Plano, TX Real Estate News

By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
When taxpayer’s come into my office in Richardson, TX related to IRS tax debt issues, threat of or Notice of a Federal Tax Lien is one of the major reasons. Taxpayers often don’t understand the process, how a Tax Lien impacts them, and what they can do to avoid one or remove one.  The Notice of Federal Tax Lien (NFTL) The Notice of Federal Tax Lien (NFTL) is a public document filed to alert third parties that the taxpayer owes the IRS money. The NFTL puts creditors on notice that the IRS has filed a lien to secure the government’s claim to the taxpayers assets. Filing the NFTL is a consequential step taken by the government and has a serious impact on the taxpayer. If you owe more than $10,000, the IRS may file an NFTL against the taxpayer if they do not respond to the notices.  What is...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
As I wrote a week ago, in general, if you borrow money and you are legally obligated to repay that debt at a future date, and if that debt is forgiven in full or in part, the cancelled debt becomes taxable income to you. I also discussed Amounts that could be excluded from Gross Income. Today, we will cover Exceptions to Cancellation of Debt Income. If a cancellation of Debt Income meets the requirements as an Exception, the amounts are not included in the Gross Income of the Taxpayer.  Exception to Cancellation of Debt IncomeIRS Tax Topic Number 431 identifies the following as Exceptions to the Requirement of Debt Income: Amounts that are Cancelled as gifts, bequest, devises, or inheritances. Certain qualified student loans cancelled under special loan provisions that require certain s...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
In general, if you borrow money and you are legally obligated to repay that debt at a future date, if that debt is forgiven in full or in part, the cancelled debt becomes income to you. However, there are situations that tax law permits you to exclude the income from your tax return. Did you know that? If not, neither do most of the taxpayers who come from our Richardson, TX tax office.  When debt is forgiven, the lender of the debt will typically send a Form 1099-C to the taxpayer who had the forgiven debt. The taxpayer is then required to report the amount of the cancelled debt as Other Income on Form 1040.  When Canceled Debt is excluded from Income?In a future blog, we will discuss when Cancelled Debt is and exception and is not considered income but today, we will discuss when and ...
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By Susie Kay, North Dallas Specialist
(Ultra Real Estate Dallas Fort Worth)
  Address SqFt Total Beds Total Full Baths Half Baths Pool Current Price 2220 Overglen Drive 1,913 3 2   No $250,000 1304 Whitehall Drive 1,443 3 2   No $250,000 6402 Blue Ridge Trail 2,155 4 2   No $252,000 1716 Shreveport Trail 1,565 3 2   No $254,900 2517 Laurel Lane 1,690 4 2   No $255,900 7824 Roberta Drive 1,948 3 2   No $259,900 795 Antoine Drive 1,920 3 2 1 No $259,900 1712 Belgrade Drive 1,695 3 2   No $259,900 3205 Raintree Drive 1,642 3 2   No $259,900 712 Warwick Drive 1,642 3 2   No $260,000 2012 Fresno Road 1,934 4 2   No $265,000 1340 Berkeley Court 1,921 3 2 1 No $265,000 1701 Canadian Trail 1,818 3 2   Yes $265,000 2400 Huntington Drive 2,059 4 2   No $269,000 2520 Glen Forest Lane 1,858 3 2   No $269,000 3408 Garner Lane 1,972 4 2 1 No $270,000 5004 Goodwin Drive 2,168...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Special Government Home Renovation Loan Program using FHA 203k Rehab Loans in Plano Texas.Many people are not aware of a special government loan program that is part of the Federal Housing Administration or FHA (a department within HUD). A buyer or existing home owner can do meaningful amounts of remodeling or updates to their existing home without having a higher cost second lien thanks to this special FHA loan program.However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms.This loan ...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
When dealing with the IRS, Taxpayer’s who come into our Richardson, TX tax office, often run into IRS jargon that makes no sense to them. They also run into these acronyms when reading and/or listening to our blogs and videos as well as others. Today, we’re going to cover three common acronyms used when dealing with IRS Debt and what each means. These are the CSED, ASED, and RSED. CSED – Collection Statute Expiration DateDid you know that the IRS legally has 10 years from the date of the assessment of the tax liability to collect the tax for that tax year. The tax assessment is by year and each year assessed has a CSED.  While the CSED is 10 years from the date that the IRS assessed the tax, in certain situations that clock can be stopped and the CSED extended. The CSED is typically sus...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
Big companies are known for getting all sorts of breaks, but when average people fall behind, they rarely receive help. When you owe back taxes, but can’t afford to pay them, then you may qualify for a special tax status known as currently not collectible.  If you’re approved for currently not collectible status, then the IRS must not only cease its collection efforts but can no longer garnish your wages or seize your property. Want to know if you qualify for currently not collectible status? Contact our firm here for a specific evaluation of your situation.  https://jablonskyandassociates.com/contact/ What is Currently Not Collectible Status?  If the IRS agrees you can’t both pay your back taxes and cover your reasonable living expenses, it may place your account in Currently Not Colle...
