North San Diego County Real Estate News: January 2011

Tuesday, January 25, 2011

Vista Townhome For Sale: 703 Copper Dr. Vista, CA

2bd.townhome with direct entry 2 car garage.Home faces beautiful greenbelt and has its own patio.Master bedroom has a balcony that overlooks the greenbelt with a view to the east overlooking Vista. Laminate flooring in main areas, carpet in bedrooms and stairs. Newer tile floors in both baths. Complex is FHA approved, 75% owner occupied and HOA is in good shape. Rare to find 2bd, 2car attached garage w/community pool under $200,000. Approved Short Sale at 170k. Needs some TLC.

Property Details:

2 Bedrooms
1 1/2 Bathrooms
Sq Ft: 1,225
2 Stories
Price: $159,000.00

Front Entrance

Kitchen

View from Staircase

View from Balcony

For More Information About this Property Call 866.230.7210

Respectfully,

Debbie York SFR, GRI, CNS
Coldwell Banker
Certified Distressed Property Expert

760-505-6474

dyork@coldwellbanker.com NorthCountyHomesInfo.com

Saturday, January 22, 2011

Don't Lose Your Capital Gains Exclusion, It Could Cost You

Currently I’m working with a couple selling a home that is rented to their son and soon to be daughter-in-law. This was their primary residence for 14 years until they purchased another home 2 years ago. Their accountant asked if they had planned on taking the principal residences capital gain exclusion. My client said they would like to but didn’t know what is was or how it worked.

The requirement is that they must have owned and used the home for two out of the last five years (730 days), but that didn’t mean 2 years concurrently. For my clients, it means the home needs to be ready to sell; fresh paint, popcorn on ceilings removed, landscaping upgraded, priced correctly, sold and closed within six months."

The motivation for the seller was simple...minimizing or eliminating the unnecessary payment of taxes. Their gain in the home should be around $100,000; not qualifying for the exclusion would cost them $15,000 in long term capital gains tax. That is a lot of money to leave on the table for the government to keep and decide how it should be spent.

Getting your home sold for the most money is something most good agents strive for; protecting your best interests is another. I help people understand the tax advantages, financing alternatives and investment aspects of homeownership.