Great news! If you’re moving for your work, you just might qualify for a tax deduction on your moving expenses. This is part of the tax Form 3903: Moving Expenses.

While this is potentially great news, not everyone is qualified for these tax deductions. If you find yourself moving for your job, here’s what you need to know about qualifying.

You have to be moving for work. 
In order to get this tax break, you have to be moving for your job. This doesn’t mean that you’re moving to another town to look for a new job. You have to already have the job and you have to prove that your new job required you to relocate.

You have to be moving far.
If your work is relocating you to the next town over, it isn’t as likely that you will qualify for this…

1019 Views, 0 Comments

Read Full Post

There are a few important questions you should be asking when it comes to property taxes.

1. What is the assessed value of the property? The assessed value can be less than market value, so it's important to ask this question. Try to find a recent copy of the seller’s tax bill; this will help you find this information.

2. How often are properties reassessed, and when was the last reassessment done?  Know that as a rule, taxes tend to spike whenever a property is reassessed.

 

3. Will the sale of the property trigger a tax increase? The assessed value of the property might jump depending on how much you pay for the property. Be sure to take this into account before you buy.

4. Is the amount of taxes paid comparable to other properties in the…

1253 Views, 0 Comments

Read Full Post

Considering a Short Sale or Foreclosure

There are two things to consider when deciding whether or not to short-sale or foreclose: Equity and Cash Flow. If you have positive equity in your home you should not Short Sale or Foreclose. If you no longer wish to make your payments you should be able to sell your home without a Short Sale. If you have negative equity (owe more than your home is worth) you need to consider cash flow before making any decisions.

Positive cash flow means the mortgage can be paid each month with your income (not using savings, gifts, or increasing your debt). If you have positive cash flow (break even or better) you should keep your property. Even if it has negative equity. If you can continue to make your payments, do so. If…

24864 Views, 0 Comments

Read Full Post

In July and August you will be receiving your property valuation notice. This notice declares what the county assessor determines is the market value of your home as of January 1st. Your property taxes will be based on this valuation. If you disagree with the result of the valuation, you only have until September 15th to send an appeal. While you cannot appeal how much you will be taxed, you can disagree with what they claim your home is worth.

Here are the steps to submitting an appeal:

Step #1: Determine the value of your property

Examine the county's valuation and look for obvious errors. Is the square footage accurate? What about the lot size? Errors will alter the appraised value of your property. If there are no errors, it is good to…

1442 Views, 0 Comments

Read Full Post