Tax Season is Upon Us

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March is almost over, and we are about to enter the busiest part of the tax season. Although Tax Day is April 15th, double and even triple the amount of tax filings occur during the month of April reports the IRS!

If you haven’t filed your taxes yet, don’t delay any longer.  We recommend e-filing with H&R Block to get your refund as soon as possible:

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Your Referrals are Always Welcome and Appreciated

If you know anyone who is looking to buy, sell, or rent a home, apartment, condo or townhouse, please forward their name and telephone number to us. We will happily provide the same high level of service that we have provided to you. The greatest compliment you could ever give us is the referral of your family and friends.

#Home Ownership Has its Benefits

If you or someone you know are still paying a landlord’s mortgage instead of building equity of your own, see what you’re missing. Check out some of the other financial benefits of being a homeowner.

Typical Tax Deductions for Homeowners

* Mortgage interest – One of the biggest tax incentives to owning a home is that the interest you pay on your mortgage is tax-deductible, up to $1 million. This deduction applies to any kind of home, including a second home under certain conditions.
* Real-estate taxes – As a homeowner, you can deduct the local property taxes you pay each year, too. This applies to both your principal home and any others you may own.
* Points – If you (or even the seller) paid points to the lender to secure your mortgage, you may be able to deduct those points on your taxes.

New and Temporary Deductions

* $8,000 for First-time Buyers – Just when you were figuring out the $7,500 tax credit for first-time buyers, Congress changed the rules and is now offering an $8,000 tax credit – and guess what? Buyers won’t have to repay it unless they sell their homes within three years.
* Mortgage Insurance Premiums – Thanks to Congress, MI premiums can be deducted in most cases by home buyers for mortgages issued after 2006 and before 2010 (although Congress may extend this provision). This one has income limits, so ask your tax professional for help.
* New Standard Deduction – Prior to 2008, only taxpayers who itemized their deductions could deduct state and local property taxes. New legislation changes this for 2008 and 2009. Qualifying tax payers who don’t itemize but pay property tax, get up to a $500 extra deduction; married filing jointly get up to $1,000.

Special Incentives

* Tax-Free Profits on Sale – When you sell your primary residence, you can make up to $250,000 in profit if you’re a single owner, twice that if you’re married, and not owe any capital gains taxes.
* Other Benefits – Ask your tax professional about Penalty-free IRA payouts for first-time buyers, home improvement deductions, energy credits, and even moving expense deductions.

 

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The Red Cross Guide to Preparing for Terrorism

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Devastating acts, such as the terrorist attacks on the World Trade Center and the Pentagon, have left many concerned about the possibility of future incidents in the United States and their potential impact. They have raised uncertainty about what might happen next, increasing stress levels. Nevertheless, there are things you can do to prepare for the unexpected and reduce the stress that you may feel now and later should another emergency arise. Taking preparatory action can reassure you and your children that you can exert a measure of control even in the face of such events.

What You Can Do to Prepare
Finding out what can happen is the first step. Once you have determined the events possible and their potential in your community, it is important that you discuss them with your family or household. Develop a disaster plan together.

1. Create an emergency communications plan.
Choose an out-of-town contact your family or household will call or e-mail to check on each other should a disaster occur. Your selected contact should live far enough away that they would be unlikely to be directly affected by the same event, and they should know they are the chosen contact. Make sure every household member has that contact’s, and each other’s, e-mail addresses and telephone numbers (home, work, pager and cell). Leave these contact numbers at your children’s schools, if you have children, and at your workplace. Your family should know that if telephones are not working, they need to be patient and try again later or try e-mail. Many people flood the telephone lines when emergencies happen but e-mail can sometimes get through when calls don’t.

2. Establish a meeting place.
Having a predetermined meeting place away from your home will save time and minimize confusion should your home be affected or the area evacuated. You may even want to make arrangements to stay with a family member or friend in case of an emergency. Be sure to include any pets in these plans, since pets are not permitted in shelters and some hotels will not accept them.

3. Assemble a disaster supplies kit.
If you need to evacuate your home or are asked to “shelter in place,” having some essential supplies on hand will make you and your family more comfortable. Prepare a disaster supplies kit in an easy-to-carry container such as a duffel bag or small plastic trash can. Include “special needs” items for any member of your household (infant formula or items for people with disabilities or older people), first aid supplies (including prescription medications), a change of clothing for each household member, a sleeping bag or bedroll for each, a battery powered radio or television and extra batteries, food, bottled water and tools. It is also a good idea to include some cash and copies of important family documents (birth certificates, passports and licenses) in your kit.

Copies of essential documents-like powers of attorney, birth and marriage certificates, insurance policies, life insurance beneficiary designations and a copy of your will-should also be kept in a safe location outside your home. A safe deposit box or the home of a friend or family member who lives out of town is a good choice.

For more complete instructions, ask your local Red Cross chapter for the brochure titled Your Family Disaster Supplies Kit (stock number A4463).

