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Dallas, TX Real Estate News

By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 Dallas TX VA loan benefits in 2020. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affairs, VA ...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
Did you know that there are approximately 20 million taxpayers that are either in some stage of the collection process with the IRS or are believed to be non-filers. This is expected to continue to increase in the current economic environment related to COVID-19.  Unfortunately, if you don't solve your tax problems timely, you can expect penalties and interest that can rapidly increase the tax owed, levies, liens, a negative impact on your credit, and stress in your daily life and relationships that can be avoided by taking the proper action. By gaining the knowledge or hiring a firm that specializes in IRS problems, taxpayers can navigate the IRS system effectively and favorably resolve their tax collection problems.   How do you Solve Your Tax Problems?There are several different meth...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 VA loan benefits in Dallas Texas in 2020. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affair...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Being a Dallas Texas First Time Homebuyer makes you have to consider your options before you buy. The first thing you will need to consider is what your long-term goals are with being a home owner and how your goals fit in with that plan. One goal could be to stop paying rent that just increases after every lease you renew.Buying your own home first is one of the happiest times of your life! However, a lot of paperwork and time goes into it and finding a lender with great reviews will ease much of the stress. But, the satisfaction you get from your first home closing is something you will never forget! The benefits of being a Dallas Texas First Time Homebuyer greatly outweighs renting for the following reasons:          Greater privacy.          Homes typically increase in value the old...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 Dallas TX VA loan benefits in 2020. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affairs, VA ...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Being a Dallas Texas First Time Homebuyer makes you have to consider your options before you buy. The first thing you will need to consider is what your long-term goals are with being a home owner and how your goals fit in with that plan. One goal could be to stop paying rent that just increases after every lease you renew.Buying your own home first is one of the happiest times of your life! However, a lot of paperwork and time goes into it and finding a lender with great reviews will ease much of the stress. But, the satisfaction you get from your first home closing is something you will never forget! The benefits of being a Dallas Texas First Time Homebuyer greatly outweighs renting for the following reasons:          Greater privacy.          Homes typically increase in value the old...
Comments 0
By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
The benefits of a preapproval (not prequalification) for Dallas Texas Home Loans. Many consumers are not informed on the proper way for buying a home. No question, this is a big decision, and one that can be either immensely stressful- or immensely enjoyable- depending on how you go about the home buying process of Dallas Texas Home Loans and the surrounding areas. The key is to take the proper steps to educate yourself on your buying power, initial investment, and taking some time to think about your lifestyle choices. This article will cover all of these.   Education    The steps necessary to purchasing a home in Dallas, Texas starts with getting pre-approved for your home loan. Notice we did not say get prequalified- in today’s world a prequalification is not meaningful. You should c...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
Comments 0
By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
The benefits of a preapproval (not prequalification) for Dallas Texas Home Loans. Many consumers are not informed on the proper way for buying a home. No question, this is a big decision, and one that can be either immensely stressful- or immensely enjoyable- depending on how you go about the home buying process of Dallas Texas Home Loans and the surrounding areas. The key is to take the proper steps to educate yourself on your buying power, initial investment, and taking some time to think about your lifestyle choices. This article will cover all of these.   Education    The steps necessary to purchasing a home in Dallas, Texas starts with getting pre-approved for your home loan. Notice we did not say get prequalified- in today’s world a prequalification is not meaningful. You should c...
Comments 0
By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Being a Dallas TX First Time Homebuyer makes you have to consider your options before you buy. The first thing you will need to consider is what your long-term goals are with being a home owner and how your goals fit in with that plan. One goal could be to stop paying rent that just increases after every lease you renew.Buying your own home first is one of the happiest times of your life! However, a lot of paperwork and time goes into it and finding a lender with great reviews will ease much of the stress. But, the satisfaction you get from your first home closing is something you will never forget! The benefits of being a Dallas TX First Time Homebuyer greatly outweighs renting for the following reasons:          Greater privacy.          Homes typically increase in value the older the...
