Help for the distressed homeowners started with the 2009 tax filing season. These three options take away the previously inflexibility of the IRS as far as negotiation with homeowners. IF you qualify for one or more of these you could obtain serious tax relief from the IRS. See what I mean? Hopefully as diligent Realtors we are advising our clients to seek the services of a CPA, tax attorney, etc, before making decisions that could affect their property and liability, as this sounds hopeful for many.
"Internal Revenue Service News Release (January 6, 2009) The Internal Revenue Service today kicked off the 2009 tax filing season by announcing a number of new steps to help financially distressed taxpayers maximize their refunds and speed payments while providing additional help to people struggling to meet their tax obligations. Among the areas where the IRS can provide assistance:
Postponement of Collection Actions: IRS employees will have greater authority to suspend collection actions in certain hardship cases where taxpayers are unable to pay. This includes instances when the taxpayer has recently lost a job, is relying solely on Social Security or welfare income or is facing devastating illness or significant medical bills. If an individual has recently encountered this type of financial problem, IRS assistors may be able to suspend collection without documentation to minimize burden on the taxpayer. (Personally I have clients that have received this benefit...so it's worth the time and trouble to send in your documentation if you fit this criteria for postponement.)
Added Flexibility for Missed Payments: The IRS is allowing more flexibility for previously compliant individuals in existing Installment Agreements who have difficulty making payments because of a job loss or other financial hardship. The IRS may allow a skipped payment or a reduced monthly payment amount without automatically suspending the Installment Agreement. Taxpayers in a difficult financial situation should contact the IRS. (Personally I know people who have exercised this option as well, with no berating or negativity on the phone by the IRS, they are a kinder, gentler government agency these days.)
Additional Review for Offers in Compromise on Home Values: An Offer in Compromise (OIC), an agreement between a taxpayer and the IRS that settles the taxpayer’s tax debt for less than the full amount owed, may be a viable option for taxpayers experiencing economic difficulties. However, the equity taxpayers have in real property can be a barrier to an OIC being accepted. (This can be a huge benefit to taxpayers who made lots of money in previous years and didn't have the cash left to pay the tax. Realtors, loan agents, independent contractors and others on commission income are being assisted with this provision.)
The NEW Kinder, gentler IRS is doing it's part to ease the burdens this economy has thrust upon us. Hopefully none of you need this assistance, but it's nice to know it's here for you or any of your clients that could benefit from the provisions. There are more, so check out the IRS website...for details. http://www.irs.gov/newsroom/article/0,,id=202244,00.html - Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
The Cost of going Green (Sustainable) just keeps getting more affordable. Did you know that per the IRS news release on 10/28/09 "Energy-Saving Steps This Year May Result in Tax Savings Next Year". The notice goes on to say:
"Home Energy Credits Updated 10/28/09 The Internal Revenue Service today reminded individual and business taxpayers that many energy-saving steps taken this year may result in bigger tax savings next year. The recently enacted American Recovery and Reinvestment Act (ARRA) of 2009 contained a number of either new or expanded tax benefits on expenditures to reduce energy use or create new energy sources.
Tax Credits for Home Energy Efficiency Improvements Increase Homeowners can get bigger tax credits for making energy efficiency improvements or installing alternative energy equipment. “These new, expanded credits encourage homeowners to make improvements that will make their homes more energy efficient,” said IRS Commissioner Doug Shulman. “People can improve their homes and save money over the long run.” ARRA provides for a uniform credit of 30 percent of the cost of qualifying improvements up to $1,500, such as adding insulation, energy-efficient exterior windows, and energy-efficient heating and air conditioning systems. The new law also raised the limit on the amount that can be claimed for improvements placed in service during 2009 and 2010 to $1,500, instead of the $500 lifetime limit under the old law. In addition, the new law has increased the energy efficiency standards for building insulation, exterior windows, doors, and skylights, certain central air conditioners, and natural gas, propane or oil water heaters placed in service after Feb. 17, 2009.