4. Check on the school emergency plan of any school-age children you may have.
You need to know if they will they keep children at school until a parent or designated adult can pick them up or send them home on their own. Be sure that the school has updated information about how to reach parents and responsible caregivers to arrange for pickup. And, ask what type of authorization the school may require to release a child to someone you designate, if you are not able to pick up your child. During times of emergency the school telephones may be overwhelmed with calls.

For more information on putting together a disaster plan, request a copy of the brochure titled Your Family Disaster Plan (A4466) from your local American Red Cross chapter. You may also want to request a copy of Before Disaster Strikes . . . How to Make Sure You’re Financially Prepared (A5075) for specific information on what you can do now to protect your assets.

Read more on The Red Cross website

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Iosat Radiation Protective Tablets

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Iosat are the first radiation protective tablets available to the general public. Experts agree that its prompt use would be the most effective measure available to protect millions of people who would be at risk in a nuclear accident or under a radiation threat from a terrorist nuclear weapon aka a ‘dirty bomb’. These FDA approved tablets contain potassium iodide (KI) which provides virtually complete protection from radioactive iodine [RAI], the contaminant that causes thyroid cancer. Should RAI ever escape, the health effects would be disastrous.

Source

Click on the button below for more information:

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Surviving an Economic Crisis

In addition to the expert tips provided by The Red Cross in the post to follow, see below for a list of items that may prove to be vital and lifesaving in the case of a “dirty bomb” attack by terrorists:

1. Solar ventilator
2. Chimney recirculator to bring hot air back into your home
3. Low-smoke burning wood in the fireplace
4. Water under your bed
5. Freeze dried noodles and other non-perishable food
6. Dehydrated food (i.e. apricots, blueberries, etc.)
7. Charcoal, propane & wood for an outdoor barbeque
8. Batteries
9. Solar powered cell phone charger
10. Flashlights
11. Tires, Fanbelt, Hoses, Points & Plugs
12. Gasoline
13. Propane cooker
14. Honey
15. Olive oil
16. A 1-gallon sealed container of wheat (recommended: hard red winter wheat)
17. Natural Multivitamins, protein powder, lysine, tryptophan, vitamins C, D and E, B complex
18. Radiation protective tablets (i.e. Potassium Iodide) – Anbex is the maker of the first radiation protective tablet available to the general public known as Iosat (see the next post for more information).
19. Prescription Medicines
20. Immunizations (i.e. pneumonia, tetanus)

You can buy “preparedness” at many of our recommended retailers.

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Ending the LA & NYC Rivalry

 

Real Estate New Yorker Cartoons

We must remember what makes all our coasts: The Left Coast, The East Coast and the Gulf Coast, worth relocating about. And The New Yorker’s satirical and self deprecating cartoons use great humor to show how we are all alike after all.

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WeHo Real Estate Good News ( #weho )

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Thursday, July 31, 2008 – Real Estate By Sandy Arison, West Hollywood

This may come as a surprise, but the WeHo real estate news isn’t all bad. There is more housing inventory on the market now then there has been in a long time.

The good news for buyers is that prices continue to decline allowing for the purchase of some amazing properties that previously may have been unaffordable.

It is also interesting to see multiple bids on properties that are listed below their perceived values for the location.

I went to a few new developments this week at 1351 Havenhurst and at 1248 Laurel in West Hollywood.

The model units in both developments were beautifully done with open floor plans, state of the art appliances, top of the line fixtures, outside space and amazing architecture.

The development on Havenhurst features a landscaped public park by Katie Spitz, a nationally recognized landscape architect.

The asking price in both developments has been reduced making these new Condo/Townhouses a great deal for someone who wants to live in the lap of luxury with a great investment for the future.

There are more developments still under construction in West Hollywood. In the current housing market the buyer will have lots of choice and the opportunity to negotiate on the purchase price.

In spite of the fact that there is currently a moratorium on building in West Hollywood, developers are continuing to seek permits to build.

Carlo Capomazza, an agent at my KW office has developed a website, www.wehowego.com, which shows the locations and development status updates.

West Hollywood is a great place to live and work and continues to attract affluent buyers.

At the same time, the city must continue to be proactive in building much needed affordable housing and also consider the financial costs for residents that are being uprooted.

In the news, Congress has passed an extensive plan to relieve the devastation of the housing market by enacting legislation to help homeowners avoid foreclosure and stay in their homes.

The President has signed the bill which provides for Government backed mortgages to be made available to homeowners at risk of foreclosure at a lower cost.

The creation of a new agency will oversee Fannie Mae and Freddie Mac.

This legislation will also increase in government lending to Fannie Mae and Freddie Mac for 18 months.

In the long-term the bill provides $4 billion in block grants to communities to buy and fix up foreclosed properties.

The cap on mortgages eligible for backing by Fannie Mae and Freddie Mac will be raised to $625,500.

Read this article on the WeHO News website

 

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