New 3.8% Tax scare

New tax on home sale profits-

Just to clarify something you may have heard or received in an email about.

There has been talk about a 3.8% tax on any profit made on a home sale which was hidden in the recent health bill. For example, if someone sold their home for $350,000 and, after closing costs, had a profit of $100,000, $3,800 would go to Uncle Sam. As I understand it, this is NOT true. This tax only applies to any one individual making over $200,000 a year (or $250,000 if filed jointly) and only if that profit exceeds $250,000 (or $500,000 if filed jointly). Any profit made after the initial $250,000 will then be hit with the 3.8%.

So, if a single person that makes $201,000 a year sells a piece of ABQ Real Estate and walks with $350,000, he/she will have to pay the $3,800 ($350,000 - $250,000 = $100,000 x 3.8% = $3,800). This is how I understand it. If you need further clarification, please consult your CPA.

This all just seems to be another media scare tactic. If you receive any type of email that you find hard to believe, I suggest researching it before you share it with your friends.

Thanks!!

by Tim Fish

New Purchase Agreements for Albuquerque Home Sales

Be very care when using The New Mexico 2010 revised Residential purchase agreements! Be very, very, careful!

When I came home Friday night I updated my wife about my day. During the course of this particular day I learned about the new purchase agreement that was placed on the state site for immediate use. At lot has changed. This form places the burden of inspections entirely on the purchaser. (Well, that isn't entirely correct, there is a very small area dedicated to Seller paid inspections).

The buyer is now responsible for not only choosing the inspector (that's ok), but paying for the inspection. Nothing is mentioned about setting up the appointments for the inspectors. It causes me to wonder how this all is going to take place! This really needs to be negotiated clearly on an addendum!

My wife, being the intelligent lady she is, pointed out that many in our industry are probably not even aware of the changes to the purchase agreement and that I needed to be aware as well.

If you purchase a home, condo, or Albuquerque foreclosure, be sure to utilize a Realtor that is updated on the new Purchase Agreement. We would love to help you buy real estate in Albuquerque, New Mexico.

I love my job!

From the mouth of my Babe (er…Wife)

I came home from work last night and asked my wife what she thought the most important item to do was when placing a home on the market. My wife is a nurse by profession but right now she is caring for me and our three young children. She has no real estate experience. The first thing on her list was to verify ownership. I thought that was really a good idea so I quickly made a mental note! Then she said she would measure the house to make sure of the size.

The size of a home is important!  Many times the value is based on the heated square footage of the house.

So what should every buyer do? Have someone measure the house or make the seller verify the size before the buyer closes. Most of the time, it costs less than $75 to have this accomplished.

As a seller, adding a scan of the floorplans to the MLS listing might give an extra thought to a buyer looking at Albuquerque homes for sale.

My wife is really smart, good looking, and I really hope she reads this……

Selling real estate in Albuquerque is great!

I love my job!
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Posted by Tim :-)

The Albuquerque Lifestyle

Albuquerque - What a place!

Selling Albuquerque real estate is a wonderful job. But certain times of the year it is really cool! Whenever clients come to town to visit our city and purchase their next home, I like to look around to see what events are occurring that we could see. Obviously the balloon fiesta in October is tops on the list, but all during the summer months there are events happening that are really fun!

The Isotopes play all summer and into the fall, and this is a wonderful way to watch some great baseball and enjoy a cold one with a hotdog. It’s the next best thing to watching the pros!

The concerts at the zoo are great for all the ages and occur throughout the summer months. My family enjoys the zoo and all they offer all summer.

My December clients have all been impressed by the luminaria, but the one place they just have to see during Christmas is the Old Town/Albuquerque Country Club Luminaria Walking Tour on Christmas Eve. Christmas is special in our great city.

I have learned a long time ago that I don’t just sell homes; I sell Albuquerque!

I love my job!

Posted by Tim
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