Just when we were wondering what's next? We found it. So what do we do now when it comes to Destin Condos? We have to dig a little deeper if we are in the business of condo or real estate rental.
IRS Gets Picky About Who's a Real Estate Pro The Internal Revenue Service (IRS) is taking a closer look at income tax statements submitted by individuals claiming to be real estate professionals, given that the agency has released new guidelines regarding this tax status.Licensed real estate agents and brokers do not always qualify for real estate professional status under the new rules, which mandate that individuals spend no less than 750 hours on qualified real estate activities: developing, redeveloping, constructing, reconstructing, acquiring, converting, renting, operating, managing, leasing, or selling property. This means that those with full-time jobs elsewhere cannot claim to be real estate professionals. Additionally, the IRS says losses tied to real estate activities are either passive or materially participating passive, with passive losses deductible only from passive income and materially participating passive losses deductible from other income.Those who use limited partnerships to hold property are not considered to be materially participating, and the agency is increasingly targeting limited partnerships for auditing. The IRS also is looking to make sure those claiming material participation either work 500 hours per property or aggregate the properties into one 500-hour period, and they are cracking down on those who do not meet this benchmark.Real estate investors are eligible for $25,000 in deductions from passive income up to $100,000 in taxable income; while real estate professionals do not have dollar or income limits, making the distinction ever-important to the tax planning process.
Source: Realty Times, Diane Kennedy (07/17/08)
For more investment advice and updates stay tuned to www.InvestSmarter.com and for more information on the Destin Real Estate market take some time to search online at www.Destin-Florida-MLS.com and www.real-estate-destin-florida.com. These sites are part of the InvestSmarter network.
Friday, July 18, 2008
Thursday, July 3, 2008
The worst may yet to come
Well.....guess it's that time again to dig deaper into what is going on in this market. Foreclosures are the hot item along with short sales..but what does that really mean? Where is the market going? Have we seen the bottom? What is yet to come?
Well all of these are great questions and you can find some wonderful answers at www.InvestSmarter.com where we are trying to keep the facts out there for everyone. Also the Destin Florida Condo market and Destin Florida Real Estate market can be tramps if you are not careful at investing..hence our new site www.real-estate-destin-florida.com where we help bring out a few points and encourage others to come together and talk about real estate matters like below:
Wave of Subprime Loans Ready to Reset First American CoreLogic reports that the number of subprime adjustable-rate loans resetting peaked at 7.61 percent of the loans outstanding in June, and more than 300,000 of the mortgages will adjust this summer. Data from the California research firm covers about 80 percent of the mortgage market. More home owners are facing an increase in the payment on their subprime adjustable-rate mortgages; and borrowers who are unable to refinance due to declining home prices could be pushed into foreclosure, which is already at a record level. "We may not see the impact in foreclosures until the middle of 2009," according to Mark Fleming, chief economist for CoreLogic. Source: Washington Post, Renae Merle (07/01/08)
So what does this mean? If you are a sideline buyer...you may not have to jump in right now. The key to any real estate deal is does it make sense???? If it doesn't, don't do it!!!
To many people look and buy out of gut feeling. Put pen to pad and see what makes the most sense for you and your family or your business. Take time to look online. We have established sites just for this...no worries, no houding, just simple searching to find what's available in today's market:
www.Destin-Florida-Condominiums.info
or
www.Destin-Florida-MLS.com
Both of these will help you find what you are looking for in the Destin Florida area when it comes to homes, condominiums, or commercial real estate.
Well all of these are great questions and you can find some wonderful answers at www.InvestSmarter.com where we are trying to keep the facts out there for everyone. Also the Destin Florida Condo market and Destin Florida Real Estate market can be tramps if you are not careful at investing..hence our new site www.real-estate-destin-florida.com where we help bring out a few points and encourage others to come together and talk about real estate matters like below:
Wave of Subprime Loans Ready to Reset First American CoreLogic reports that the number of subprime adjustable-rate loans resetting peaked at 7.61 percent of the loans outstanding in June, and more than 300,000 of the mortgages will adjust this summer. Data from the California research firm covers about 80 percent of the mortgage market. More home owners are facing an increase in the payment on their subprime adjustable-rate mortgages; and borrowers who are unable to refinance due to declining home prices could be pushed into foreclosure, which is already at a record level. "We may not see the impact in foreclosures until the middle of 2009," according to Mark Fleming, chief economist for CoreLogic. Source: Washington Post, Renae Merle (07/01/08)
So what does this mean? If you are a sideline buyer...you may not have to jump in right now. The key to any real estate deal is does it make sense???? If it doesn't, don't do it!!!
To many people look and buy out of gut feeling. Put pen to pad and see what makes the most sense for you and your family or your business. Take time to look online. We have established sites just for this...no worries, no houding, just simple searching to find what's available in today's market:
www.Destin-Florida-Condominiums.info
or
www.Destin-Florida-MLS.com
Both of these will help you find what you are looking for in the Destin Florida area when it comes to homes, condominiums, or commercial real estate.
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