Deducting Moving Expenses

Tags

Deducting Moving Expenses, Home Expense Deductions, Homes in Jacksonville FL, IRS deductions, Tax deduction

Are you planning a move for a new job? Are you relocating to find a new job? Are you moving and self-employed? Good news: If you meet any of these criteria, you may be eligible to deduct your moving expenses.

As an “above the line” deduction, you don’t have to itemize the write-off, either. Expenses can include an array of items that really add up, including:

– Utility disconnection and reconnection fees
– Up to 30 days of storage unit costs
– Hotel rooms (though not the expenses like minibars and meals!)
– Shipping and packing costs (from the boxes to the moving company, etc.)
– Travel to the new home, as well as automotive deductions of 24-cents/mile

Now, as we all know, there are no freebies with the IRS. You have to meet some basic requirements. First, once you’re settled in your new location, you have to be employed full-time for at least 39 weeks of the next year (12 months after the move). It doesn’t have to be the same company… just full-time employment for 39 weeks. If you’re self-employed, you need to be self-employed full-time for a minimum of 78 weeks of the next two years (24 months after the move).

In addition to the duration of employment, you also must be a minimum distance from your original location. For the self-employed, a minimum of 50 miles applies. For those who commuted to a job, you must be 50 miles plus the distance of your commute. So if you drove 20 miles to your old job, the move must be at least 70 miles away from your old home (50 + 20 mile commute).

Naturally, it’s a good idea to confirm these rules with your tax professional, as the IRS is often in the habit of updating, eliminating, or otherwise changing the criteria by which they judge deductions. The bottom line: Don’t miss out on this tax savings!

This is just one of the many ways homeowners are rewarded come tax time. There are other ways you can keep more of your income by making the leap from renter to owner. I’d be happy to help you climb the path! Get in touch with us today: Kevin and Jennifer Hanley, REALTORS, Keller Williams Realty Atlantic Partners Southside, http://www.HanleyHomeTeam.com

Advertisements

Lowball Offers Can Hurt

Tags

Buying a home, Jacksonville FL Real Estate, Keller Williams Realty Atlantic Partners Southside, lowball offer, Making an offer on a home, Negotiating an offer, offer on a home

We represent our clients professionally and responsibly. We’ll submit any offer our buyers request that we submit, but there are some things you might not realize about the “lowball” offer and how it might actually hurt your home search.

For many sellers (even those who you think might be a little desperate to sell), the lowball offer can come across as frivolous, or even insulting. If you’re truly interested in the home, bidding so low can actually backfire badly. Insulted sellers are less willing to negotiate and in many cases won’t even submit a counter offer.

Now, this might not be the end of the line with that seller, but if you do decide to make an offer closer to something the seller is willing to accept, you may find them utterly inflexible when it comes to negotiations. Basically, the lowball experience leaves a bad taste in the mouth, while a reasonable offer opens the door.

Feel free to call us or email us with your thoughts or questions. We are here to help you make an important decision and we are here to help navigate you through the home buying process in a win-win fashion. Kevin and Jennifer Hanley, REALTORS http://www.HanleyHomeTeam.com 904-422-7626 Keller Williams Realty Atlantic Partners Southside

Down Payment Savings Tips

Tags

Buying a home, Downpayment Assistance, Downpayment to buy a home, High-Yield Savings Account, Jacksonville FL Real Estate, Savings Account, Savings Goal

Every month you pay the rent, you’re probably thinking, “I wish this money was going into my future.” For a lot of would-be first-time home buyers, it’s the down payment which makes home ownership seem impossible. Climbing the “down payment mountain” isn’t impossible. Like any major challenge, it’s all a matter of breaking your big, hairy, audacious goal down into practical steps.

Here are some tips to conquer saving for a down payment:

Find out where your money goes. You can’t start saving if you don’t know where you’re spending. For a month or two, track each expenditure, no matter how small. Get an objective picture of where you’re spending the cash.

Get specific about how much you need to save. Even if you’re not 100% sure what your down payment needs to be yet, it’s good to start doing a little math to figure out how much you need to save. Pick a dollar amount and a timeline to hit that dollar amount. For example, a $25,000 down payment in two years comes to $1,041/month. Sound unrealistic? Either scale down your home desires to something smaller or scale up your timeline. If you can wait three years, that monthly savings goal drops to $694/month.

Determine the big moves you can make. If you’re in a three bedroom apartment and can stomach the idea of scaling down to a one bedroom, how much would you save in rent? What about going from two cars down to one? If you can make it work, these sacrifices will have a huge impact on your savings goals.

Setup a separate savings account. Don’t let your dream home money mingle with your regular checking or savings account. Establish a high-yield savings account with a credit union or money market account to protect and build your stash. It’s important to have a separate account with a “hands off” attitude.

Mind the risky investment schemes. Once you have a little momentum, you might be tempted to take some of that cash and invest it in order to make it grow faster. Be very prudent about this, as investing in stocks, startups, or high-yield funds can easily decimate your savings. Be conservative.

Of course, it’s important to know how much home you want to buy when you’re saving up for your down payment. I’m happy to give you an idea what homes are selling for in your area. Feel free to get in touch any time if you have questions: Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com 904-422-7626

Exciting news!

Tags

award willing agents, Experienced real estate agents, Jacksonville FL real estate agents, REAL Trends award

The Hanley Home Team has been named to the REAL Trends 2014 list! The Hanley Home Team is in the top 0.1% of all agents nationwide!

Experience and integrity are what you get when you work with the Hanley Home Team. Call us today! Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-422-7626 http://www.HanleyHomeTeam.com