Gainesville Florida Real Estate & Homes for Sale

New Cracker Style Home on Five Acres

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 06 Nov 2009 09:41:48 -0800

25904 NW 130TH AVE
HIGH SPRINGS, FL 32643
Quaint Charming Home in the Country

Home

Jack Patton,Smart Move Team

Broker Associate

Office:	352-222-5334
Mobile:	352-222-5334
Website:	Visit Website

Price	:	$194,900
Bedrooms	:	3
Bathrooms	:	2
Square Foot	:	1,278
Lot Size	:	217,800
County	:	ALACHUA
Property Type	:	Detached
Year Built	:	2004
MLS Number	:	308389

click for more information and pictures

Property Description

QUAINT AND CHARMING! Exceptionally maintained home in country on 5 horse ready acres 20 minutes west of Gainesville. Tranquil setting with charming Cracker Style home with front and rear porches and tin roof. This like new condition home features all the appliances, vaulted ceilings, great room, wood cabinets, a split bedroom plan and is handicapped accessible. There is a detached carport with storage. You will love the century old oaks and landscaping. Call today! This home will not last.

Features List

NEW CONDITION	FRONT & REAR POR	VAULTED CEILINGS
SPLIT PLAN	HUNTER CEILING FANS	ALL ELECTRIC
METAL TIN ROOF	ALL APPLIANCES	INSIDE LAUNDRY
HANDICAP ACCESSIBLE	LOTS OF STORAGE	INSULATED WINDOWS
QUIET COUNTRY ROAD	LARGE OAK TREES	5 ACRES WITH PASTURE
DETACHED CARPORT	STORAGE	WELL & SEPTIC
20 MIN W OF G-VILLE	LANDSCAPPING	QUAINT

Equal Housing Opportunity.

RE/MAX Professionals, Inc. : 25105 W. Newberry Rd. P.O. Box 989 - Gainesville/Newberry Fl 32669 : 352-222-5334

Spacious Family Home on Five Acres

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 06 Nov 2009 09:38:35 -0800

13229 NW 145th Terrace
Alachua, Fl 32615
Spacious Family Home on Five Acres

Jack Patton,Smart Move Team

Broker Associate

Office:	352-222-5334
Mobile:	352-222-5334
Website:	Visit Website

Price	:	$397,000
Bedrooms	:	4
Bathrooms	:	3
Square Foot	:	2,806
Lot Size	:	217,800
Community	:	Oak Ridge Crossing
County	:	Alachua
Property Type	:	Detached
Year Built	:	2002
MLS Number	:	309014

click for more information and pictures

Property Description

This elegant custom built home is perfect for your growing family needing space and convenience. This home is located in the the beautiful community of Oak Ridge Crossing in the city of Alachua. It is just five minutes from downtown Alachua and fifteen minutes west of Gainesville by I-75 or US 441. It is situated on five pastured fenced acres suitable for horses. This home is perfect for entertaining featuring lots of open space, front and rear porches and your own beautifully designed tropical garden with its own fishpond with a variety of fish. Your back yard will be the talk of the party. Many upgraded amenities abound in this lovely home. See just some of the features below:

Features List

High Ceilings	Wood Floors	Split Bedroom Plan
Luxury Bath	Whirlpool Tub	Seperate Shower
Formal Dining	Wood Cabinetry	Tile Flooring
Computer Nook	Alarm System	2 Car Garage
Fenced Pasture	Landscaping	Front/Rear Porches
Sprinkler System	All Appliances	Breakfast Bar
Street Lights	Deed Restrictions	Home Warranty

Equal Housing Opportunity.

RE/MAX Professionals, Inc. : 25105 W. Newberry Rd. P.O. Box 989 - Gainesville/Newberry Fl 32669 : 352-222-5334

Remember the 70's.....

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Tue, 11 Aug 2009 15:27:12 -0700

I pulled these thoughts form a newsletter by Chris McLaughlin. What Difference Does a Few Years Make?For those that are young enough not to clearly remember the early 70's a quick trip down memory lane can serve an important purpose...it demonstrates what a difference a few years can make and why it is important to find passive sources of income early in life.

Bill Downey, an expert in commodities, recently published a quick spotlight that focused on prices as of August 15, 1971...just a few days short of 29 years from today.

