Three Financially Sound Reasons Seniors Should Consider Selling and Buying in 2010

Three Financially Sound Reasons Seniors Should Consider Selling and Buying in Spirng 2010

By Michelle C. Carr-Crowe

I’ll make it brief and to the point: there are three financially sound reasons every homeowning senior should carefully consider selling, and also possibly buying, in spring 2010.
For example, 2010 is a good year to sell, and possibly also buy, in Saratoga, San Jose, Los Gatos, Campbell, Palo Alto, Santa Clara or Monte Sereno if you meet one of the following criteria:
1) You plan to sell and want to buy another property, especially if the new property will be less than $800,000, and/or
2) You have significant equity built up and want to save capital gains tax, as the existing benefit ends at the close of 2010
3) You are 55 or older, blind or disabled, and plan to sell in Santa Clara County and buy a home for the same price or less in Santa Clara County or one of six other participating counties in the Proposition 60 & 90 program.
Currently, there is a new, limited-time tax credit available to homeowners selling and buying a property (both must close by April 30, 2010). This window is open for about another 75 days.
Many people assume the capital gains tax we’ve had in place for years will remain with us indefinitely. Not true. The capital gains tax benefit that allows a single person to keep up to $250,000 in tax free capital gains, or a married couple can keep up to $500,000 in gains is set to automatically expire on December 31, 2010.
Although the real estate lobby will push for extension or expansion, given the current poor state of the economy, many are concerned about the perception that this is a “rich person’s benefit,” making it difficult if not impossible to garner support.
Sales of assets held more than 12 months and sold on or after May 6, 2003 qualify for the 15 percent capital gains rate (5 percent for lowest income taxpayers and zero percent beginning in 2008). The capital gains rate reverts to 20 and 10 percent for assets held for more than 12 months and sold after December 31, 2010.
Is NOW Your Time to Buy a Home? (click here to find out now)
Click Here to Find out Home Values in Your Area!

You're Invited to *3* Get RE$ult$ Team Open Homes! Sat., Jan. 30th, 1:30-4:30

You're Invited to *3* Get RE$ult$ Team Open Homes! Sat., Jan. 30th, 1:30-4:30

By Michelle Carr-Crowe of the Get RE$ult$ Team, Your Lynbrook & Cupertino Schools Experts

Thinking of buying a home in 2010...in San Jose...Saratoga...Santa Clara? Considering buying a home within Nationally-Recognized Cupertino Schools? Curious about first-time homebuyer tax credit expiring April 30...existing homeowner tax credit expiring April 30...the tax-free capital gain benefit expiring December 31...mortgage payments...short sales...foreclosures...FHA loans...where to start...who to trust?

Come to a Get RE$ult$ Team open house and see how real estate consultants work differently ... and why we're the Lynbrook Cupertino Schools Experts!
You're Invited to *3* Get RE$ult$ Team Open Homes! Sat., Jan. 30th, 1:30-4:30
3 Get RE$ult$ Team Open Homes !!

. 7100 Rainbow Drive, San Jose . 20644 Oak Creek, Saratoga . 3735 Pruneridge, Santa Clara

7100 Rainbow - NOT YET ON MLS! Delightfully Affordable!
Peaceful Location! Private End Unit! Priced to Sell! Lovely END UNIT Features ALL WHITE Kit.! Updated Appliances! BIG Pantry! HUGE Balcony Spanning Length of Home! Separate Inside Laundry Room! Energy-Efficient Dual Pane Windows! Nationally-Recognized CUPERTINO Schools !! Meyerholz! Miller! Lynbrook High! Delightfully Affordable! Rainbow Drive!

20644 Oak Creek, Saratoga - Hidden Jewel!

Hidden Jewel! Privacy! Prestigious Saratoga! Prime Cupertino Schools! SINGLE-LEVEL END UNIT !! SOARING CEILINGS !! Gleaming Hardwood Floors! GORGEOUS GRANITE SLAB Kit.!! Stainless Appl.!! Skylights !! Nationally-Recognized CUPERTINO Schools !! Blue Hills, Kennedy & Monta Vista High! Hidden Jewel! 20644 Oak Creek, Saratoga!

3735 Pruneridge, Santa Clara - Stylish & Spacious!

Stylish & Spacious !! Westwood Oaks! GORGEOUS BULLNOSE GRANITE SLAB!! Recessed Lights !! 5 Skylights !! THICK Crown Molding & Baseboards !! Glowing Hardwood !! Tile Baths !! Lg. & Lovely Updated 3 Br! ~1674 sf HUGE ~7700sf Lot !! Cupertino Schools! Westwood Oaks Beauty! Santa Clara w/ Cupertino High! 3735 Pruneridge
Just Call 252.8900 !!

You're Invited to Open House Wed., 1/27 10a-Noon at 20644 Oak Creek Lane, Saratoga 95070

You're Invited to Open House Wed., 1/27 10a-Noon at 20644 Oak Creek Lane, Saratoga 95070

by Michelle Carr-Crowe

New to Market! Privacy, Prestige & Prime Cupertino Schools!