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By Amanda Thomas, ​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™
(Providence Group Realty)
Have you heard about Sellers Shield™? If you have ever wished for an easy way Sellers could complete a Seller's Disclosure online, this is it. Sellers Shield™ offers both free and paid-level plans to individual agents and brokerages who want to offer their solution to Seller clients. Did you know that many attorneys advise that agents shouldn't even be adding the property address to the Seller's Disclosure for Seller clients?  Once a participating agent invites a Seller to complete their disclosures online, Sellers Shield™ allows sellers to entirely complete the paperwork on their own by answering questions in an easy interview format, and even provides tool-tip prompts to common questions like, "what is a french drain".Screenshot of Tooltip Prompts for FAQs (Texas)Sellers Shield™ addit...
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By Amanda Thomas, ​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™
(Providence Group Realty)
Scruples -- these are a set of feelings (attitudes/guiding principles) that cause us to hesitate or be reluctant to do something that we think might be wrong.Society and the business world tend to recognize those who push the envelope. As entrepreneurs and leaders, we often make our biggest strides through innovation and "disrupting" the status quo. And when we prove what we are doing is successful, others follow our example.I think most readers in this audience would agree that there are lines that should never be crossed. Have you ever managed or supervised someone who constantly justified unethical behavior by saying "it's better to ask for forgiveness than permission?" They are exhausting to deal with, aren't they? Their lack of scruples typically leads to getting what they want at ...
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By Amanda Thomas, ​Broker, SRES®, BPOR, MCNE, ​Certified DRS Agent™
(Providence Group Realty)
Protecting your investment means staying on top of maintenance and repairs when you own a home. Deferred maintenance has a tendency to increase project costs and scope. Peeling paint on a home's exterior, for example, can lead to wood rot -- which might lead to wood-destroying insects or water penetration, which in turn could lead to interior damages.If you are ready to tackle household repairs, there are a few cardinal rules experts recommend when hiring contractors. Choices matter! Look for referrals from family and friends. Check qualifications and credentials where needed (proper licensing and/or certifications). Pull up their reviews online, giving preference to A-rated Better Business Bureau members and those who are highly ranked on Angie's List. Don't give contractors money upfr...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
When taxpayer’s come into our Richardson, TX tax office and have IRS Debt, IRS Liens are often the major issue they are working to resolve, either preventing a tax lien from being placed on their assets or removing an IRS Lien that exists. It’s much easier to achieve prevent one to remove one but over the next few weeks, we will cover a variety of options in dealing with IRS Tax liens, specifically related to closing real estate transactions. What is a Tax Lien? It is the US Government’s legal claim on your property that arises when you do not pay your taxes. The Tax must be “Assessed” and the IRS must send notices to the taxpayer prior to filing the NFTL.  How Does the Taxpayer Learn of the NFTL?The Taxpayer will be notified of the NFTL directly from the IRS. The IRS will typically sen...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
 If you owe the IRS, one of the most powerful enforcement tools of the IRS is the tax levy  Tax Levies include bank levies, wage garnishments, or other asset seizures. When taxpayer’s come into our Richardson, TX tax office and have received a Final Notice of Intent to Levy from the IRS, often a notice LT11 or Letter 1058, they have rights that are available to them that through those notices. Those include CDP Rights and the right to an Equivalent Hearing. While both provide critical rights to the taxpayer, there are important differences between the two. CDP RightsWhenever the government issues a final notice of threat to levy, the taxpayer has 30 days to invoke their CDP rights and request a Collection Due Process (CDP) hearing with an appeals officer.  They do this by filing IRS For...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
One of our most popular You Tube Videos is related to who is a Candidate for an Offer In Compromise to eliminate their IRS Debt.  Many taxpayers who come into our Dallas, TX tax office want to know if they qualify.  If you are not aware of the program, the Offer In Compromise Program allows qualified candidates to settle their IRS Debt for less than the full amount owed.  Listen to our video to see if you may qualify.  If you have additional questions or need professional help, please call me at (972) 821-1991. 
