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Debra Wellins

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Tax Category

How to Calculate Your Real Estate Tax Portability when Downsizing Homes

So often, I'm asked how to calculate the real estate tax savings or tax portability when downsizing homes.  Here's a clear and simple example that I provided to one of my sellers in Pinecrest.  Use it as a template for your own numbers. Take a look at the chart.  If you own a home that has a current market value of $2,300,000 with an assessed value of $1,165,000, the cap difference is $1,134,273. You are allowed to "port" or transfer up to a maximum of $500,000 of this. Let's say... Continue Reading >

The Home Office Deduction

Debra Wellins Home office deductions are definitely a red flag to the Internal Revenue Service, increasing the likelihood of an audit.  However, the deductions may be worth the risk. Meet These Criteria Regularly use the space exclusively for business If it is not a separate structure such as a studio or converted garage, it must be a room where no other activities are performed. For employees, it must be the principle space where you conduct business or a place where you meet clients or customers. And it must be used for... Continue Reading >

Are You Paying Too Much in Property Tax?

Debra Wellins There are several new exemptions that may lower your property tax bill.  Determine if you qualify for exemptions by attending the Town Hall meeting hosted by Miami-Dade County Property Appraiser Carlos Lopez-Cantera. He will be speaking at the Pinecrest Library on Thursday December 19, 2013 at 7 pm to discuss these exemptions.  You can also complete your exemption application at the meeting with assistance from staff from the Property Appraiser's office. The Pinecrest Library is located at 5835 SW 111 St  Pinecrest, FL  33156. Property Tax Appeals In addition to... Continue Reading >

Four Tax Deductions When you Buy a Home

Debra Wellins Homeownership has tax advantages. The down payment on the purchase of a house is not deductible. However, these four items are deductible on your annual U.S. income taxes. Mortgage loan interest Real estate taxes Closing fees that decrease the rate of the mortgage loan Mortgage insurance required on all FHA and VA loans, and on conforming or conventional mortgages higher than 80 percent loan-to-value ratio (LTV) Florida Realtors I am a luxury residential specialist in Pinecrest, Coral Gables and Coconut Grove.  If you would like to schedule a buyer or... Continue Reading >

Save Money on Pinecrest Homes! Village Launches Clean Energy Green Corridor

Debra Wellins The Village of Pinecrest  is making it easier for homeowners to obtain 100% financing to protect their homes from hurricanes, save energy, lower utility cost and make their homes safer and healthier.  The Clean Energy Green Corridor  program offers homeowners an opportunity to finance home improvement projects that include: Impact Windows or Storm Shutters New Roofs Solar Panels Heating and Air Conditioning Water Heaters Pool Pumps Ducting and Insulation Lighting Choose your own contractor, make the improvements your want and realize the savings on your property tax bill spread... Continue Reading >

Valuing Land – Buy a Tear Down or Vacant Lot?

Debra Wellins A buyer recently inquired about the value difference in buying undeveloped residential land vs a tear down.  When you purchase land, the major considerations are location, size and shape of the property, size of the home you wish to build and limitations due to protected trees.  There are also impact fees associated with new construction. With a tear down, there are costs to demolish and remove the structure but the lot usually has water and sewer in place.  Historically, Miami homes... Continue Reading >

Moving This Summer? Here are 10 Helpful Tax Tips

Debra Wellins If you are moving because of a new job or even the same job at a new location, the IRS offers these tax tips on expenses you may be able to deduct on your tax return. Expenses must be close to the time you start work - Generally, you can consider moving expenses that you incurred within one year of the date you first report to work at a new job location. Distance Test - Your move meets the distance test if your new main... Continue Reading >