Comments 0
By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
Taxpayers involved in Real Estate are the largest group of tax clients for my Richardson, TX tax firm. Did you know that Landlords who spend at least 250 hours a year managing and maintaining their rental properties may be eligible for the Qualified Business Income (QBI) deduction (QBID). That averages out to just under five hours a week.  What is the QBI Deduction (QBID) and How Do You Qualify?Unlike other deductions, the qualified business income deduction does not require that you spend money. Instead, it’s a straight deduction, for up to 20% of net rental income for the year. For clients who qualify, this deduction allows rental property owners to pay tax on as little as 80% of their net income from qualifying rental properties. We even have the option of grouping several rental pro...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
There are many benefits to a VA home loan. It’s important to know how these loans can help you. First, thank you for your service to our country. According to the Mortgage reports, VA loans stand apart for its combination of low rates, lenient underwriting, and secondary benefits. These are 10 VA loan benefits in Dallas Texas in 2019. These are:        No down payment on a VA loan        No mortgage insurance        VA loans have a government guarantee        Your ability to shop and compare VA loans        VA loans don’t allow a prepayment penalty        They come in many varieties        It’s easier to qualify for a VA loan        VA loan closing costs are lower        The VA loan offers funding fee flexibility    VA loans are assumable Backed by the U.S. Department of Veterans Affair...
Comments 0
By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Being a First Time Homebuyer in Dallas Texas makes you have to consider your options before you buy. The first thing you will need to consider is what your long-term goals are with being a home owner and how your goals fit in with that plan. One goal could be to stop paying rent that just increases after every lease you renew.Buying your own home first is one of the happiest times of your life! However, a lot of paperwork and time goes into it and finding a lender with great reviews will ease much of the stress. But, the satisfaction you get from your first home closing is something you will never forget! The benefits of being a First Time Homebuyer in Dallas Texas greatly outweighs renting for the following reasons:          Greater privacy.          Homes typically increase in value t...
Comments 1
By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
Each year, clients either come into our Richardson, TX tax office and ask if they need to pay taxes on the sale of their residence, call concerned about taxation on the Sale of their personal residence, or make an assumption that income on the Sale of a personal residence is NEVER taxed. Today, I want to take a few minutes to discuss the tax consequences of the Sale of a Principal Residence. Is Income from the Sale of a Personal Residence Ever Taxable? It can be if it exceeds the excludable amount. Section 121 of the Internal Revenue Code excludes a gain of up to $250,000 ($500,000 if the taxpayer and spouse file jointly). Be careful in what you consider to be Gain. Your Gain is not the amount that you walk away with or the difference between the sales price of the home and outstanding ...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
It’s always a good idea to look for ways to minimize your tax liability. Taking advantage of opportunities before the year comes to a close is a smart move. Here are a few things to think about: Are you making the maximum contribution to your §401(k), IRA or other retirement plans? If the answer is no, think about increasing your contribution percentage between now and the end of the year. Not only will this increase your retirement savings, but it could also potentially lower your taxable income. If you are age 50 or older, you are eligible to make additional “catch-up” contributions. Contributions to retirement plans must be made by December 31. IRA contributions can be made up to the due date of your tax return, generally April 15. Are you around age 70? Don’t forget that you must st...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
In December of 2017, the Tax Cuts and Jobs Act (TCJA) introduced a new “Qualified Business Income Deduction” (QBID) under IRS Section 199A. The QBID provided a deduction of up to 20% of qualifying income on the tax return and has enabled taxpayer's who come to our Richardson, TX tax office to enjoy huge tax savings.  This deduction was applicable to qualifying Schedule C, Partnership, and S-Corp Income.  Does income on Rental Real Estate qualify for the QBI Deduction? The answer is like many questions related to tax law is that it depends. Not all rental real estate income will qualify.  It will qualify for QBID is if it meets any of the following three tests: The rental real estate rises to the level of a section 162 trade or business. Triple Net Leases are specifically excluded. The r...
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By The Legacy Group, The LegacyGroup of CrossCountry Mortgage
(CrossCountry Mortgage)
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes.  This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran.  It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.VA loan benefits include the following unique advantages:  a.  up to 100% financing, b.  no mortgage insurance, c.  up to $ 35,000 in renovation funds escrowed, d.  all renovations must be completed within 60 days of closing, e.  you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of t...
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By Bob Jablonsky, We're Tax Specialists for Real Estate Agents
(Bob Jablonsky & Associates)
In this week’s installment in our series of taxation and investing in Real Estate we will discuss allowable loss limitations on Real Estate Investments. Real Estate investing is well known as having the ability to generate non-cash losses that may be deductible against other income for the investor. A big issues for taxpayers who come into our Richardson TX tax office and are investors in rental real estate is in maximizing that deduction. Our goal is to help them stay compliant while maximizing their allowable deduction. How Much Can I Deduct?While the calculation for the profit or loss from real estate will remain the same no matter what category an investor fallas into, the limitations on reporting losses may vary substantially. Below is an overview of the three categories and the li...
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