The new law also eliminates the cap on the 30 percent tax credit for alternative energy equipment, such as solar water heaters, geothermal heat pumps and small wind turbines, installed in a home. The cap generally has been eliminated for these improvements beginning in the 2009 tax year. The IRS today issued Notice 2009-41, which explains the effects of this change. "
I've been wanting that Toto Toilet, new 90% efficient furnace and SOLAR, maybe now is the time to look into the REAL cost of purchasing such items. The tax break can make it attactive and doable in the near future. Let's give it a look, shall we? For more information go to the IRS website http://www.irs.gov/newsroom/article/0,,id=206869,00.html
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
www.BuyConcord.net Buy Concord was created to encourage residents to purchase their products and services in Concord. In this economy, it is good to support your local businesses. The categories include:
Apparel, Automotive, Electronics, Entertainment, Food, Floral, Furniture, Gifts, Health & Beauty, Home Improvement, Hotels, Jewelry, Pets, Professional Services, Restaurants and Sports.
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
ATM Machines: I found some websites you can look at to find No-Fee ATMs near you. Fees can be as high as $5 a transaction, and that definitely adds up!
Going Out: My daughter subscribes to www.goldstar.com. If you like going out but don't like paying full price, this site is for you. She receives almost daily emails with discounts on events in our area. These include comedy shows, plays, live music, art events and more. It's a great way to do fun things in your area without spending too much money!
Need more (or less) stuff? Try www.freecycle.com. Freecycle is a yahoo group you join for your local area. You can post to the group asking for items you need or offering items you no longer need. Everything just has to be free.
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
Police in Wichita, Kansas arrested a 22 year old man at an airport hotel after he tried to pass two counterfeit $16 bills
The Chico, California City Council enacted a ban on nuclear weapons, setting a $500 fine for anyone detonating one within city limits
A bus carrying five passengers was hit by a car in St. Louis, but by the time police arrived on the scene, 14 pedestrians had boarded the bus and began to complain of whiplash, injuries and back pain
When two service station attendants in Iona, Michigan refused to hand over the cash to an intoxicated robber, the man threatened to call the police. They still refused, so the robber called the police and was arrested
Statistics
The city with the most Rolls Royces per capita: Hong Kong
Men can read smaller print than women; women can hear better
The amount American Airlines saved in 1987 by eliminating one olive from each salad served in first class: $40,000
State with the highest percentage of people who walk to work: Alaska
Percentage of Africa that is wilderness: 28%
Percentage of North America that is wilderness: 38%
Percentage of American men who say they would marry the same women if they had it to do all over again: 80%
Percentage of American women who say they would marry the same men if they had it to do all over again: 50%
The cost of raising a medium size dog to the age of eleven: $6,400
Average number of people airborne over the US any given hour: 61,000
Percentage of Americans who have visited Disneyland/world: 70%
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
Thanks to: Rex Lock & Safe 3511 Clayton Road, Concord, ca 1-800-901-LOCK
I received a mailing from my local water district reminding me it is time to reduce outdoor watering. According to their mailer at this time of year, even if the weather is warm, we can reduce our watering to:
Lawns: 1 to two days per week Shrubs & Trees: No more than 1 day per week
My local water district also offers coupons for discounts on garden mulch and car washes that recycle their water, rebates on high efficiency toilets and clothes washers, free water-use surveys and more. It may be worth checking with your own local water company to see if they have freebies and/or incentives!
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
Drab to FAB...Sid Pinkerton. TLC Sid Pinkerton, New York City Sid Pinkerton. YES...He's not shy about sharing his thoughts and opinions, so don't ask if you don't want to know. Sid tells you how to do more business with Realtor clients. You won't want to miss it.
www.FromDrabtoFab.comSid Pinkerton was featured on TLC as a home staging expert. Sid has staged hundreds of apartments in Metro New York in the past six years. "Even in this market, we continue to have more than 90% of our staged properties of those within 7 days," says Sid. Sid says his clients are the Realtors and he is acutely aware of that. Sid's business is referral and word of mouth only. Learn how Sid turned his love of Real Estate into a passion that earns him a six figure income with NO outside marketing. We will talk about Sid's philosophy and how he maximizes the Realtor relationships in a challenging and unique marketplace, New York City.
Sid will be a part of our Professional Home Stager and Designer Panel at the Real Estate Home Staging Expo on November 12, 2009. You won't want to miss this! The panel will focus on How to Create and Solidify Realtor Relationships.
Join us and learn from Sid and our two other Panel Experts, Kate Hart and Lynelle Hartman. Learn how to solidify your Realtor relationships and keep your business thriving in ANY market.
The tale of a Short Sale - Sold by a Realtor who believes in Staging
Series...So this is the Bathroom!
