Comments for Real Estate

Comment on Do we owe tax on the sale of the condo?Profit from home sale? by SuzeY

SuzeY — Tue, 11 May 2010 21:51:59 +0000

If the condo was your primary residence for the past two years, then chances are that you won’t owe any tax. Any gain you have from the sale will be used to adjust the tax basis in your new home. For example: You originally paid $100,000 for the condo, and made permanent improvements for $20,000 (that means things like remodeling a bathroom, kitchen,etc.-not decorating items like paint). You now have a tax basis of $120,000. You sell the condo for $200,000, with 6% commission and 1% transfer tax. That gives you selling expenses of $14,000 (7% of $200,000). The net sale amount is $186,000 ($200,000 less $14,000 commission and tax). The total gain on the condo is $66,000 – the $186,000 net sale price less the tax basis of $120,000. If you paid $300,000 for your new home, the tax basis would be $234,000–$300,000 purchase price less the $66,000 gain on the condo. The real estate taxes you paid on the condo will be deducted on Schedule A, the same as you have always done. Be sure to check your condo closing papers to see if you paid any additional property taxes on there. Here in Cook County, Illinois, we have the most screwed up property tax system in the country. We’re like a year behind on our assessment, so when we sell property, we have to pay the accrued property tax at closing.

Sorry to you had to learn some tough real estate lessons. There seems to be a lot of that going around lately!
References :
cpa

Comment on Do we owe tax on the sale of the condo?Profit from home sale? by scguy89

scguy89 — Tue, 11 May 2010 21:42:59 +0000

i’m not a tax expert, but it usually depends on how long you owed it…if it was your primary residence, and you owned it for more than two years, i dont believe you would owe taxes on the profit from the sale of your home…this is assuming that you live in the US
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Comment on Do we owe tax on the sale of the condo?Profit from home sale? by jo_jo_baby2004

jo_jo_baby2004 — Tue, 11 May 2010 21:33:59 +0000

I would check with a good tax advisor or cpa and perhaps even a lawyer
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Comment on What is the base salary and commission structure for a new homes sales rep? by Brucebuys

Brucebuys — Sun, 09 May 2010 17:34:59 +0000

New home sales rep is completely different structure of compensation than a Realtor receives. I’m assuming your talking about working for a new home DEVELOPER or builder?

In that case typically you would receive a small base (sometimes it is just an hourly rate, say $10 an hour – or small weekly or monthly salary – and a commission on sales of 1% -1.5% or a sliding scale that might run higher based on volume.)

The idea is to provide the rep with a floor on their income unlike a Realtors arrangement, but you also will have a much lower ceiling on what you can earn since the commission rate is usually much lower. Builders also supply the leads, walk-ins etc for you to work.
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Comment on What is the base salary and commission structure for a new homes sales rep? by alexfont0801

alexfont0801 — Sun, 09 May 2010 17:07:59 +0000

Many realtors charge up to 6 points. But if you want to make money, you probably should start cheaper. Charge 2 points of the value of the house. But if you represent the seller and the buyer then charge 4. In which state are you?
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Comment on Elegant Tropical Residential Home Filipino Design House Philippines by resolvetjjcmf

resolvetjjcmf — Fri, 07 May 2010 16:01:24 +0000

its elegant and …
its elegant and refreshing house

Comment on Elegant Tropical Residential Home Filipino Design House Philippines by chardnj

chardnj — Fri, 07 May 2010 16:01:24 +0000

Parang may Mali!!!!!
Parang may Mali!!!!!

Comment on Elegant Tropical Residential Home Filipino Design House Philippines by weward

weward — Fri, 07 May 2010 16:01:24 +0000

pag umulan..kawawa …
pag umulan..kawawa yang bahay na yan..

Comment on Elegant Tropical Residential Home Filipino Design House Philippines by markbradleyvideos

markbradleyvideos — Fri, 07 May 2010 16:01:24 +0000

I am thankful to …
I am thankful to have seen this video. Great one! thank you and keep up the good work!

Comment on Elegant Tropical Residential Home Filipino Design House Philippines by markbradleyvideos

markbradleyvideos — Fri, 07 May 2010 16:01:24 +0000

I am thankful to …
I am thankful to have seen this video. Great one! thank you and keep up the good work!