SIGNS OF REAL ESTATE TURNING AROUND! 07/24/11 JIM TURANO/BROKER
by jimmyturano
Jul 24, 2011 | 1073 views | 1 1 comments | 12 12 recommendations | email to a friend | print | permalink

GOOD NEWS! MIDDLE VILLAGE,N.Y.11379 BY JIM TURANO/BROKER OF             DIVERSE REAL ESTATE, 73-01 METROPOLITAN AVENUE. WITH 31 YEARS OF REAL ESTATE EXPERIENCE IN MIDDLE VILLAGE,MASPETH, GLENDALE,RIDGEWOOD, REGO PARK, & FOREST HILLS, THERE IS A REFRESHING CHANGE GOING ON IN REAL ESTATE THESE DAYS. FIRST, IT HAS BEEN SOME ECONOMIC SLOWDOWN THESE PAST 3 YEARS, BUT I NOW SEE COMING AROUND THE CURVE VAST IMPROVEMENTS IN ALL ASPECTS OF REAL ESTATE.  HERE ARE SOME EXAMPLES OF A TURN AROUND.

*LISTING AND PRICING A HOME, AND HAVING AN OPEN HOUSE IMMEDIATELY, AND BEFORE THE OPEN HOUSE IS OVER, THE HOUSE IS SOLD.

*VACANT STORES HAVE SURFACED IN EVERY AREA DUE TO THE ECONOMIC SLOWDOWN. HOWEVER, JUST IN MIDDLE VILLAGE ALONE, AFTER MARKETING 5 EMPTY SITES, THESE PAST 30 DAYS, I HAVE RENTED ONE SITE, AND THIS PAST WEEK, HAVE TAKEN DEPOSITS ON THREE OTHER SITES. THAT IS AN IMPROVEMENT. DETAILS WILL BE ANNOUNCED AFTER THE LEASES HAVE BEEN SIGNED.

COMMERCIAL REAL ESTATE: OFFERS ON 6 FAMILIES, COMMERCIAL RETAIL SITES ON METROPOLITAN AVENUE, HAVE INCREASED 300% IN THE PAST 4 WEEKS. PLENTY OF 1031 EXCHANGE CLIENTS, FRANCHISES, INVESTORS, AND DOCTORS PLACING BIDS.

I WILL CONTINUE TO POST ALL THE GOOD HAPPENINGS IN THE QUEENS EXAMINER, TO KEEP ALL READERS AND RESIDENTS INFORMED.

THANK YOU,

JIM TURANO/BROKER*DIVERSE REAL ESTATE* YOUR NEIGHBORHOOD REALTOR.







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JIM TURANO
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August 20, 2011
Here are the IRS's top 10 tax tips for home sellers:

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.


2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).


3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.


4. If you can exclude all of the gain, you do not need to report the sale on your tax return.


5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.


6. You cannot deduct a loss from the sale of your main home.


7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.


8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.


9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax return.


10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.