Jeremy Walsh Real Estate

Do you know if you qualify to exclude your gain, after selling your home? If you do not know whether you would qualify to exclude gain on your taxes after selling your home, then we are here to help by providing you a few real estate tax tips. Read below to get informed.

You can qualify to exclude from your income all or part of your gain, once you sell your home.

To be excluded, you are required by law to meet the ownership and use tests.  The ownership and use tests mean before the 5-year period before the sale of your home you must meet the following requirements:

· You must have owned your home for two years; this will make you pass your ownership test.

·You have to have lived in your home for at least two years to pass the use test.

Gain

If you gain from the sale of your home, you could be qualified to exclude up to $250,000 of the gain from your income. If you are able to exclude all the gain, you will not need to report anything abut the sale on your tax return. If you cannot exclude the gain, it is taxable. It would be reported as a Schedule D (Form 1040).

Loss

You will not be able to deduct a loss from the sale of your main home.

To be sure you get the most out of the sale of your home, contact Jeremy Walsh Real Estate.

If you have any questions, please contact Jeremy Walsh Real Estate by calling 443-610-5722 or click here today!

You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for You!

You can also follow me on Facebook, Twitter and LinkedIn as well!

Source: Sale of Residence- Real Estate Tax Tips

Are you buying a home in 2012? If yes, we have three mortgage tips for you to use as a homebuyer. Read below to get started.

Getting a mortgage loan is difficult in this economy but you can still get a mortgage with a good rate in 2012. Here are some tips to help you:

Look at Your Credit

If you have good credit, it will help you secure a mortgage at a decent rate. Have copies of your credit score and credit history from all three main credit reporting bureaus. Be sure there are no errors on your credit report before you apply for mortgage. A lender requires a minimum credit score of 680 on most homes. You should not have a credit score under 620 if you want to qualify for a home mortgage.

Be Prepared

You should have the basic documents you need for a mortgage application. Also you should have your last two pay stubs, W-2s, income tax returns and bank statements before visiting the lender’s office. You should have all these materials saved in an electronic format, in case you need to resend materials.

Know Your Affordability

Never rely on a lender to tell you how much you qualify for a mortgage. Never borrow the maximum amount on a mortgage loan. Have a budget planned in advance and have a little extra saved  in case unexpected expenses come up. You should use a bank-rate calculator to determine your affordability and estimate your monthly house mortgage payments.

If you have any questions, please contact Jeremy Walsh Real Estate by calling 443-610-5722 or click here today!

You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for You!

You can also follow me on Facebook, Twitter and LinkedIn as well!

Source: 12 Mortgage Tips for 2012 Homebuyers