:00.000-08:002008-02-09T21:52:41.804-08:00Buying Bank Owned Properties (REOs)

These are the important points that I took away from an REO workshop with Rick Rickerts of infoclosure.com, February 9, 2008.In January 2008 over 2,000 properties went back to the bank in Maricopa County -- that was over 90% of the properties that were "called out" (auctioned off)!It takes between two weeks and six months for a property taken back in foreclosure to make its way onto the MLS. So

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com0tag:blogger.com,1999:blog-6967916206777733493.post-49783535082286146472008-01-09T20:45:00.000-08:002008-05-09T15:38:23.734-07:00Real Estate Accounting Tips

I went to a investor club meeting today, and the speaker was a CPA. Here are the important things that I was reminded of, or learned for the first time:If you buy a property, you can only deduct expenses up to the amount of your basis in the property. So if you buy a property for $100,000, you can't deduct more than $100,000 worth of fix up expenses, until the property starts generating income to

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com0tag:blogger.com,1999:blog-6967916206777733493.post-39174366249636517532007-11-27T23:42:00.000-08:002007-11-28T00:34:36.972-08:00How to Change Real Estate Companies in Arizona

Why would you want to change real estate brokers? In case your current broker is screwing you! Not that that happened to me...Fill out the agreement with the new broker. (READ the entire agreement. Make sure there isn't a length of time that you're committing to! Especially if there's a high monthly fee.)Go online to the Arizona Department of Real EstateTo log in you will need your Real Estate

Nate Tannerhttp://www.blogger.com/profile/10581099679193605370noreply@blogger.com0