Average cost of a new house was $25,250 versus $190,000 today (from a high of over $260,000 just two years ago). If you had purchased ten average priced BRAND NEW homes (with a mortgage payment of less than $275 each!), rented them out and allowed the mortgage to cover the expenses, today you would hold nearly $2 million dollars of real estate free and clear...and still be able to collect rents for as long as desired! Average annual income was $10,600 versus $38,000 today. Notice, earning power has not kept pace with inflation. In fact, experts agree the average worker has lost purchasing power each and every year for nearly 30 years. Average monthly rent $150 versus $820 today. Of course, rents for brand new homes would have been higher but imagine, even with a "high" mortgage of $275 for each house, you would still generate more monthly income from ten houses than the average employee working full-time...before paying off the mortgages!

Those of us who are older, take just a few minutes to imagine how different our life would be today if you had purchased a few average little homes 29 years ago. If you don't have at least 2 million dollars sitting safely in a retirement account while continuing to generate a monthly income, ask yourself why? On the other hand, those of you who are young should consider this...the United States entered a period of high inflation and rapidly escalating prices in the late 70's and early 80's yet it dwarfs the amount of spending taking place in the past six months of the current economic decline. Money creation expands the supply of money and eventually leads to inflationary pressures - to date, that has been adjusted and dealt with but experts agree, the amount of new money creation currently in existence is unlike any in the history of the United States. If you make one investment in life then simply allow it to pay for itself, it could easily create a retirement income or source of revenue for you and your children well into the future....even as unemployment and actual wages shrink.

Anyone that had the foresight to invest in real estate during the early 70's would enjoy an additional $5,000 to $6,000 per month while having access to nearly $2 million dollars in their real estate portfolio. Instead, most Americans trusted their hard earned dollars to 401k accounts, savings bonds and other "trusted" sources that have left them high and dry when they needed it most. Here is a simple recipe for success...buy now, allow it to pay for itself and forget you even own it then reap the rewards in your old age. It's a time tested method that has led millions of average Americans just like you down the road to wealth. Consider this...the federal deficit is an estimated 2 Trillion for this year alone...with trillion dollar deficits projected for the next decade!

Thanks Chris for these timely thoughts and insights. I now have something to think about(regret) when I review my 401 accounts. Meanwhile on to work to sell and market homes in the Gainesville Florida real estate market. Visit my Gainesville Florida real estate site for great buys on foreclosures that you might be able to turn into a rental. Good investing.......

Jack.

Home Crisis Investigation & What to Expect.......

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Thu, 06 Aug 2009 06:42:27 -0700

You are going to love this video. We cannot keep doing the same things we used to do and hope for different results. We must think outside the box and bring radical new ideas to play in our business. And don't be fooled by the recent positive news on the housing market. It's going to take a few more years before things get back to normal. Take a look. Let me know what you think......

The Daily Show With Jon Stewart

Mon - Thurs 11p / 10c

Home Crisis Investigation

www.thedailyshow.com

Daily Show
Full Episodes

Political Humor

Spinal Tap Performance

Think about it....is it over.....

Cash for Clunkers first then.......

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Tue, 04 Aug 2009 19:24:40 -0700

If they are doing this for a simple $4,500. Cash for Clunkers program, it will interesting to see what will happen when it comes to a future mortgage to buy a home. Tough times are ahead.

Don't Lose the $8,000 Tax Credit...Time is Ticking

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Sun, 26 Jul 2009 20:14:32 -0700

One of the most unusual -- and generous -- programs ever rolled out by the Federal Government is the recent $8000 tax credit for home buyers.

Whether you’re a first-time home buyer, or you’ve bought and sold dozens of homes, it’s an amazing time to buy in the Gainesville Fl area.! And if you have questions about the market, neighborhoods, or how to take advantage of all the buyer benefits out there…just email or call me today.

Here's what you need to know...

Who is eligible?

first-time homebuyers
anyone who has not owned a principal residence in the last three years

What is it?

It’s an $8000 gift from the federal government. If you qualify, and you buy a home while the program is available, you’ll get $8000 back with your tax refund.

There are two factors to consider:

First, if your adjusted gross income is more than $75,000 or $150,000 filing jointly, then your credit will begin to shrink, depending on how much more than that you make. And second, the tax credit is for $8000 -- or -- 10% of the sales price. So, if you buy a house worth less than $80,000, you’ll get 10% of the price.

When?

This is an 11 month program: January 1st, 2009 to November 30th, 2009. You have to close on your house within those dates.

And... when do you get your money? You will receive your tax credit after you buy your home. You can’t use it for your down payment, or your other closing costs. But, for example, if you close on a house next month, you can file an amended tax return -- and get the eight grand -- right away. You do not have to wait until next year.

