Tax Reform Heads to the President

 Copyright THE NATIONAL ASSOCIATION of REALTORS®

NATIONAL ASSOCIATION of REALTORS(R)

Lawmakers in the House and Senate passed tax reformlegislation today, paving the way for the bill to go to President Donald Trump for his signature. The President has said he intends to sign the bill by Christmas.

NAR worked with members of the House-Senate conference committee to help educate them on how to improve the final bill. After the vote, President Elizabeth Mendenhall issued the following statement:

“The results are mixed. We saved the exclusion for capital gains on the sale of a home and protected the mortgage interest deduction for second homes. Many agents and brokers who earn income from personal services will also see some significant new benefits in their business.

Despite these successes, we still have some hard work ahead of us. Significant legislative initiatives often require fixes to address unintended consequences, and this bill is no exception. The new tax regime will fundamentally alter the benefits of homeownership by nullifying incentives for individuals and families while keeping those incentives in place for large institutional investors.

That should concern any middle-class family looking to claim their piece of the American Dream.”

Although the final tax reform bill is far from perfect, it is significantly better for homeowners than previous versions. That’s thanks to the efforts you made. REALTORS® generated over 300,000 emails and telephone calls to members of Congress over two Calls for Action and held countless in-person meetings with legislators, all of which helped shape the final product.

Last-minute changes to the bill include the following improvements:

• Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.

• Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.

• State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income taxdeduction altogether.

• Pass-through entities. The bill significantly reduces the effective rate of tax on business income earned by independent contractors and income received from pass-through entities. This change will lower the taxes of many real estate professionals.

Next steps

Enactment of the bill does not end NAR’s effort to reduce the negative impact on homeowners. “REALTORS®’ work on tax issues will continue,” says Mendenhall, “and we look forward to joining members of Congress from both sides of the rotunda on that endeavor.”

Access details of the bill.

Advertisements

Moving Checklist: RealtorKJ

The whirlwind of moving can quickly take on the effects of a hurricane when you add in kids, pets, or special circumstances. As is the case with most things in life, planning is key!

Whether you have six months, or six days to get it all done, just take a deep breath, prepare and let’s get planning!

Once you have decided to move, and established a loose timeline, its time to prep, prioritize and pack. Knowing what you touch and use daily as opposed to items in closets, storage and in the very back of cupboards makes it easier to start packing early on. If you are able to spread the work out, you, your family, and your pets will all feel at ease.

Continue reading

Turn Key Ready

Are you in the market for a new home? Well, your search is over. Kristen Jurevich has a home that comes with everything you need for you and your family, see for yourself!Bridlewood_6770.jpgBridlewood_6666.jpg

View Virtual Tour Here

Or contact Kristen Jurevich with Intero Real Estate Services at (831) 635-6719

Don’t wait for new construction when you can own one NOW! *Less than one year old* The Shamrock Legacy floorplan in the new Benchmark Community.

Five bedrooms plus a den with a closet, 1st floor bedroom with a private full bathroom, separate dining and living locations with eat in kitchen area, granite slab kitchen countertops and island with room for seating, upgraded Maplewood painted linen cabinets, Energy Star stainless steel appliances, owner suite has dual vanities with Piedrafina: countertops, tub, and shower, AC, kitchen pantry, 9’ ceilings throughout the 1st floor, 5 1/4″ baseboards throughout, USB charging port, energy efficient recessed lighting, Energy efficient LOW-E windows, fire sprinkler system, water softener, upstairs laundry room with cabinetry, in-ground pool with safety alarm and solar heating surrounded by stamped concrete, stucco covered patio with recessed lighting, 3 car garage, landscaped yard with automatic sprinklers

Distinguished Exteriors

• Drip irrigation system with water conserving electronic timer
• Covered front porch
• Covered back patios, with recessed lighting
• In-ground pool with safety alarm and solar heating
• New concrete

Inviting Interiors

• Spacious interiors with family rooms, and dining rooms
• 9′ ceilings throughout the first floor
• 5 1/4″ baseboards throughout
• Energy efficient recessed lighting
• Upstairs, Interior laundry rooms with cabinetry

Gourmet Kitchen

• Granite slab counters with full-height backsplash at the cooktop
• Cabinet upgrade: Maplewood painted linen
• Stainless Steel appliance package:
– Energy Star rated dishwasher
– 30″ gas range and self cleaning oven
– Built in microwave hood combo
• Spacious islands with room for seating
• USB charging port for everyday electronics

Owners Suite

• Dual vanities
• Bathroom: Piedrafina countertops, tub, and shower

Green-Built Energy Features

• Energy efficient LOW-E windows
• Fire sprinkler system
• Smoke detectors
• Water softener

Kristen has helped 6 Veterans move so far in 2016,would you like to be next?

VA pic

With all the great advantages of using a VA loan, Kristen has been there for all of her veteran clients in helping them move into their new homes. Sometimes there is a stigma with VA loans because it is difficult to understand them, Kristen helps all parties understand the process and meets expectations.

Different counties have different VA loan limits, however a veteran can still purchase a home higher than the loan limits. For example, San Benito County VA loan limit is $625,500, if you find a home higher than that price, then the veteran is responsible for paying 25% of the purchase price and the  VA loan limit.

The condition of the home is also important, section 1 clearance needs to be delivered to the lender prior to finalizing the loan. Kristen has tricks to make the repairs as simple as possible for all parties.

Contact Kristen in regards to any of your VA loan questions and your Real Estate needs.

http://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2016_HERA-BASED_FINAL.pdf

Hollister Independence Day Rally

While you’re enjoying some family fun in downtown Hollister this weekend, make sure you come see 621 B Street at 12 o’clock on saturday for an open house, the property just had a price improvement so get it while its hot!

View the virtual tour here:

http://www.tourfactory.com/1575947

These Great Properties Still Available

Available listings

View the virtual tours here:

621 B Street
http://www.tourfactory.com/1575947

2620 Sadies Drive
http://www.tourfactory.com/1562483

Some fun upcoming events in Hollister

The San Benito county Saddle Horse Show & Rodeo has been providing family entertainment for all ages since 1929. This year is the 83rd annual running of the event and the fun starts on June 23rd at 6:15pm in downtown Hollister for the parade.

The following days of June 24th-26th at Bolado Fairgrounds you can enjoy the art shows, rodeo & horse shows, and also some tasty dinner being provided by El Grullense and Mansmiths BBQ. But to kick off the fun, this weekend on 6/18 at the Guerra Family Cellars is a country tribute concert, so be sure to check it out. To view the entire schedule of the saddle horse show and rodeo you can visit the official website at http://www.sanbenitocountyrodeo.comrodeo parade

photo credit Benitolink.com