Dallas, TX Real Estate News

By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 VA loan benefits in Dallas Texas in 2019. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affair...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Being a First Time Homebuyer in Dallas Texas makes you have to consider your options before you buy. The first thing you will need to consider is what your long-term goals are with being a home owner and how your goals fit in with that plan. One goal could be to stop paying rent that just increases after every lease you renew.Buying your own home first is one of the happiest times of your life! However, a lot of paperwork and time goes into it and finding a lender with great reviews will ease much of the stress. But, the satisfaction you get from your first home closing is something you will never forget! The benefits of being a First Time Homebuyer in Dallas Texas greatly outweighs renting for the following reasons:          Greater privacy.          Homes typically increase in value t...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
Each year, clients either come into our Richardson, TX tax office and ask if they need to pay taxes on the sale of their residence, call concerned about taxation on the Sale of their personal residence, or make an assumption that income on the Sale of a personal residence is NEVER taxed. Today, I want to take a few minutes to discuss the tax consequences of the Sale of a Principal Residence. Is Income from the Sale of a Personal Residence Ever Taxable? It can be if it exceeds the excludable amount. Section 121 of the Internal Revenue Code excludes a gain of up to $250,000 ($500,000 if the taxpayer and spouse file jointly). Be careful in what you consider to be Gain. Your Gain is not the amount that you walk away with or the difference between the sales price of the home and outstanding ...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
It’s always a good idea to look for ways to minimize your tax liability. Taking advantage of opportunities before the year comes to a close is a smart move. Here are a few things to think about: Are you making the maximum contribution to your §401(k), IRA or other retirement plans? If the answer is no, think about increasing your contribution percentage between now and the end of the year. Not only will this increase your retirement savings, but it could also potentially lower your taxable income. If you are age 50 or older, you are eligible to make additional “catch-up” contributions. Contributions to retirement plans must be made by December 31. IRA contributions can be made up to the due date of your tax return, generally April 15. Are you around age 70? Don’t forget that you must st...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
In December of 2017, the Tax Cuts and Jobs Act (TCJA) introduced a new “Qualified Business Income Deduction” (QBID) under IRS Section 199A. The QBID provided a deduction of up to 20% of qualifying income on the tax return and has enabled taxpayer's who come to our Richardson, TX tax office to enjoy huge tax savings.  This deduction was applicable to qualifying Schedule C, Partnership, and S-Corp Income.  Does income on Rental Real Estate qualify for the QBI Deduction? The answer is like many questions related to tax law is that it depends. Not all rental real estate income will qualify.  It will qualify for QBID is if it meets any of the following three tests: The rental real estate rises to the level of a section 162 trade or business. Triple Net Leases are specifically excluded. The r...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
In this week’s installment in our series of taxation and investing in Real Estate we will discuss allowable loss limitations on Real Estate Investments. Real Estate investing is well known as having the ability to generate non-cash losses that may be deductible against other income for the investor. A big issues for taxpayers who come into our Richardson TX tax office and are investors in rental real estate is in maximizing that deduction. Our goal is to help them stay compliant while maximizing their allowable deduction. How Much Can I Deduct?While the calculation for the profit or loss from real estate will remain the same no matter what category an investor fallas into, the limitations on reporting losses may vary substantially. Below is an overview of the three categories and the li...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
In this week’s installment in our series of taxation and investing in Real Estate we will discuss who qualifies as a Real Estate Professional in the eyes of the IRS and what does it mean to be a Real Estate Professional.  Generally, if I ask any taxpayer who comes into my Richardson TX tax office who owns investment real estate if they are a Real Estate Professional, they will tell me YES, but who actually qualifies under IRS rules.  What is a Real Estate Professional?There are two tests that must be met to qualify as a Real Estate Professional for tax purposes and the taxpayer must meet BOTH of the requirements: They must perform 750+ hours of service during the year in real property trades or business (More Below), Must be performed in Real property trades or business, Must materially...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