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Special Government Home Renovation Loan Program using Plano TX FHA 203k Renovation Loans.Many people are not aware of a special government loan program that is part of the Federal Housing Administration or FHA (a department within HUD). A buyer or existing home owner can do meaningful amounts of remodeling or updates to their existing home without having a higher cost second lien thanks to this special FHA loan program.However, this loan program doesn't allow for "luxury items" in your home such as a swimming pool, hot tub, or other accessories. Although, you can repaint, replace flooring and appliances, add a room to an existing structure (which can add to value tremendously as you increase the square feet of your home) as well as remodel cabinetry in kitchens and bathrooms.This loan p...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
The majority of my Richardson, TX tax firm clients itemized their deductions prior to the Tax Reform and Jobs Act of 2017 (TCJA), which primarily took effect in 2018.   However, since the TCJA, that number has dropped substantially. As a quick overview, taxpayers have the option between claiming the standard deduction or itemizing their deductions. They typically use the method that gives them the largest deduction. In general, while the TCJA had a positive impact for taxpayers in the form of lower tax rates, one area where the changes sometimes negatively impacted taxpayers were for those that itemized their deductions. While the Standard Deduction nearly doubled (deductions for exemptions were removed), some itemized deductions were removed or reduced.  For the most part, these offset...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
Many clients who come into our Richardson TX office with Tax Problems, have tax penalties that are part of their IRS debt, and want to know how to remove them. In some cases, it is possible to remove penalties for late filing and payment. Today, we’ll discuss some of the reasons that the IRS will allow abatement (removal) of Tax Penalties.  First Time Penalty Abatement If the taxpayer qualifies, this is typically the easiest way to remove a penalty. The First Time Penalty Abatement (FTA) is available for 3 penalties: Failure to File Failure to Pay Failure to Deposit (Payroll Deposits)  The IRS Website states that you may qualify for relief from penalties if the following are true: You didn’t previously have to file a return, or you have no penalties for the 3 tax years prior to the tax ...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
The stunning rise in the value of Bitcoin, along with the myriad of cryptocurrencies, is surely one of the biggest financial stories of the 21st century, at least so far. What started out as a mere curiosity and niche project for programmers and geeks has quickly blossomed into a full-fledged financial asset, and an increasingly popular one at that. For early adopters, the financial returns have been simply mind boggling. You may have heard about the generation of Bitcoin millionaires, and there are plenty of those newly rich investors to go around. Given the rapid rise and relative anonymity of Bitcoin transactions, it was only a matter of time before the IRS caught on, and the tax agency has caught on - and caught up - in a big way. After years of taking a hands-off approach to crypto...
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
I wanted to share our most popular You Tube Video which is What is a CP2000 Notice and What To Do If You Receive One.  As a summary, a typical IRS audit today is a Correspondence Audit, which is typically completed primarily by mail.  Taxpayers may receive a Form CP2000 when the IRS has information on file which doesn't match your tax return and triggers their request.  Listen to the video to learn more about the CP2000 notice and what you should do if you receive one.  If you believe you need professional help, please feel free to contact us. 
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By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
Our Richardson, TX tax firm frequently represents taxpayers in the DFW area, as well as other areas of Texas, who have had the IRS levy or garnish their wages through their employer.  Because this can account for a substantial portion of a taxpayer’s paycheck, it can create chaos with their financial life.  When taxpayers with a payroll levy come to us, our first priority is to have the levy removed or to cease additional action. Once we’ve accomplished this, we assist those taxpayers in resolving the issue which caused the levy and bring an end to their problems permanently. As opposed to Bank Levies which are one-time levies, where the IRS gets only one shot at the taxpayer’s bank account per levy action, when the IRS garnishes a taxpayer’s wages, it is a continuing levy. This means t...
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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 Plano Texas 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, V...
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