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Homeowner Tax Deductions

Exactly 2 months until tax day.  Don't wait until the last minute to scramble to find what your deductions may be. As a homeowner you may be able to deduct many home-related expenses. Use these tips to maximize your potential deductions.

Capital Gains with No Income Taxes - Once every two years, single homeowners can realize a tax-exempt profit of up to $250,000 or married homeowners who file jointly on their tax returns do not have to pay taxes on up to $500,000 of gains when they sell their primary residence. The seller must have owned and occupied the home as a principal residence during any two of the last five years.

Federal Tax Credits for Consumer Energy Efficiency - If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax credit. This credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. By spending as little as $5,000 before the end of the year on eligible energy-saving improvements, a homeowner can save as much as $1,500 on his or her 2009 federal income tax return. Due to limits based on tax liability, other credits claimed by a particular taxpayer and other factors, actual tax savings will vary. These tax savings are on top of any energy savings that may result.  Visit the IRS website for more information and specifics.

First-time home buyer credit - An $8000 tax credit is available to eligible taxpayers that have bought, are buying, or have entered into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. You are considered a first-time home buyer as long as you did not own a home during the three years leading up to the purchase of your new home. Let The Evelo help you in buying your first home!

Moving expenses - If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct travel and lodging expenses for you and your family and the cost of moving your household goods.

Deducting Real Estate Taxes - Real estate taxes are deductible in the year paid. They are generally reported on Form 1098, Mortgage Interest Statement, the annual statement from the financial institution holding your mortgage, or on your county real estate tax assessment statement. You should also deduct any prorated taxes collected from you at closing. These amounts are not always included on Form 1098, but may be itemized on your real estate
closing statement.

You should always consult a professional tax advisor for details on which deductions apply to you.

Contact The Evelo Team for your home buying/selling needs at 317-863-4663 or by email at Team@EveloTeam.com.

11 Tips (Not Just 10) On Getting Your Home Ready To Sell

Every seller wants their home to sell fast and bring top dollar. It has nothing to do with luck. It takes careful planning and knowing how to spruce up your home that will make buyers interested. Here are 11 tips on prepping your house to turn it into an irresistible and marketable home.

1.  Disassociate Yourself With Your Home.

  • Make the mental decision to "let go" of your emotions and focus on the fact that soon this house will no longer be yours.
  • Say goodbye to every room.
  • Don't look backwards -- look toward the future.

2.  De-Personalize.

Pack up your personal items like pictures family heirlooms. Buyers can't see past your personal touches, and you don't want them to be distracted. You don't want to make any buyer ask, "I wonder what kind of people live in this home?" You want buyers to say, "I can see myself living here."  

3.  De-Clutter!

People collect an amazing quantity of junk. Consider this: if you haven't used it in over a year, you probably don't need it.

  • If you don't need it, why not donate it or throw it away?
  • Pack up those knickknacks.
  • Clean off everything on kitchen counters.
  • Put essential items used daily in a small box that can be stored in a closet when not in use.
  • Think of this process as a head-start on the packing you will eventually need to do anyway.

4.  Rearrange Bedroom Closets and Kitchen Cabinets.

Buyers love to snoop and will open closets, drawers and cabinet doors. Think of the message it sends if items fall out or look messy. Now imagine what a buyer must think about you if they see everything organized. It means you probably take good care of the rest of the house as well.

  • Organize the pantry.
  • Clean out those junk drawers.
  • Make sure you can actually walk into the walk-in closet. Line up shoes. Hang shirts together facing the same direction.

5.  Rent a Storage Unit.

Your home will show much better with less furniture. Remove pieces of furniture that block paths and walkways. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around. You don't want buyers scratching their heads and asking, "What is this room used for?"

6. Remove/Replace Favorite Items.

If you want to take window coverings, appliances or fixtures with you, remove them now. If the chandelier in your entryway is a family heirloom and is priceless to you, take it down. If a buyer never sees it, they won't want it. Once you tell a buyer they can't have an item, they will want it, and it could cost you your deal. Pack up those items and replace them, if necessary.

 7.  Make Minor Repairs.

  • Paint your walls neutral colors. It is an inexpensive fix to really spruce up your home. (Don't give buyers any reason to remember your home as "the house with the ugly orange bathroom.")
  • Replace cracked floor or counter tiles.
  • Patch holes in walls.
  • Fix leaky faucets.
  • Replace burned-out light bulbs.
  • If you've considered replacing a worn comforter, do so now!

