Happy New Year!
Best wishes to everyone for 2017! Thank you again for all your support! Thank you for allowing me to be of service. I am grateful that to have the opportunity to provide this little newsletter. I am grateful for the opportunity to speak and share with so many people.
2017 promises to be interesting in terms of real estate! We are seeing interest rates increase which in turn decreases the amount of home someone can buy. To the surprise of many economists we did see an increase of home purchases by Millennials (born 1980 to early 2000’s). Some think the increase in interest rates will benefit those who are trying to save. Economists are seeing an increase in job growth, however many people still need multiple jobs to afford a home due to underpaying jobs. Banks are easing the guidelines for large investors that buy “flip” homes. So more homes that are redone are becoming available to home buyers. Yes there are many changes coming!
With all that is happening, if you are curious about the value of your home or are looking to purchase, please do not hesitate to call me!
Mortgage Interest Deductions
From IRS Publication 936 (https://www.irs.gov/publications/p936/ar02.html)
Part I. Home Mortgage Interest
This part explains what you can deduct as home mortgage interest. It includes discussion on points, mortgage insurance premiums, and how to report deductible interest on your tax return.
Generally, home mortgage interest is any interest you pay on a loan secured by you home (main or second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. You can decudt home mortgage interest if all the following conditions are met: You file Form 1040 and itemize deductions on Schedule A. The mortgage is a secured debt on a qualified home in which you have an ownership interest.
Both you and the lender must intend that the loan be repaid.
Fully deductible interest. In most cases, you can deduct all of your home mortgage interest. How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds.
If all of your mortgages fit into one or more of the following three categories at all time during the year, you can deduct all of the interest on those mortgages.
The three categories are as follows: 1. Mortgages you took out on or before October 13, 1987. 2. Mortgage you (or your spouse if married filing a joint return) took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt.), but only if throughout 2016 these mortgage plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately). 3. Mortgage you (or your spouse if married filing a joint return) took out after October 13, 1987, that are home equity debt but that are not home acquisition debt, but only if throughout 2016 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2).
The dollar limits for the second and third categories apply to the combined mortgage on your main home and second home.
Find our more details on secured debt, wraparound mortgages, divided home use, rented second home use etc at https://www.irs.gov/publications/p936/ar02.html
Tucson and Vicinity Resale Statstics
||Avg. Sales Price
||Days on Market
Statistics gathered from Tucson Multiple Listing Service
News, Notes, Upcoming Events…
Did You Know…
- While the custom of sending cards, flowers, chocolates and other gifts originated in the UK, Valentine's Day still remains connected with various regional customs in England. A character called 'Jack' Valentine knocks on the rear door of houses leaving sweets and presents for children. Although he was leaving treats, many children were scared.
|Do you know a buyer for these homes?
160 S. Montgomery Ave.
Serene! Private! New! Complete 3 bedroom home with open living room, kitchen with all the finest amenities...
4820 E. Fort Lowell, G
The easy life! 3 bedroom, large spacious living space! Hardwood floors. Formal dining. Great community pool!
If you are looking for a painter or a heating & cooling specialist, check your 2016 Service Directory.
If you don't have one, please call me!
(This Newsletter is for information only and is not an attempt to solicit other Broker's listings.)