Where is it available?

You are eligible for this tax credit for principal home purchases anywhere in the US, including the US Territories! But, don’t forget…The qualifying purchase only includes your primary residence, not a vacation property.

Why?

The Administration and Congress did this to get the nation’s economy rolling again. And if you look back through history, programs like this help make that happen. Approximately 30 years ago, during another economic downturn, the government offered $2000 tax credits. And, it worked -- The increased real estate sales helped get the economy back on track.

In this economy, an extra eight thousand dollars can really mean a lot, to people all across the country.

And remember! The Clock is Ticking...... After that? The $8000 gift is gone.

(Don't forget -- allow 30 to 60 days to finalize your home purchase before the November 30th deadline!)

Too Many Phone Numbers?

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Sun, 26 Jul 2009 16:26:03 -0700

Visit msnbc.com for Breaking News, World News, and News about the Economy

Foreclosed Pool Homes Can Be Death Traps.

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Sun, 26 Jul 2009 16:09:57 -0700

Visit msnbc.com for Breaking News, World News, and News about the Economy

Investment Property-Positive Cash Flow

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Sat, 20 Jun 2009 08:02:28 -0700

2233 SW 39th way
Gainesville, Fl 32607
Great Investment Opportunity! Below Market Value!

Jack Patton,Smart Move Team

Broker Associate

Office:	352-222-5334
Mobile:	352-222-5334
Website:	Visit Website

Price	:	$240,000
Bedrooms	:	8
Bathrooms	:	4
Square Foot	:	3,504
Community	:	Mill Run
County	:	Alachua
Property Type	:	Condo or Townhouse
Year Built	:	1983
MLS Number	:	305217

click for more information and pictures

Property Description

Great Investment Opportunity with this four unit quad. townhome unit. This property is priced below the market value for quick sale. This property is a single stand along building of 4 seperate townhomes of 2 bedrooms, 2 bath each. These townhomes are on seperate tax parcels and could be sold individually, however, seller wants to sell all four units at the same time. This investment property is located just minutes west of campus on bus line close to shopping. This is a great rental are with positive cash flow potential. The units are in excellent condition with fresh paint and carpet and in move in condition. Two of the units are rented with a annual lease.

Features List

Great Condition	Central Heat & A	Ceiling Fans
Inside Laundry Rooms	Two Spacious Bedroom	One Bath
Great Kitchen	Dining Area	Newer Appliances
Fresh Paint	Very Clean	Fresh Carpet
Great Cash Flow	Two Units leased	Great Rental Area
On Bus Line	Community Pool

Equal Housing Opportunity.

RE/MAX Professionals, Inc. : 25105 W. Newberry Rd. P.O. Box 989 - Newberry Fl 32669 : 352-222-5334

Waterfront Bank Foreclosure

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Sat, 20 Jun 2009 07:59:09 -0700

5010 G Street
Cedar Key, Fl 32625
Bank Foreclosure!-Beautiful Open Waterfront View.

Jack Patton,Smart Move Team

Broker Associate

Office:	352-222-5334
Mobile:	352-222-5334
Website:	Visit Website

Price	:	$299,900
Bedrooms	:	2
Bathrooms	:	1
Square Foot	:	1,249
Lot Size	:	0
Community	:	Cedar Key
County	:	Levy
Property Type	:	Detached
Year Built	:	1940
MLS Number	:	302678

click for more information and pictures

Property Description

Bank Wants This Property Sold! Drastic Reduction. A View Out of This World! This vintage/historic cottage is located on a quiet village street in the Historic Coastal town of Cedar Key Florida. It is situated with a fantastic view to the Southwest on the open gulf of Mexico providing spectacular sunsets. It is within easy walking distance to shops, restaurants and fishing. Don't this this buy of a life time.

Features List

Vintage-Historic	Drastic Reduction	Great Rental Area
2/1 Cottage	Super Value	Open Gulffront
Fantastic View

Equal Housing Opportunity.

