Archive for August, 2005
Villa Park Real Estate Market Update
To Schedule a showing for this property, please Click HerePosted: August 10th, 2005
Bart Smith’s
Real Estate Update
August, 2005
It’s school time again….just a reminder….be extra alert. Watch for children who might not be thinking about cars. We can all help to prevent tragedies.
Current market data shows….that the real estate market is alive and well in Orange County! Recent information in the Orange County Register indicates that home prices are up nearly 15% over a year ago! The enclosed report shows activity city by city. Call if you want specific neighborhood information.
“Who you gonna call?”….If you know someone coming this way or going that way, we have experienced top notch agents who can help. Just call me and we’ll take it from there.
A taxing question….Why should I pay tax on the sale of my own home when I bought it with after tax dollars? Good question. Congress, in all its collective wisdom, has addressed that issue. At this time you can exclude $500,000 of gain if married ($250,000 if single) if you lived in the property for at least 2 of the 5 years prior to sale.
But, what if I die?….Your heirs will receive a “stepped up” basis for tax purposes. Of course, estate taxes could come into play depending on the size of your estate. Your financial planner is trained in these areas. If you need advice, call and we can refer you.
Speaking of taxes….You might want to take advantage of the Gift Tax laws and transfer some assets to your children while you’re still alive! Again, contact your financial planner.
Until next time,