The tax season is upon us. None of us relish tax preparation whether you do it yourself or take them to an accountant. But, the reality is that we have to face the cold facts of tax preparation. Either way, if you purchased or sold a house in 2010, certain costs associated with the transaction may be deductible. Take a copy of your HUD statement to your preparer. Interest paid ahead at closing should be deductible. The only place that amount will appear is on the HUD statement. If you don’t have your statement, I should have a copy in your file. If you sold your house, costs associated with preparing the house for sale may also be deductible. It’s best to speak with a professional.
You may be eligible for a refund of the transfer tax on the sale. If the sales price was less than what you paid for it at time of purchase, you may be eligible for a refund if you meet the other qualifications. Contact me and I can figure it out for you. I will need to know what you paid when you bought your home and in what year it was purchased.
I keep your file long after you have purchased or sold. But when I no longer need it, I use a shredder. No one, therefore will ever see your social security number or other sensitive material.
Realtors© in Michigan are working with legislators to decrease the overall tax burden on Michigan citizens and also to simplify the tax code. Other key issues include the elimination of the Michigan Business Tax, and also Property Tax Reform working within the framework of Proposal A, the Headlee amendment.
Notes: If you or your parents are thinking about downsizing, a booklet, Alternatives for Seniors, may be helpful. It includes listings for a variety of retirement facilities, some of which I have visited. These include active adult communities, which offer attached and detached condos, independent retirement living, assisted living, senior condo communities, Alzheimer’s facilities (sometimes included in multi-level care communities), small group homes, and subsidized senior apartments to name a few. I will be happy to mail this to you.
Periodically, I participate in Senior Living seminars at various locations in the area. So far, one is scheduled in conjunction with Waltonwood at Carriage Park for 1:00 p.m. April 28 at the Summit on the Park in Canton. The other is an informational open house from noon until 3 p.m. at Waltonwood 12 Oaks. All are invited. For further information contact me at 734-718-8900. Seminars include experts in the field of retirement living facilities, real estate, elderlaw, veterans benefits for seniors, and health care.
Personal Notes:Very, very happy family news. I am going to be a grandmother of twins! I can hardly believe it as there are no twins in the family. We don’t know yet if they are fraternal or identical. Babies due date is August 5. My son and daughter-in-law call the babies their “little newcomers.” So far, all is well and we continue to pray for a great pregnancy and delivery. Stay tuned …
Also, I will be writing a column on Senior Living, which will appear in the Observer and Eccentric Newspaper. I’m very excited about it and invite you to look for the first publication – date not yet determined.
More next month.
Oh , by the way, in the next two weeks you will know of friends, neighbors, or coworkers who are looking to sell or buy a home or need a mortgage.
Be sure to tell them about your experience working with me and call me right away with their phone numbers so that I can help them, too.’
Nancy Austin
GRI, ABR, SRES
Keller Williams Realty
phone: (734)718-8900
cell: (734)718-8900
fax: (734)585-3279
tollfree:
nancyaustin@gmail.com
www.nancyaustin.com
Assisted Real Estate.
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