RE/MAX Professionals, Inc. : 25105 W. Newberry Rd. P.O. Box 989 - Newberry Fl 32669 : 352-222-5334

Southern Style Estate Home in Haile Plantation

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Sat, 20 Jun 2009 07:56:28 -0700

8711 SW 40th Ave
Gainesville, Fl 32608
Southern Style Home-Haile Plantation-

Jack Patton,Smart Move Team

Broker Associate

Office:	352-222-5334
Mobile:	352-222-5334
Website:	Visit Website

Price	:	$559,000
Bedrooms	:	5
Bathrooms	:	4.1
Square Foot	:	3,372
Lot Size	:	21,780
Community	:	Haile Plantation
County	:	Alachua
Property Type	:	Detached
Year Built	:	2001
MLS Number	:	TBD

click for more information and pictures

Property Description

Gracious Family Home in the family oriented community of Stratford Ridge in Haile Plantation. This 2001 built 5 bedroom, 4 bath pool home featuring over 3300 square feet represents tremendous value in price, quality and condition. This home is priced to sale and is in move in condition. This beautiful home is situated on on a half acre plus hilltop estate setting providing lots of privacy and backs up to a gorgeous wooded buffer with no rear neighbors. The family will love the private screened pool, the convenient location to excellent schools and shopping. Amenities include extensive custom trim work; fireplace, stainless steel appliances, wood, tile carpet flooring, high ceilings, wet bar luxury bath, and much more.

Features List

Five Bedrooms	Four & Half Bath	Two Stories
3330 Heated/Cool SF	Trhree Car Garage	Fireplace
Large Kitchen	Lots of Cabinets	Large Front Porch
Alarm System	Formal Dining	Luxury Bath
Jetted Tub	Screened Pool	Irrigation System
Fresh Paint	Over half acre lot	No rear neighbors
Private lot

Equal Housing Opportunity.

RE/MAX Professionals, Inc. : 25105 W. Newberry Rd. P.O. Box 989 - Newberry Fl 32669 : 352-222-5334

NOT A SHORT SALE NOR FORECLOSURE! Just Great Value!

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 22 May 2009 11:03:38 -0700

What Can You Do with $8,000?

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Sun, 29 Mar 2009 09:23:14 -0700

Good News Gainesville Homebuyers! You may qualify for a check from the government if you purchase a home this year. You will need to move on this as this program ends on 1 Dec 2009. Since it was raining most of the weekend, I decided to get up to speed on the provisions of this plan allowing me to assist my clients in a more informed matter. WOW, I can only say this is fantastic for 2009 homebuyers. Here are the highlights.

While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law includes a similar--albeit smaller--measure designed to help revive the real estate market. Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit.

1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

Click here for additional information with free reports. Call me today so we can find your new home and take advantage of the $8,000.00

Trump sells Palm Beach Investment Home!

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 13 Feb 2009 14:20:41 -0800

Here is an Real Estate Agents dream.....Have you heard the news? Trump sold one of his real estate investments in Palm Beach, Florida for around $95 million! Believe it or not, this investment was a single family home. I remember reading about this investment a few years ago. Trump purchased this home out of foreclosure for around $41 million. Here is a video from msnbc.com about the sale...

It's impossible to determine Trump's exact profit. However, I would have to think that he made at least $35 million on one single family home investment. I factored in around $20 million in carrying costs and improvements during his ownership. This would bring his total investment to around $60 million. I thought the Florida market was terrible... Great job on the Real Estate Agents part.

Changes to Tax of Gain From Sale of a Home by a Surviving Spouse

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 13 Feb 2009 11:16:41 -0800

Just had a closing where this question arose. Does surviving spouse get the full $500K tax exclusion? Did some research and found out the answer as shown below. Seems like the rules are always changing.

Generally, a taxpayer can exclude from taxation up to $250,000 of profit realized upon the sale of a home. In most cases, if a taxpayer is married and files a joint tax return, each spouse is entitled to this exclusion, for a total of up to $500,000. But what happens upon the death of one of the spouses?

Under previous law, a surviving spouse could exclude up to $500,000 of gain ONLY if all five of the following conditions were met:

The sale occurred in the year of the 1. deceased spouse's death;

The surviving spouse and the de2. ceased spouse's executor or personal representative filed a joint return for the year of death;

Either the surviving spouse or the 3. deceased spouse met the 2-year ownership requirements with respect to the property immediately before the spouse died;

BOTH spouses met the 2-year use 4. requirements before the spouse died; and

Neither spouse was ineligible for the 5. benefits of the exclusion by reason of the "one sale every 2 years" rule.

The "Mortgage Forgiveness Debt Relief Act of 2007" includes new rules giving a surviving spouse more time to take advantage of the combined exclusion (effective for sales or exchanges after December 31, 2007). Under the new rules, a surviving spouse can still qualify for the $500,000 exclusion if all five above conditions are met, but he or she can now also qualify for the $500,000 exclusion if the sale occurs up to 2 years after the death of the spouse, as long as conditions 3 through 5 above are met.

