If you’re like many of us after filing taxes, you’re wondering what you can do to take advantage of more deductions next year and how to lower your income-taxes. If you already own a home and are claiming deductions there, you may want to consider investing in real estate to reduce your tax-burden. Feel free to contact me on how to qualify for an investment property or for access to hard-money lenders in the DFW area (and how to still meet your income / profit goals even when utilizing a hard-money lender).
Wondering exactly what you can deduct when flipping a property? Take a look below (and remember to contact your CPA for specifics or tax-related questions).
So What can You Slam-Dunk Deduct?
Here is a very partial list of possible deductions a typical flipper can claim, each year, whether in a startup phase or not:
- Interest on business loans.
- Advertising and marketing costs.
- Costs of an assistant or laborer (but not while they’re renovating a property, in which case labor costs are added to your basis).
- The home office deduction (technically, “business use of your home”).
- Mileage you drive checking on properties, scouting new neighborhoods, or meeting with buyers, sellers, vendors, agents and advisors. You can take 55.5 cents per mile you drive for business purposes. Keep a log and an appointment book in case the IRS audits you.
- Business legal expenses (not personal expenses).
- Tax preparation fees.
- A salary for yourself as an owner/employee of a corporation (if you have a corporation).
- Local and state taxes.
- Office supplies. But not capital equipment such as printers and computers, unless you can get it in under Section 179. Remember, you must depreciate computers over five years.
- Maintenance costs.
- Consulting fees.
- Health insurance for yourself as the owner/employee and your staff, if any.
- Bookkeeping fees.
- Exterminator fees.
- Lawn maintenance charges on business property (but not landscaping fees, which are probably a capital investment).
- Office space, if you lease an office other than your home.
Note: If you’re running your flipping business inside a self-directed IRA or other retirement account, then none of these are deductible, simply because there’s no taxable income from flipping operations to deduct. Information above provided by: Jason Van Steenwyk, RealEstate.com.
Amy S. Arey, Realtor | Halo Group Realty, LLC | 214.901.1341-Cell
Great tip, notice!
Originally posted on CBS Dallas / Fort Worth:
Anyone who purchased and planted spring flowers recently, when conditions have been warm and sunny, will need to take steps on Monday to prevent those plants from freezing. It’s recommended that you water them now and cover the soil with mulch. Jeff McCauley, owner of Shades of Green, said that watering the plants creates an igloo effect. “Why do you water plants? So they don’t freeze dry, because once the water freezes at 32, it doesn’t get any colder than 32,” McCauley explained.
Frost clothes will be in high…
View original 134 more words
In honor of the day that so many of us look forward to as much as falling out of a roller-coaster, I thought I would remind everyone of a few tips and suggestions that may be helpful with the looming tax-deadline, especially if you own a home. ;-)
Consult your CPA for specific tax-questions.
Amy S. Arey, Realtor | Halo Group Realty, LLC | 214.901.1341
Reviving a yard after such a harsh winter will take some know-how. Regardless of whether you are trying to prime your yard for the summer or wondering how to boost your curb-appeal to list your home for sale, read on for some helpful tips and techniques from guest-blogger Ryan Haralson, owner of A&H Landscaping. Admittedly, I have been doing my own yard for a few years; it’s a “therapy” to me…but I can also say that I have not since won the HOA Yard-of-the-Month Award (two months in a row!) as I did when Ryan was tending to my oasis. Regardless of whether you are looking for routine maintenance or a landscape-design artist in the collin county or surrounding area(s), A & H Landscaping is one to count on…
The Villas at Twin Creeks is a town home community in Allen at the corner of McDermott and Watters (just off of highway 75, for an easy southern commute!) resembling custom homes. The Villas at Twin creeks currently has 3-bedroom floorplans available from $259,000. The Villas at Twin Creeks is in Allen ISD and the home of Boon Elementary, Ereckson Middle School, and Allen High School.
Perhaps a lifestyle change or… desire for more of a “turn-key” lifestyle has you craving a change and looking into the possibility of townhomes and condos in the suburbs of Dallas. You love your home…and you would miss the features that you can only (or can you?) get in a custom-home, but you want or need a change.
Welcome to the Villas at Twin Creeks!