 8.  Make the House Sparkle!

  • Wash windows inside and out.
  • Use a pressure washer and spray down sidewalks and exterior.
  • Clean out cobwebs.
  • Re-caulk tubs, showers and sinks.
  • Polish chrome faucets and mirrors.
  • Clean out the refrigerator.
  • Vacuum daily.  
  • Dust furniture, ceiling fan blades and light fixtures.
  • Replace worn rugs.
  • Hang fresh towels.
  • Odors are a no-no! Clean out those litter boxes. Clean and air out any musty smelling areas.

 9.  Scrutinize.

  • Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
  • Linger in the doorway of every single room and imagine how your house will look to a buyer.
  • Examine carefully how furniture is arranged and move pieces around until it makes sense.
  • Make sure window coverings hang level.
  • Tune in to the room's statement and its emotional pull. Does it have impact and pizzazz?
  • Does it look like nobody lives in this house? You're almost finished.

10.  Check Curb Appeal.

If a buyer won't get out of their agent's car because they doesn't like the exterior of your home, then you probably won't even get them inside.

  • Keep the sidewalks and driveway clear.
  • Mow the lawn.
  • Paint faded window trim.
  • Plant yellow flowers in flower beds or pots. Yellow evokes a buying emotion.
  • Trim your bushes.
  • Hang a wreath on the front door.

11.  Hire The Evelo Team ASAP!

The Evelo Team is ranked as the 4th Top Real Estate Team in Indiana, offering unparalleled service to over 760 families with proven results for more than 14 years! Whether you're looking to sell your home or buy your dream home in Fishers, Carmel, Noblesville, Indianapolis or surrounding areas, The Evelo Team can help you with ALL of your real estate needs.

For all of your real estate needs, please contact The Evelo Team at 317-863-4663 or by e-mail at team@eveloteam.com.

Did you hear? Star Power Conference is BACK!

Did you hear? STAR POWER Conference is back!

And the Evelo Team with Keller Williams Realty wants to be the first to invite to join us at what we think will be the biggest event of the year in our real estate industry!

It's official ... STAR POWER is being re-launched under new leadership! We, Derek and Stephanie Evelo, as STAR POWER Stars are incredibly excited to be involved in the continuation of STAR POWER into a new era of industry leadership. 

Since you are a part of OUR database you automatically get $100 discount to this event!

YOU WON'T WANT TO MISS THIS ONE! 

We feel it's going to be the biggest event of the year in our real estate industry! 

The 2010 Conference has been booked and this years key note speaker is Dave Ramsey . I do not personally profit if you sign up on my recommendation, but if you try to sign up without going through me it is going to cost you extra money.  Us the link below to get the discount.

http://www.gostarpower.com/go?w=conference&p=a512

STAR POWER also has a new saying that fits perfectly with the organization's goals:

STAR POWER is ... Success Shared™.

I'm proud to be a part of this extraordinary organization helping thousands of agents across the country learn how to be more successful, both professionally and personally.

Agents interested in elevating their business should definitely look into going to STAR POWER Conference. Again, the site is:  http://www.gostarpower.com/go?w=conference&p=a512

Staging--Its all about packaging your home

Home staging is fairly new practice in the real estate industry, the art and science has only been around for about 5 years. Staging has become more popular with help from home improvement channels such as HGTV. Real estate staging is anything that helps a home seller make their home more attractive and appealing to potential buyers. Just as a person who is selling their car would have their car detailed, a home owner would "detail" their home to help in the selling process. In good staging, the best features of the house are maximized, and the worst are minimized. It forces a seller to think like a buyer. Professional stagers are highly skilled artists. They can take a blank canvas and paint a sensuous portrait without ever lifting a paint brush. Stagers possess the skills of a top-level designer and they create dramatic scenery that appeals to all five senses. No matter if you're selling your home in  Fishers, Carmel, Westfield or Noblesville, Indiana you can contact The Evelo Team and we can refer you to the top home staging experts in your area. 

For more information, call: 317-863-4663 or email: Team@EveloTeam.com

Did you hear? Star Power Club is relaunching!

Did you hear? STAR POWER Club is relaunching!

It's official ... STAR POWER is being relaunched under new leadership! As a STAR POWER Star it's incredibly exciting to be involved in the continuation of STAR POWER into a new era of industry leadership.