These new rules apply ONLY to unremarried surviving spouses who meet the above criteria. If a surviving spouse is considering remarrying and expects to receive more than $250,000 of gain upon the sale of a primary residence, he or she should consider selling the property before getting remarried. Consult with your tax advisor before taking any specific action.

Modest Help for Housing Industry

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 13 Feb 2009 08:42:47 -0800

In the every changing saga of the Stimulus Package, the Congress is about to officially give away billions in pork and will leave the real issue--housing--pretty much alone.

Sure, we get a $8,000 tax credit for

first time home buyers, but that will do little to truly stimulate meaningful demand. They kicked the $15,000 credit to any buyer to the curb.

Does this give you any idea how much ANY of these clowns in Washington care about your money?

This is just the begining.

Your great tax cut this year, "to stimulate the economy," is going to total about $400 per person.

That's kind of like filling a lake with a teaspoon.

But it WILL have the effect of taking away money that might otherwise cover a growing deficit.

Moves like this only deepen the recession. It's time to face the real facts and start arranging our own bail-out plans. Let's just hope this works.

Gainesville Florida Directory

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 30 Jan 2009 19:05:15 -0800

Check out the Gainesville Florida Directory today and get your business listed.

Inspiring Video..

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Thu, 22 Jan 2009 08:49:26 -0800

As I get older....I wonder about retirement...taking it easy...well I may want to rethink.

Staging Your Gainesville Home For Sale.

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Thu, 08 Jan 2009 15:20:22 -0800

Local Resources

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Wed, 07 Jan 2009 07:23:17 -0800

I have started the year with sponsoring & promoting some local city resources that will prove to helpful to all local residents, business's and the community. This is an opportunity for the smaller communities and business's to get web presence and exposure. It is a great way to promote your business & locate community information. These sites will be a work in progress and will updated as time permits. Visit the city site for your local community. Check all the latest news, weather and local information. If you are a business owner, be sure to check your FREE listing to make sure it is correct. If you have interest in expanding your exposure contact the webmaster for information. Be sure to check the Marketplace for FREE classified advertising. Visit your local area today: Alachua, Florida, Newberry, Florida, High Springs, Florida.

Let's Work Together

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 02 Jan 2009 18:47:18 -0800

Let's Work Together in 2009

2008 is behind us & now is the time to move forward from this economic meltdown we all have been experiencing by coaching our home owner's & the general public! As professionals in the industry it is our responsibility to educate the Buyers and Sellers of Florida real estate. You ask, how can I do this? Well, we can do this in a number of ways based on the lessons that we all have learned in the past couple of years. Here are a few highlights:

• We need to alert first time home buyers that now is a great time to buy - interest rates are down! What do they have to lose - nothing. So, Now is the Time!

• Inform existing home owner's, who own a moderately priced home, that they have the most to gain because they can purchase a more expensive home for less $$$; therefore, increasing their equity & net worth! So, Now is the Time.

• Educate the public that the news is the news & just that! Instead of following their negative lead let's change our way of thinking! Let's lead the public instead of following the news media.

• Let's learn from this mess & maintain optimism because our client's will too then be positive about the market. There are still homes being sold & bought. • Most of all, we need to coach home owner's on their responsibilities as home owner's. No one wants to buy someone else's junk for a high price. So, take care of your home & it will take care of you. The same is true with our clients. If we take care of them, they will take care of you!

• Lastly, make the property look attractive by offering incentives & being realistic! I am sure that we all agree it is time to move forward. With that said, "Its Going to Fine in 2009" . By working together to change the way we do business and how we act & what we say will result in a better tomorrow!

A New Year Also Brings a New Tax Season!

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Thu, 01 Jan 2009 10:34:51 -0800

Many of my sellers, including myself, who could not sell their home in the 2008 real estate market opted for renting their home as opposed to taking a big financial hit. Now that 2009 is here, the tax season is just around the corner. In addition to getting all the New Year's resolutions in order I though I would provide some ideas relating to tax advantages for renting our home. In this case we have gone from just being a homeowner & have turned this home into investment property. As always, my disclaimer is, that I believe this information to be accurate however, consult with your tax accountant as the tax law is always changing.