Private End Unit! Plus … Prime Cupertino Schools!

Hidden Jewel Offers Best of All Worlds !!

Give Your Family Privacy, Prestige & Superb Educational Potential in this Fabulous TownHome … only $658K !!

Gorgeous, Open & Spacious !!

Super-Desirable Single-Level END UNIT !!

Updated TownHome = E-Z Care LifeStyle !!

Prestigious SARATOGA Address on Quiet Cul-de-Sac Amidst Million $ Homes

Soaring Ceilings & Spacious Airy Feeling



Large Formal Tile Entry

Glowing & Gleaming Hardwood Floors

Gorgeous GRANITE SLAB Kitchen Features All Stainless Steel Appliances Plus Warm & Glowing Wood Cabinetry

Peaceful BackYard for BBQs & Relaxation

COOL CENTRAL AIR CONDITIONING !!

Give Your Family Privacy, Prestige & Superb Educational Potential in this Fabulous Home!

NATIONALLY-RECOGNIZED CUPERTINO SCHOOLS !!

Blue Hills – API 977!

Kennedy Middle – API 971!

Monta Vista High – API 935! NEW ON MARKET !!

Hurry to See-It Won’t Last !!

Open Wed., 1/27 from 10a-Noon

Open Thurs., 1/28 from 10a-Noon

Open Sat., 1/30 from 1:30 to 4:30

Open Sunday, Jan. 24th from 1:30 to 4:30

20644 Oak Creek Lane, Saratoga, CA 95070 x. Saratoga-Sunnyvale/Kirkmont/Prospect Gorgeous Granite Kitchen at 20644 Oak Creek in Saratoga

Two Great Reasons for San Jose Seniors to Sell (and Buy) in 2010

Two Great Reasons for San Jose Seniors to Sell (and Buy) in 2010

By Michelle C. Carr-Crowe

I’ll make it brief and to the point: 2010 is your year to sell if

1) You plan to sell and want to buy another property, especially if the new property will be less than $800,000, and/or

2) You have significant equity built up and want to save capital gains tax, as the existing benefit ends at the close of 2010.

Currently, there is a new, limited-time tax credit available to homeowners selling and buying a property (both must close by April 30, 2010). Also, a single person who closes by December 31, 2010 can keep $250,000 in tax free capital gains, and a married couple doing the same can keep up to $500,000.

Sales of assets held more than 12 months and sold on or after May 6, 2003 qualify for the 15 percent capital gains rate (5 percent for lowest income taxpayers and zero percent beginning in 2008). The capital gains rate reverts to 20 and 10 percent for assets held for more than 12 months and sold after December 31, 2010.

Is NOW Your Time to Buy a Home?
Click Here to Find out Home Values in Your Area!

Do You Need to Postpone Paying Property Taxes This Year?

Do You Need to Postpone Paying Property Taxes This Year?

By Michelle C. Carr-Crowe

Do you need to postpone paying property taxes this year? Taxes are considered late and significant fines begin accruing immediately after 5:00 pm on December 10th.

If you are blind, disabled or 62 years of age or older, and if you have an annual income of $24,000 or less, you may have the option of having the State pay all or part of the property taxes on your home or mobile home.

However this option does not exempt you from paying eventually. Instead, this deferred payment is a lien on the property and becomes due upon sale, change of residence, or death. The filing period for property tax postponement is between May 15 and December 10 (less than 7 days from now).

Information and claim forms can be obtained by calling the State Controller's Office at 1-800-952-5661, or by visiting their website. (http://www.sco.ca.gov/)

You can also view and pay property taxes online via electronic check (for a fee of $15) or by credit card (for 2.5 percent of the balance). This can be done at http://payments.scctax.org/payment/jsp/currentSecured.jsp.

For convencience, here’s a list of local United States Post Offices with extended hours of operation here.

Mail or bring your tax payment to:
Tax Collector's Office
70 West Hedding Street
East Wing, 6th Floor
San Jose, CA 95110
http://payments.scctax.org/payment/jsp/startup.jsp

Can’t remember your parcel number? You can look up your record by either the address or parcel number here: http://payments.scctax.org/payment/jsp/getUnsecured.jsp.

Taxes are due no later than 5:00 pm on December 10th. Contact the Santa Clara County Tax Collector right away if you are blind, disabled or 62 years of age or older, and make less than $24,000 a year and need to postpone paying property taxes this year.

Do You Need to Postpone Paying Property Taxes This Year?

Do You Need to Postpone Paying Property Taxes This Year?

By Michelle C. Carr-Crowe

Do you need to postpone paying property taxes this year? Taxes are considered late and significant fines begin accruing immediately after 5:00 pm on December 10th.

If you are blind, disabled or 62 years of age or older, and if you have an annual income of $24,000 or less, you may have the option of having the State pay all or part of the property taxes on your home or mobile home.

