Kathy Riggs January 30th, 2010
We are one month into 2010 and the end of January means preparing to deal with the IRS.
I know the IRS not everyone’s favorite subject, but you should now have your W-2’s, 1099 or whatever you need to prepare your 2009 income taxes.
And, if you, like many people in the country today are spending this weekend camped indoors due to a winter storm, take advantage of the time to get this task done. (Who wants to spend a warm weekend that might be in the near future on these forms and figures?)
My purpose here is to remind first-time homebuyers who purchased homes in 2009 to gather all the information they need to claim the credit. Hey, when that refund arrives in the mail, it’s money you can use for home improvement or put away for the day you need to do something major, such as replace your roof.
Regardless of who prepares your taxes, you know about the 1040. To claim the tax credit, you will need to also use the 5405. Both forms can be downloaded from the IRS website, www.irs.gov. You should download the instructions to complete the 5405. With a calculator or some basic math skills, you will be able to determine your exact credit amount. Even if you use a tax professional, you will have a better understanding if you read through the instructions.
In addition to the IRS forms you will need a copy of your HUD-1 settlement statement. Remember signing six or seven copies at closing? This document should always be kept in your files but if you can’t locate it, call your attorney or your REALTOR.
And remember, it you did not buy a home in 2009, the tax credit has been extended. Read some of my previous posts for details.
on the lighter side…
Real Estate Lingo Definitions: “House has charm and character” Translation: House is old and there will not be enough electrical outlets in one room for a computer, TV and DVD.
SHAMELESS PLUGS
I’m still looking for farmland and if you have any you are willing to sell, I have some interested buyers. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information
Kathy Riggs January 18th, 2010
It may only be mid January, but before you know it Spring will be here and the home selling season will be in full swing.
However, lots of people are looking now in hopes to sign a contract before April 30, 2010 so they will qualify for the tax credits. (If you missed last week’s post on the tax credit extension, scroll down or better still, give me a call at 252-939-2432.)
As any Realtor will tell you, there is only one chance to make a first impression. If your house is going on the market anytime soon, it’s time to spruce up.
Nothing kills a sale any quicker than taking a buyer into a house that looks “tired.” Even if the home you are putting on the market is an older house with “charm and character”, a little effort to make it look alive and welcoming will be worth the effort.
Keep in mind; the objective is to make the house look bright and clean. Any sprucing up will help, but be careful not to over improve your house to the extent that it you can’t list it at market value.
Kitchens and bathrooms are the rooms that normally require the most attention. No one buys avocado appliances anymore, so replace them if it is feasible. Tidy up your kitchen cabinets. Buyers are going to open cabinet doors to check storage space. You don’t want a box of cereal falling from the top shelf! Contact a home improvement specialist about reconditioning kitchen cabinets – or check out some do-it-yourself workshops or websites to help you get started. Look at your backsplash and consider giving it a facelift with some new tile. If you have old kitchen curtains that have seen better days, replace them.
Bathrooms can scream the year a house a house was built. If your bathroom has a freestanding sink, replace with a sink that has a vanity. Not only will the vanity update the bathroom, but also it adds storage space. American homeowners want to know there is enough space for their “stuff.” You may also want to add new shower doors and take a look at bathroom window treatments.
Anytime a house goes on the market, it will only have one opportunity to make a first impression to each buyer. The effort and investment to make that impression the best will be worthwhile to the seller.