Last week we covered reporting Rental Real Estate activities on tax returns. This week we’ll give an overview of Expenses. Next week, we will cover depreciation separately and we will continue to cover various topics pertaining to Rental Real Estate over the coming weeks. In general, the IRS will let an investor deduct ordinary and necessary expenses that are needed to manage, conserve, or maintain the property. Since Most of the taxpayers who come into our Richardson tax office with real estate investments are taxpayers who use the cash basis of tax reporting, costs would be expensed in the year paid. If you are an accrual basis taxpayer, talk with your accountant or give us a call. Payment by credit card is considered the same as payment with cash. Some of the typical expenses related...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
Last week we covered the general rules around reporting rental Real Estate activities on tax returns. This week we’ll begin to dive into more specific issues related to income tax reporting for Real Estate Investors, by covering the reporting of income on rentals. Today, we’ll cover income related to the lease itself, primarily the monthly payments from the tenant/leasee to the landlord/leasor.  In a future segment, we’ll cover sales of real estate.  Most of the taxpayers who come into our Richardson tax office are individual taxpayers who use the cash basis of tax reporting. This makes it fairly simple. Income is reported when it is received by the owner of the real estate. Rental income is reported when received or constructively received. The IRS in Publication 538 describes construc...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
There are times when I have taxpayers come into  Dallas, TX tax office, who are experiencing difficult financial times, often through no fault of their own. Perhaps they’ve had a death in the family, lost their jobs for an extended period of time, or have had medical issues which have put them in financial straits, and as a result, they have IRS debt. Often, these taxpayers will qualify as Current Uncollectible with the IRS, since they do not have sufficient income to meet their allowable living expenses and do not have assets that the IRS has determined it can levy.  There are several positive events that result as a result of being categorized as Currently Uncollectible that include: The IRS will not actively pursue the Taxpayer in Collections, As such, the IRS will not levy the asset...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
Investing in Real Estate has been a very effective way for Americans to build wealth. With rising real estate prices combined with low interest rates, it has become even more popular. Today, we’ll cover some of the topics that come up when taxpayers who invest in real estate come to our Dallas, TX office. For today, at a very high level, we’ll discuss the general rules around rental properties including allowable income and expense and taxation. In future blogs, we will cover specific issues in more depth. Rental IncomeAs a general rule, you must include in your gross income all amounts received as rent. This would include normal rent payments as well as future rent payments, lease cancellation payments, and portions of security deposits that are kept. We’ll dig into these topics more c...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 Dallas TX VA loan benefits in 2019. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affairs, VA ...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
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By Kristen Correa, Broker, I love coffee & real estate. I am out of coffee!
(Kristen Correa Real Estate & Reedy Creek Realty Services)
What do you do when you're not selling houses?I. LOVE. LIVE. MUSIC!Monday Michael Buble comes to Dallas and my friend has tickets in section 116 for $175.And... I can't go with her. Kid stuff.Wanna go? Let me know. I will hook you up.
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By Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless!
(Lisa Von Domek Team)
How to make Natural Air FreshenerLearn how to make simple Homemade Air Fresheners that are Cheap and Safe for the Household and Environment from home staging expert John Mangano. This is an effective way to deodorize your home for home staging, easy and inexpensive and safe for the environment too.  Another Green tip for you from your Dallas Green Realtor Lisa Von Domek and HSC 
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By Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives
(DFW FINE PROPERTIES)
Thoughts to Ponder, 2/27/19Patricia Feager  "With all their benefits, and there are many, one of the things I regret about e-books is that they have taken away the necessity of trawling foreign bookshops or the shelves of the holiday houses to find something to read. I've come across gems and stinkers that way, and both can be fun."  --- JK Rowling Have Shelves Been Put On The Shelf?There are many lessons to learn about histories past and present. For example, these shelves that were built inside the DeGolyer Tea Room at the Dallas Arboretum were an inspiration for this blog post. As often happens when one sits quietly and listens, thoughts and other people's words cloud the room. Something many real estate agents and stagers suggest to sellers in preparation to list their home for sale...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs. VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of ...
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By Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless!
(Lisa Von Domek Team)
 How to Prevent Frozen PipesArctic temperatures can wreak havoc on plumbing...have you protected your pipes from frigid temperatures?  Even in the Dallas area, winter weather can plummet below the freezing mark.  Here are some quick and easy tips to help prevent your pipes from freezing this winter in this video from Roto Rooter.         
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