The Short Sale bathroom - drab to potential fab
This is a short sale listing I took this past month. I know the lender will not give credit for repairs or clean up. This one needs both, and more. The a/c and dishwasher don't work, the disposal leaks. The walls are dinged, corners chipped and the paint is dingy, carpet stained, pet odor and stains (eek clothes pins provided at the door) and it's dirty, debri, cobwebs, etc.
BUT I espouse to my clients, my collegues, everyone I have talked to in the last almost 20 years that EVERY home needs to be staged. Perhaps the distressed properties need it more than any others. SO, how much money am I the Realtor willing to invest in a property where the short sale may not be approved, I may not get any reimbursement ? (I'm going to create a presentation piece for the lender to show the results the staging brought them and see if they'll relent, I figure it's worth a try and that's another blog post.)
SO, having said all that This is the bathroom. The mirror is delaminated and ordinarily we would probably paint the cabinets, polish the cabinets, and the room would it look better painted, yes? But does staging better make it look like you MIGHT want to live here?
More on the cost of all this and the other things in the rest of this series.
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
Every year the City of Walnut Creek has an ice skating rink in the park at 1365 Civic Drive. This year we can ice skate between November 12, 2009 and January 18, 2010. This is their fifth year!
Admission Rates: Monday - Thursday, $11.00 Friday before 5pm, $11.00 Friday after 5pm, $15.00 Saturday - Sunday, $15.00 November 24-28, $15.00 December 22 - January 1, $15.00 Group rates for parties and field trips, $10.00
Special Holiday Hours: Thanksgiving, 10am - 6pm Christmas Eve, 10am - 6pm Christmas Day, 11am - 6pm New Year's Eve, 10am - 8pm New Year's Day, 11am - 11pm
They also offer skating lessons!
Learn to Skate - Beginning December 5 Saturday mornings at 8:45am or 9:15am, 1/2 hour instruction and public session following class $125 for six weeks of lessons, Recital on the 7th week
Parent Tot Class - Beginning December 1 Tuesday mornings from 10am - 11am, 1 parent and 1 child, 1/2 hour of instruction and 1/2 hour practice session $100 for 7 weeks
Adult Class - Beginning December 3 Thursday evenings from 7:30-8pm, 1/2 hour instruction and public session following class. This class will be during the public session on a coned off section of the rink. $125 for 7 weeks
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
We are not so unlike many families. It's easy to judge, but consciousness comes one thing at a time. We've done some things like dual paned windows, solar, CFL's in the lights, but we ashamed to admit we just couldn't face getting rid of that dinosaur in the basement. We did it!!! And whew withdrawal was tougher before we pulled the plug than it has been after. Yes, we've been hearing that the old refrigerator in the garage is inefficient and uses too much energy... but it wasn't until the electric portion of our bill hit several hundred $$ a month that we started looking for something more to eliminate and get a handle on the issue. Unacceptable and unconscious, but it got our attention.
The refrigerator with cracked seals and a motor that ran constantly to keep our water, extra cookies, extra ice and other such essentials cold winter and summer. And the occasional turkey that wouldn't fit in the upstairs fridge when we were getting ready for Thanksgiving. Oh and don't forget sodas for the barbecues in the summer. After hearing the angst, pros and cons of the situation one too many times, hubby just went down and unplugged the thing, called PGE and asked them to come get it. Hey, they will pay us $35 for the old one! That's an incentive right there.
Oh the drama. NOT. What to do, well simple really. The water - we just kept it out and put in a few bottles when we needed them, better yet, we used the refillable aluminum water bottles. Soda - we buy it when we have a bbq and put it in an ice chest with ice. The turkey, well that might be a problem, but we'll order organic and pick it up before Thanksgiving and see how it works. AHHHHHH relief, it wasn't a necessity after all. Perceived value and what an investment, the sad thing is how long we paid that extra $100 a month for cookies and ice cream, soda and an occasional turkey. It's down right embarrasing.
Best part $100 a month or more has been coming off our utility bill. SO the search goes on for getting that bill down, now I want more...
That leads me to look at all the other appliances that we have and how efficient they are and I found there are rebates and incentives for other appliances. Hum, we've started something here.
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area.
Real Estate and Staging and how it can enhance a seller's Return on Investment. I can advise on what makes a difference to your bottom line. Buyers like my analysis of seller's strategies to assist them in buying smart. www.terrylynn-n-team.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Every year the City of Walnut Creek has an ice skating rink in the park at 1365 Civic Drive. This year we can ice skate between November 12, 2009 and January 18, 2010. This is their fifth year!
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