Liens Placed on Properties will be Reduced

Since the start of the recession, tax liens have risen more than 60% making it difficult for individuals to obtain affordable housing and jobs. This month, the IRS announced the number of liens placed on properties  owned by delinquent tax payers will be significantly reduced, making it easier to get them withdrawn.  A tax lien can also affect a homeowners credit scored and their ability to sell their property.
The IRS will raise the thresholds from $5,000 to $10,000 owed back taxes. In addition,  taxpayers who make payment arrangements with the IRS will be able to have their lien withdrawn.  The IRS also announced they have broadened their “Offer in Compromise”  program which allows taxpayers to negotiate a tax reduction. In order to qualify, an individual must demonstrate  that they have exhausted all available resources (Taxpayers with annual incomes up to $100,000 can now participate). For further information, please contact an IRS office or website.

Jobs and Homeownership ~ You can’t have one without the other

Good jobs enable people to achieve the American Dream of homeownership. Everytime a house is built, bought or sold jobs are created, lots of them…right here at home.
Home sales in the United Estates generate more than 2.5 million private sector jobs in an average year. For every two homes sold, a job is created. Every home purchased produces up to $60,000 into the economy over time for furniture, home improvements and related items. Housing accounts for more than 15% of the Gross Domestic Product, making it a key driver in our national economy. Housing has led this country out of 6 of the last eight recessions.
America needs jobs. Housing creates jobs. This is one of the many reasons home ownership matters to people, to communities and to our country. (National Association of Realtors supporting Homeownership) For more information visit HouseLogic.com

Tax Season is Here ~ Review your Homeowner Tax Advantages

One of the advantages of owning a home is that it can reduce the amount of income tax you pay every year.
With tax season here, prepare all your documentation in advance to factor in all your tax advantages.  Here is a list of benefits for homeowners:
  • Home Buyer tax credits:  You are entitled to a tax credit of up to $8,000 if you purchased your first home before April 30, 2010. Anyone  who owned and home and sold it to purchase another before April 30, 2010 is eligible for a federal tax credit of up to $6,500.
  • Loan fee deductions: Certain requirements need to be met to qualify for prepaid interest deductions when purchasing or refinancing a property. However, you may deduct points, origination fees and loan discount fees, even if the seller paid these for you.
  • Property tax deductions: In addition to deducting the property taxes you pay each year, you are entitled to deduct the taxes you paid at the closing table in the year you purchased a home.
  • Mortgage interest deduction: You may deduct the amount of interest including late charges you pay on your mortgage and home equity loans. If your down payment was less than 20% you may also deduct private mortgage insurance premiums as interest expenses.
  • Selling your home costs: You may deduct the costs related to the sale of your home (in the year you sold it), such as real estate commissions, title insurance, legal fees, advertising, administrative costs and inspection fees. This includes decorating or repair costs incurred in the 90 days before the sale of your home.
  • The gain on you home: The government allows you up to $250,000 (double for married couples) of profit on the sale of your home tax free. However, this does not apply to rental property or second homes. You are also allowed to subtract any amounts you spend on improvements, and in 2010 you can receive tax credits for making energy saving upgrades to your home. Money invested for routine maintenance doesn’t count. 
         Remember….. Consult with your tax professional about tax laws to be sure your are following the rules.

Check out the Minneapolis Housing Fair on February 26, 2011

FREE and Open to the Public!

This event will take place on February 26 from 10 AM to 3 PM. The Housing Fair is centrally located in South Minneapolis at South High School.

There will be almost 100 vendors to answer your questions and advice on home remodeling, basement finishing, kitchen and bath transformation, landscaping plus woodcraft for kids! In addition everyone will have the opportunity to connect with a broad range of community experts. Click here for directions

Fannie Mae Launches WAYSHOME Interactive Video Tool to Help Struggling Homeowners

In an effort to connect with homeowners across the country affected by a variety of hardships  during this challenging economy phase, Fannie Mae has launched WaysHome, a free multi-media tool designed to educate homeowners about their options to avoid foreclosure. Homeowners have a significantly better chance of finding a solution by maintaining proactive working with their Mortgage Company and using consumer tools to make educated decisions about their properties. WaysHome addresses a range of options homeowners can utilize to avoid foreclosure that include repayment plans, forbearances, modifications, deeds-in-lieu, and short sales. For more information, visit www.KnowYourOptions.com

Meet the Perkins Team

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A single real estate transaction requires the completion of numerous tasks: Marketing, Negotiation, Sale Tracking, Communication…just to name a few! As a buyer or seller you need a trusted counselor, skilled negotiator, and an expert facilitator. The Perkins Team recognizes this need and has assembled a group of individuals to meet it. Each member of the Perkins Team has different strengths and talents allowing us to handle your transaction with the care of a specialist — every step of the way! 
 
 Our Sales Team        
The Perkins Team agents know the Twin Cities neighborhoods and properties inside and out. They answer questions and communicate proactively by phone, e-mail, fax and in person. Whether you’re selling or buying our sales agents provide perspective and advice when you need it and listen to your needs to ensure the best possible result for your unique situation. We hope the following information greets you with a positive response because its purpose is to give you enough information about how the Perkins Team works, so you feel comfortable in choosing us . . . The Perkins Team, to represent you in your upcoming Real Estate Transaction!