Hi everyone, it's almost the weekend, so hang in there. :) I hope you have all had a productive week thus far. Things have been picking up slowly in the San Bernardino and Riverside County real estate market. We're still seeing some over-priced listings, but for the most part, eager sellers are listing at below market prices. For the buyers out there, this is a good time to comb through the inventory, there are a lot of homes lingering on the market that are waiting for you!
There's not much in the news for today, so let's get straight to it.
Feds target homeowners' ordinary income, capital gains. Part 1: Minimizing home-sale taxes. "I would love to sell all my real estate to take advantage of today's high prices, but I don't want to pay Uncle Sam a fortune in taxes." We're all familiar with federal income taxes on earnings received from job wages, interest, dividends, and other fully taxed sources. This is usually called "ordinary taxable income." It is generally taxed at the highest tax rates, based on a sliding scale -- the higher the total ordinary taxable income, the higher the tax rate. Unless you receive very little or no taxable ordinary income, allowable itemized deductions can significantly reduce the income tax on your ordinary income. Deduction examples include home mortgage interest, residence property taxes, charitable donations, casualty losses, moving expenses, and home business deductions. State income tax rates are generally much lower than the federal income tax rates, but California, Hawaii, Minnesota, New York, North Carolina and Wisconsin have the highest state income tax rates. Click here to read more.
SLO County median home price drops. Single-family house prices fell nearly 12 percent in December. The median home price for a single-family house in San Luis Obispo County fell nearly 12 percent in December, or more than $70,000, but local real estate professionals warn that it is too early to determine if the market is headed downward. The $534,930 median home price -- the statistical point where half of the homes sell for more and half for less -- declined 11.6 percent from the November price of about $605,160, according to the California Association of Realtors. Nonetheless, it still represents a 12.5 percent increase from December 2004 when the median-priced home sold for nearly $475,610. The December 2005 figure was the lowest monthly median price registered since May 2005. Home sales were flat for the county on a month-over-month basis, and up 6.4 percent from December 2004. Statewide, California home sales were slower in December. Sales in December for single-family homes were down 17.6 percent compared to the previous December. The median home price for the state was essentially flat between November and December, when it registered $548,430. That represents a 15.6 percent gain in value compared to December 2004. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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