The Villas at Twin Creeks is built by Megatal Homes, who have multiple locations across the metroplex and are known for their “standard build” being LOADED with upgrades (such as):
-3 cm granite
-GE Stainless Steel Applicances
-Moen Rubbed Bronze Fixtures
-Royal Jetted Tubs
-Fully Sodded front and Back with Bermuda Grass
-6 FT Stained Privacy Fence
The Villas at Twin Creeks also has jogging, biking trails, the Arnold Palmer Golf-Course, and a catch-and-release pond. Great nightlife, shopping, dining is only minutes away at Watters Creek and Allen Premium Outlets! So, enjoy relaxing at one of the two community pools and smile as you know…someone else will be cleaning it this time (while you’re enjoying dinner and your favorite glass of wine at Brio or one of your other favorites restaurants down the street)…
Remember…inventory may change at any time, without notice.
Looking for options in selling your current home and buying another? Feel Free to Contact me:
Amy S Arey, Realtor | Halo Group Realty, LLC | 214.901.1341
Mediterranean Style homes in Collin and Dallas counties are a rare commodity indeed if searching on your own (even more-so now with our limited inventory of ALL homes for sale in North Texas). Websites are not updated, and you’re likely coming across homes that have already sold six months ago or longer. You’re possibly starting to feel like you should “settle” on another style of home –but you shouldn’t give up yet! There ARE ways to find these lovely, popular, and rare Mediterranean-Style homes in Texas.
So…how does one go about looking for this particular style of home in Texas? Find a Realtor who you TRUST, and have them get to work finding exactly what you love and want in your new home. Direct access to MLS gives us the most up-to-date information possible…and even better-we can set you up on automated listing-searches so that you never miss out on a home again. (We have a duty to make sure our MLS information is updated ((and are actually FINED by our licensing board if it’s not!)) whereas third-party websites are not bound by this strict compliance. It always pays to have a Realtor represent you and look out for your best interests.
or contact me directly to set up a customized, “Mediterranean-Style Only” listing-search
Dreaming of a home with your own Terracotta Roof?
Don’t miss this beauty for sale in Plano for only $379,990!
(Availability may change at any time and without notice)
Or this Mediterranean-Style Home for Sale in Plano:
Have questions regarding Mediterranean-Style Homes for Sale in North Texas
or looking for a lot to build your dream-home (or need references for builders who build this style of home?)
Feel free to contact me:
Have questions regarding Mediterranean-Style Homes in Texas or would like to know more about builders who built this style of property? Contact me for a list!
Amy S Arey, Realtor | Halo Group Realty, LLC | 214.901.1341
Fairway Village is a neighborhood in Stonebridge Ranch in Mckinney at the intersection of Stonebridge Ranch and Custer Road. Most homes in Fairway Village were built in the early 2000′s and range in price from $220k-$320k.
Homes in Fairway Village are currently home of the exemplary-rated Mckinney schools of Eddins, Dowell, and Mckinney Boyd (growing at such a fast rate, make sure to check the latest zoning for school information).
CURRENT HOMES FOR SALE IN FAIRWAY VILLAGE
Looking for a Realtor in Mckinney to help you buy or sell your next home? Feel free to visit my website below and contact me. I would love the opportunity to earn your business.
Amy is one of the most aggressive (in a very good way) Realtors you can hope for! My wife and I were looking for a house in the summer of 2012 and she did a FANTASTIC job. She helped us getting what we want for the price that we wanted to pay. I have recommended her to numerous people since then and everyone loves her!
Amy is the consummate professional Realtor. Ive used several realtors in the past and have never had one that had near the work ethic of Amy. She is a relentless marketer using not only traditional marketing but is a social media expert as well. She doesn’t just stick a sign in your yard and post on MLS, she constantly promotes your listing to keep it visible. I can’t imagine ever using another Realtor. Thank you Amy for YOUR dedication and passion and for LOVING your JOB; it shows every day!!! April 23, 2012
As a real estate investor, I have worked with many Realtors and Amy is the most creative and has the highest integrity of any I have met. She is very charming and easy to work with, but result is the bottom line. Within 30 days of meeting Amy, she sold my property for full price and it was closed and funded. Great results through great work ethic and expert knowledge and high integrity. If you want a Realtor who will go the extra mile for you, Amy is highly recommended. November 27, 2012
My husband and I hired Amy to sell our house and to purchase one after we sold ours. She did a great job marketing our house and it was sold very fast! We then purchased a home and Amy made our transactions (paperwork) for both homes fast and easy! Completely Satisfied :) November 27, 2012
So I don’t really know where to start but to say Amy made our first time homebuying experience amazing. She was absolutely awesome. She answered all my question even when I had like a million. Even if I emailed her late at night she was always very helpful and dedicated to my husband and I. I have already referred her to friends and will use her when the time comes to sell and buy again. Choosing Amy as your Realtor will be the first right step forward to owning your new home.
Experience and Skills