27 Hickory Knoll Hattiesburg , MS 39402 $67,100
Perfect for investor or college students. 2 BD/2 Full BA, Oak Grove School District.
Call Crye-Leike today for details on this and many other listings!
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1. How much of my mortgage payment is tax deductible?
On a Schedule A, you can deduct the following:
* Interest on debt used to buy, build or improve your primary or second home (called acquisition debt), as long as mortgages totaled $1 million or less ($500,000 if single or married filing separately).
* Mortgage insurance (or funding fees for government loans) for loans taken after 2006 as long as your adjusted gross income does not exceed $109,000 for a married couple (half that for singles and those married filing separately).
* Property taxes on first and second homes. Starting in 2010, however, you must itemize your deductions to get this tax break.
2. I sold my home this year. Will I owe capital gains tax?
As long as the property was your principal residence for at least two of the last five years, you can exclude $250,000 of your profit ($500,000 for married couples) from your taxable income. If you profited less than the $250,000/$500,000 threshold, no extra form is required. You can do this as often as every two years.
For those with profits that cannot be excluded, you’ll report your gain on a Schedule D, Capital Gains and Losses. There are special rules for vacation homes. You may be able to exclude some or all of your gain.
3. I lost money on the sale of my home. Do I get to deduct the loss?
Loss on the sale of a personal residence is treated like a loss on the sale of any personal property. It is not deductible. Losses on investment properties are deductible.
4. I bought or refinanced a home this year. Are my closing costs tax deductible?
You can claim a deduction for real estate taxes you paid as part of your mortgage closing costs. The same goes for prepaid interest. It will be included on the 1098 form your lender sends you. What about points? The IRS has a flowchart that you can use to see when points are and are not deductible. In general, you must have paid points to build, buy or improve your primary residence in order to deduct the entire amount in the year they were paid. Otherwise they may still be deducted but on a prorated basis.
5. What happens with points on a refinance?
This deduction is often overlooked, and it could be worth a lot. When you pay points on a refinance, they have to be prorated. For example, if you pay $3,000 in points on a 30-year mortgage, you can deduct $100 a year for 30 years. But if you refinanced again this year and have prorated points that have not yet been deducted–for example, you are 10 years into a 30-year loan and have only deducted $1,000 of $3,000 in points paid–you can deduct the remaining $2,000 in the year you refinance.
6. Does a mortgage modification affect my taxes?
If you modify your mortgage, one consequence might be that you pay so much less interest that you will save more by choosing the standard deduction rather than itemizing. Don’t just assume that itemizing is always best because you did it in the past.
7. Does a mortgage foreclosure affect my taxes?
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows you to exclude income from the discharge of debt on your primary residence. However, this law does not cover investment properties and vacation homes, nor does it apply to forgiven home equity loans. You could end up paying income tax on this canceled debt. In addition, states’ rules for the treatment of forgiven mortgage debt vary, so check with a tax professional.
8. Can I deduct prepayment penalties?
Prepayment penalties paid on a mortgage are tax deductible in the year that they are paid.
9. What expenses am I NOT allowed to deduct from my income?
Unless your property is a rental or investment, you don’t get tax breaks for the following:
* Hazard insurance;
* Homeowners association dues;
* Principal payments on the mortgage;
* General closing costs like appraisal fees or title insurance;
* Local assessments to improve your neighborhood.
10. Does the health care tax have an effect on gains from property sales?
This tax, which is 3.8%, is one of the most misunderstood additions to the tax code. Reasons not to worry:
* It doesn’t apply until 2013;
* Your annual income must exceed $200,000 ($250,000 for married couples filing jointly);
* The tax is only applied to gains over $250,000 on a primary residence (or $500,000 if married).
About the author:
Gina Pogol has been writing about mortgage and finance since 1994. In addition to a decade in mortgage lending, she has worked as a business credit systems consultant for Experian and as an accountant for Deloitte. She graduated with High Distinction from the University of Nevada with a BS in Financial Management.
http://www.foxbusiness.com/personal-finance/2011/02/01/critical-questions-homeowners-tax-time/?intcmp=related
49 GETTYSBURG Hattiesburg , MS 39402 $235,000
4 bedroom, 3 bath home in Oak Grove. Gourmet kitchen, formal dining, hardwood & brick floors. Enjoy neighborhood amenities.
Rob Hatchett, President of Crye-Leike Franchises visited with Crye-Leike Signature One Realty. The team was recognized for their accomplishments in 2011, ranking 8th in volume amongst the 25+ franchises.
Congratulations to Teresa Asquith! Your dedication to your clients’ needs and passionate commitment to unsurpassed service has placed you #16 in the year end Crye-Leike Franchise Top 25.
When tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.
Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly.
This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70 percent or more of the costs of the project at times of resale.
The following are the top, mid-range projects from this year’s report, based on what home owners stand to recoup at time of resale:
1. Replacing the entry door to steel
Estimated cost: $1,238
Cost recouped at resale: 73%
2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)
Estimated cost: $50,148
Cost recouped at resale: 72.5%
3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)
Estimated cost: $19,588
Cost recouped at resale: 72.1%
4. Garage door replacement
Estimated cost: $1,512
Cost recouped at resale: 71.9%
5. Deck addition (wood)
Estimated cost: $10,350
Cost recouped at resale: 70.1%
6. Siding replacement (vinyl)
Estimated cost: $11,729
Cost recouped at resale: 69.5%
By Melissa Dittmann Tracey, REALTOR® Magazine
11 SMITH Dr. Hattiesburg , MS 39401 $59,900
Well maintained home on cul-de-sac. Enjoy both privacy and convenience (to town and HWY 49) in this rural setting. Vaulted ceilings, garden tub, and more.
Call Crye-Leike today for details and a private showing.
3405 Lincoln Rd was just reduced to $135,000. This home has been remodeled complete with all new flooring, paint, and new AC unit! Now priced below the comps and offering concessions like a home warranty and 3% towards buyer’s closing costs with full priced offer. Not located in a flood zone and school down the street is moving, so… NO MORE SCHOOL TRAFFIC! This home has it all including bonus room, formal dining room, vaulted ceilings, and exterior enclosed storage. Call for a showing today!
219 W Canebrake Blvd. Hattiesburg , MS 39402 $ 1,600,000
Luxury living at it’s finest…over 8500 sq ft in this stunning “one of a kind” waterfront home in Canebrake. 5 bedrooms, 5.5 baths, media room, office/library…plus all that Canebrake has to offer!
Call Crye-Leike today for your private viewing!
2011 Profile of Home Buyers and Sellers/ Highlights
Home Buying and Real Estate Professionals
• Eighty-nine percent of buyers purchased their home
through a real estate agent or broker—a share that has
steadily increased from 69 percent in 2001.
• Forty-one percent of buyers found their agent through
a referral from a friend or family member and 9 percent
used an agent they had used before to buy or sell a
home.
• About two-thirds of recent buyers only interviewed one
agent before they found the agent they worked with.
• Nearly nine in ten buyers would use their agent again or
recommend to others.
Home Selling and Real Estate Professionals
• Thirty-nine percent of sellers who used a real estate
agent found their agents through a referral by friends or
family, and 22 percent used the agent they worked with
previously to buy or sell a home.
• Two-thirds of home sellers only contacted one agent
before selecting the one to assist with their home sale.
• Ninety-two percent of sellers reported that their home
was listed or advertised on the internet.
• Among recent sellers who used an agent, 85 percent
reported they would definitely (69 percent) or probably
(16 percent) use that real estate agent again or
recommend to others.
Crye Leike Pine Belt 
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