However this option does not exempt you from paying eventually. Instead, this deferred payment is a lien on the property and becomes due upon sale, change of residence, or death. The filing period for property tax postponement is between May 15 and December 10 (less than 7 days from now).

Information and claim forms can be obtained by calling the State Controller's Office at 1-800-952-5661, or by visiting their website http://www.sco.ca.gov/.

You can also view and pay property taxes online via electronic check (for a fee of $15) or by credit card (for 2.5 percent of the balance). This can be done at http://payments.scctax.org/payment/jsp/currentSecured.jsp.

For convencience, here’s a list of local United States Post Offices with extended hours of operation here.

Mail or bring your tax payment to:
Tax Collector's Office
70 West Hedding Street
East Wing, 6th Floor
San Jose, CA 95110

http://payments.scctax.org/payment/jsp/startup.jsp

Can’t remember your parcel number? You can look up your record by either the address or parcel number here: http://payments.scctax.org/payment/jsp/getUnsecured.jsp.

Taxes are due no later than 5:00 pm on December 10th. Contact the Santa Clara County Tax Collector right away if you are blind, disabled or 62 years of age or older, and make less than $24,000 a year and need to postpone paying property taxes this year.

Saratoga Senior Salvation-A Tax Credit for Move-DOWN Saratoga Buyers

Saratoga Senior Salvation-A Tax Credit for Move-DOWN Saratoga Buyers

By Michelle C. Carr-Crowe

Lost in the hoopla about extending and expanding the “up to” $8,000 credit for new homebuyers is the credit for existing homeowners. In my opinion, this can be “Senior Salvation” - a tax credit for move-DOWN Saratoga buyers.

I called my broker, my local real estate board, the California Association of REALTORS®, and even the IRS to ask my question: does this credit apply for move-down buyers?

So far the answer is, “As long as they qualify and have a tax to apply the credit to, it looks like YES.”

To summarize:
1. A first time homebuyer is one that has not owned a home for at least three years.
2. A repeat homebuyer must have owned their current home for at least five consecutive years out of the last eight years.
3. The maximum purchase price for the new home is $800,000.
4. If single, your earning maximum to qualify is $125,000; if married, it’s up to $250,000.
5. There's no gap between the prior deadline (November 30th) and the new credit period, which ends April 30th.
6. While you must be in a contract to purchase your new home on or before April 30th, you have until June 30th to close the transaction.
7. To prove you qualify, you'll need to attach proof of purchase to your tax return (most likely a HUD-1 or final closing statement).
Caveat: please, please check with your tax professional and attorney before making any real estate commitments.

However, this may finally be a tax credit that helps seniors who’ve lived in their homes for more than five consecutive years of the past eight.

For example, a senior couple selling a 1.5 million dollar single family home in Saratoga Lynbrook they’ve owned for the past 10 years, then buying a single-level 3 bedroom condo in San Jose for $650,000 not only get to keep their $500,000 tax-free capital gains benefit and transfer their tax basis, they can also now use up to $6,500 as a tax credit.

Savings for Cupertino Seniors-the Tax Credit for Move-DOWN Cupertino Buyers

Savings for Cupertino Seniors-the Tax Credit for Move-DOWN Cupertino Buyers

By Michelle C. Carr-Crowe

Lost in the hoopla about extending and expanding the “up to” $8,000 credit for new homebuyers is the credit for existing homeowners. In my opinion, this can be “Senior Salvation” - a tax credit for move-DOWN Cupertino sellers and buyers.

I called my broker, my local real estate board, the California Association of REALTORS®, and even the IRS to ask my question: does this credit apply for move-down buyers?

So far the answer is, “As long as they qualify and have a tax to apply the credit to, it looks like YES.”

To summarize:
1. A first time homebuyer is one that has not owned a home for at least three years.
2. A repeat homebuyer must have owned their current home for at least five consecutive years out of the last eight years.
3. The maximum purchase price for the new home is $800,000.
4. If single, your earning maximum to qualify is $125,000; if married, it’s up to $250,000.
5. There's no gap between the prior deadline (November 30th) and the new credit period, which ends April 30th.
6. While you must be in a contract to purchase your new home on or before April 30th, you have until June 30th to close the transaction.
7. To prove you qualify, you'll need to attach proof of purchase to your tax return (most likely a HUD-1 or final closing statement).

Caveat: please, please check with your tax professional and attorney before making any real estate commitments.

However, this may finally be a tax credit that helps seniors who’ve lived in their homes for more than five consecutive years of the past eight.

For example, a senior couple selling a $2 million dollar single family home in Cupertino Monta Vista they’ve owned for the past 8 years, then buying a new single-level 2 bedroom condo in San Jose for $650,000 not only get to keep their $500,000 tax-free capital gains benefit and transfer their tax basis, they can also now use up to $6,500 as a tax credit.

And as the capital gains $500,000 tax-free credit is set to EXPIRE as of December 31, 2010, now is a huge window of opportunity for seniors seeking to maximize their benefits.