Mortgage Rates

What is Your “Tax Basis”? Your tax basis is the cost of buying, building or improving a property. For example: Purchase Price: $500,000; PLUS: Closing Costs: $10,000; PLUS: Home Improvement Costs throughout the Years: $100,000; EQUALS: Tax Basis: $650,000 What is Your “Capital Gain”? Your capital gain on the sale of the property is your sales price MINUS your costs of sale MINUS your basis. For example: Sales Price: $1,000,000; MINUS: Costs of Sale: $80,000; MINUS: Tax Basis: $650,000; EQUALS: Capital Gain: $270,000 What is the “Capital Gains” Tax? In the US, we’re required to pay capital gains taxes on any profit (“capital gain”) we receive when we sell a property. Under current law, the capital gains tax rate can be up to 20%, plus an additional 3.8% net investment income tax. Using

WAITING TO BUY A HOME COULD COST YOU OVER $100,000! (here are two reasons why)

Tax day is upon us, sort of… As you know, the deadline for filing and paying Federal Taxes has been pushed back to May but I am guessing you and your clients still have that April 15th ingrained in your head like I do. I want to shift the theme of this newsletter away from On-Boarding to the amazing and insane real estate market we are in the midst of and how our clients are handling it and how it relates to taxes. My guess is that you have clients out shopping for a new home right now. I would also guess you are getting feedback on how difficult it is to get their offer accepted and maybe even being beaten out

The pandemic-induced shutdowns seen in mid-March through much of May this year had an impact on theeconomy as well as household debt.

The pandemic-induced shutdowns seen in mid-March through much of May this year had an impact on theeconomy as well as household debt.

When the media talks about rising home prices, it's important to note which data they reference, as the median home price is the wrong metric to look at.

Discover the real reasons behind the fluctuation in home loan rates.