Taxes are a large part of our annual expenses. So we can't ignore the tax benefits that will accrue from our home rental. We can get a variety of deductions from the process of renting our home. Our active involvement in renting our home including setting rent, approval of tenants and determining capital improvements would help us qualify for various tax benefits.

We may also get an interest deduction equivalent to our mortgage loan interest. It means that the interest payable on the mortgage amount for the first year will allow us to offset the same amount of income that would otherwise be subject to income taxes. Property taxes that could be levied against our property would also be deducted from our taxable income. Such a deductions are not available to the usual homeowners.

The maintenance expenses that we incur on carrying out repair work for our property are also deductible when we calculate our tax liability. For instance, expenses incurred on repairing the rotten wood floors or similar ones, which are undertaken to keep the property in a good shape, can be deducted from our other taxable income. However, the expenses incurred to increase the market value or life of the real estate do not fall under this category of deduction. The benefit of such a deduction is meant only for investment property and not for the homeowners.

Maximum tax benefit results from depreciation, which is decline in the value of a property over a period of time. As a result of depreciation the accounting value of a real estate asset decreases, which is not the same as a decrease in the market value of that property. Thus the amount of decline in the accounting value of our property can offset an equal amount of exemption from our tax owed.

The depreciation is calculated over a period of 27 and a half years for a residential rental property and 39 years for a commercial investment property, which is the established economic lifetime. However, land is not depreciable from the point of view of tax benefits. Whenever a property changes hands the depreciation schedule starts all over again.

To a certain limit, our home which is now investment property, losses incurred during a year can be saved and taken forward to reduce the amount of passive income and the rental income in the future years. If we are unable to use it in any of these years we may use the same when you sell the home, although it has some restrictions. A tax advisor can be good assistance on these matters.

Turning our home into investment property provides substantial rebates in tax. It is only a matter of being aware with the rules and regulations related to it as well as maintaining good records. Have a Happy Tax Season.

Tax Liens Made Easy!

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Fri, 26 Dec 2008 08:27:55 -0800

There's a new "secret" that a lucky few have already found that's enabling them to literally buy houses that ordinarily sell for around $1 Million or more - but now for just $1,997 or LESS!

There are 3,141 counties in the United States, and each one possesses thisexciting new opportunity whereby anyone with as little as $100 to seldom more than $5,000 can buy homes ordinarily valued from $30,000 to in quite a number of cases above $5 million! - and for just 1% to rarely above 5% their selling costs!

And the BEST part about this is that you can be located anywhere and still buy any home you want - even if you're 3,000 miles away or more!

But, you don't have to visit the county you buy the homes in - instead, you can do it all from the comfort and privacy of your home using just your tiny 'ole mouse!

This is what makes this such a wonderful opportunity, in that you can go online to some select websites, then pick and choose the properties you want, and then get them for between 1%-5% at most.

No matter what happens you make money!

You basically buy a homeowner's tax lien certificate because he or she wasn't able to pay their property taxes.

They by law must pay you anywhere from 16% to as much as 50% in interest - and in many cases they must pay you back within as little as 6 months.

But, if they can't pay you back, YOU own their home free and clear (and for what usually amounts to just 1% of the house's actually selling value!)

Now, at this point you can either keep the house for yourself, or you can swiftly turn around and resell it.

Click here for the site that will assist you with all the information needed to start locating Tax Liens today! Good luck.

Merry Christmas!

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Thu, 25 Dec 2008 08:39:16 -0800

Christmas Has Gone..Now is Time for 2009!

Jack Patton, CRS, GRI, E-PRO, Broker (RE/MAX Professionals, Inc. ) — Thu, 25 Dec 2008 08:33:57 -0800

We should have seen it coming.

Every day we dressed ourselves in clothes we paid for with credit cards. Walked on financed carpet in our mortgaged house, stopped at starbucks and had coffee on our visa, and even drove a leased car into work.

What's really crazy is...We actually believed it was all ours.

Until one day when the company we worked for went under and we found ourselves scrambling just to keep from losing it all.

That's when it hit home like a ton of bricks: the house, the car, the furniture...none of it was ours. As long as we owed people money-they owned us.

Most Americans are prisoners of debt. And, we need to find a way out. We need to recognize the positive side of the current economic meltdown. That is getting back to the traditional method of buying only what we can afford with appropiate down payments and getting away from the dependence of floating our wants with credit cards. 2009 will be FINE. Lets make if a year to get our spending under control, making wize investments, & a year to start our journey to get out of debt to owe no one so no one owes us.