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Deducting Real Estate Taxes: A How-To Guide | Armonk Real Estate

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You can deduct on Schedule A the municipal, school and county, and state and foreign, real estate taxes, based on the assessed value of real property (land and “improvements“), that you paid during the year – whether you sent the check directly to your township, municipality or county, or whether the taxes were paid out of a mortgage escrow account.  There is no limit to the number of properties for which you can claim a deduction.

Charges for specific services, such as trash collection or water and sewer usage, are not deductible as real estate tax.  Neither are special assessments for capital improvements that increase the value the property, like a new sidewalk.  But you can deduct additional assessments to maintain public facilities, such as to repair existing sidewalks.

You can elect to “capitalize” (add to the cost basis) instead of claiming a current deduction for any real estate taxes paid on unimproved and unproductive land held for investment, such as a vacant lot.  A statement of election must be attached to the original Form 1040 for the year the election is made.  This election is made on an annual basis.  A taxpayer can capitalize property taxes paid on a lot purchased in 2013 in 2014, 2016, and 2017 and can claim a deduction in all other years.

 

http://www.mainstreet.com/article/moneyinvesting/taxes/deducting-real-estate-taxes-how-guide-0?puc=yahoo&cm_ven=YAHOO

3-D models vs. Craigslist ads | Armonk NY Homes

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1. To help prospects “envision life” at a beachfront lot he’s representing, Larry Revier, an agent at Florida brokerage Re/Max Preferred, commissioned an architect to produce a 3-D model of a home that could be built on it, and wove the model into a video tour.

2. While Trulia, Zillow and other sites may have stolen a bit of its thunder, old-timer Craiglist can still prove to be a fruitful marketing tool, said Amy Gerrish, managing Realtor at The Phoenix Metro Group.

Gerrish recently sold a home to a buyer who learned about it through a Craigslist ad she posted. “They called my buyers’ agent directly to schedule a showing,” she said.

– See more at: http://www.inman.com/2014/03/03/3-d-models-vs-craigslist-ads/?utm_source=20140303&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.PEpDXBPf.dpuf

Is real estate still a good buy? | Armonk Real Estate

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Buying a home is no longer a no-brainer, whether you are buying as an investment or to live in it.

That is the message to draw from current measures of value in many metropolitan markets.

The fundamentals have changed from six months ago, when some economists and analysts said that low prices and low mortgage rates made it a great time to buy a home in most of the U.S.

The latest thinking is a reflection of how far and how fast home values have climbed. In the year ended in November, home prices rose 14%, as measured by the most-recent S&P/Case-Shiller 20-city composite index.

Some markets, such as Las Vegas, Los Angeles and San Francisco, saw prices rise by more than 20%.

In general, “you can’t buy now and expect a big gain,” says Morris Davis, an associate professor in the real-estate department at the University of Wisconsin’s business school in Madison. “There’s more risk than there was.”

One widely tracked measure of housing costs is the average national home price divided by the average rent. That ratio stood at 14 in the third quarter, according to Moody’s Analytics, using the most recent data. That is above the average ratio of 12 between 1989 and 2003, which is considered a “normal,” preboom home market.

 

 

http://finance.yahoo.com/news/real-estate-still-good-buy-193500720.html