Lots of changes have been made to the program, including creation of a new monthly magazine, new spotlight videos on DVD monthly, organization of historical content in the newly branded STARCHIVES, and the new STAR POWER website with highly interactive forums.

To learn more, visit:    http://www.gostarpower.com/go?w=gostar&p=a512

or simply go to: https://www.gostarpower.com/join 

I'm proud to be a part of this extraordinary organization helping thousands of agents across the country learn how to be more successful, both professionally and personally.

Agents interested in elevating their business should definitely look into joining STAR POWER Club.

Again, the site is:  http://www.gostarpower.com/go?w=gostar&p=a512

STAR POWER is ... Success Shared™.

Who Doesn't Love a Bargain?!?

The economy has been making some hints at resurgence in the past few months, but it's nowhere near a complete rebound. So as consumers, we know how important it is to "pinch every penny" and to "save for a rainy day". This applies to buying your future home, selling your existing home or as simple as needing a free oil change or hiring someone to repair your home computer.

It seems everyone these days are looking to save money and cut corners any way they can and The Evelo Team is helping you and your family achieve this. Looking for new appliances? Looking for landscaping contractors, painters, plumbers, etc?. Let The Evelo Team help you.

Through our affiliation with Pin Point Perks, The Evelo Team can help you save money with all of these examples.  Please visit www.pinpointperks.com/eveloteam to view all savings that are being offered. Make sure you check back often for new savings. Be sure to check out our "personal" offer. If you list your home with The Evelo Team the processing fee will be waived. A $295 value! 

Plus as an added bonus, you don't have to pay to be included to receive these offers. IT'S FREE!!

Helping you "pinch every penny"!

P.S. Restaurant savings coming soon!!

 

Indianapolis Home Show

If you have been thinking about updating your bath, redecorating your living room or installing a new patio in your backyard then the Indianapolis Home Show is for you.  Here you can get ideas for home building, remodeling, home decor, landscaping and more.  The home show runs January 29-February 7 at the Indiana State Fairgrounds.  This event has special guest speakers including Paul DiMeo and Ty Pennington from “Extreme Makeover: Home Edition” as well as hundreds of booths that you can visit.  While you are there stop by the fully- constructed, decorated and landscaped home.  You can buy tickets online for a discount price by clicking on the link below. 

http://www.indianapolishomeshow.com/ME2/Sites/Default.asp?SiteID=C613314058014988BC94300D9B039E6C

 

Home Buyer Tax Credit

   As you are surely aware by now, the government extended the First Time Home Buyer Credit through April 30, 2009.  What this means is if you haven't owned a primary residence in the past 3 years, you may qualify for an $8,000 tax credit for purchasing a home.  There are some restrictions that may apply, so click here to be directed to the government website.

   In addition to the first time home buyer, the government added a move-up/repeat home buyer tax credit.  To see if you would qualify for the move-up tax credit, click here.

 

http://www.federalhousingtaxcredit.com/faq2.php#1

Interest rates, for 1/25/2010 for Fishers, Indiana.

If you're buying a new home or looking to refinance your home, interest rates are one of the largest components of the process. 
Today's Fishers Indiana Home Loan Rates courtesy of First Merchants:
30 Year 5.0%
20 Year 4.875%
15 Year 4.375%
If you need the name of a reputable home finance expert, please call us: 317-863-4663 or email us here.
Find your dream home: Indyshomefinder.com

Hamilton County Real Estate Experts

   The Evelo Team of Keller Williams Real Estate has been helping friends and family build, buy, sell, and invest in real estate for 15 years.  We have constantly ranked among the top real estate teams in the Indianapolis area, Hamilton County, and even in the country! 

   Specializing in Hamilton County real estate, we helped over 95 families make a move in 2009.  Whether you are looking to sell your home, buy a home, or invest in real estate, put The Evelo Team to work for you.  We produce results and will get your home sold! 

   We recently rolled out a new website that is very user friendly.  This site has all the information from current market trends in you neighborhood, homes for sale, and bank owned and foreclosure properties.

   Stay tuned for blogs to come and let us know how The Evelo Team can help you get your home sold or how we can help you with buying your next home.  Also, if you have questions regarding the first time home buyer and move up buyer credit, we are the experts!

Contact Information

Photo of The Evelo Team Real Estate
The Evelo Team
Keller Williams Realty Indy Metro NE
11800 Exit 5 Parkway, Ste 102
Fishers IN 46037
317-863-4663
Fax: 317-863-4664