Tools & Local Info | Real Estate in SW and Portland OR Metro Area FREE MLS search
Text Box: Tools and Local Information about SW Washington & Surrounding Areas
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Text Box: Mortgage Calculator to help you determine what your Mortgage Payment might be Text Box: Current Weather Conditions in the Beautiful Pacific Northwest SW Washington and Oregon
Text Box: Real Estate Dictionary Have you ever wondered what Escrow, Title, Easement, Lot Line, Amortization meant? This helpful tool will let you look up what a word means in the world of Real Estate. Text Box: Link to Consumer Product Safety Website Text Box: Common Vancouver Neighborhoods Text Box: Understanding Capital Gains in Real Estate (this is just for your information, so please contact your trusted CPA or financial advisor) When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations. How to Calculate Gain In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate, follow these steps: 1. Purchase price: _______________________ The purchase price of the home is the sale price, not the amount of money you actually contributed at closing. 2. Total adjustments: _______________________ To calculate this, add the following: Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage. Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale. Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace. 3. Your home’s adjusted cost basis: _______________________ The total of your purchase price and adjustments is the adjusted cost basis of your home. 4. Your capital gain: _______________________ Subtract the adjusted cost basis from the amount your home sells for to get your capital gain. A Special Real Estate Exemption for Capital Gains Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria: You have lived in the home as your principal residence for two out of the last five years. You have not sold or exchanged another home during the two years preceding the sale. You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency. AGAIN, Please consult your trusted CPA or Financial Advisor for more information. Text Box: Moving Checklist .Provide the post office with your forwarding address two to four weeks ahead of the move. .Notify your credit card companies, magazine subscriptions, and bank of your change of address. .Create a list of friends, relatives, and business colleagues who need to be notified about your move. .Arrange to disconnect utilities and have them connected at your new home. .Cancel the newspaper, or change the address so it will arrive at your new home. .Check insurance coverage for the items you’re moving. Usually movers only cover what they pack. .Clean out appliances and prepare them for moving, if applicable. .Note the weight of the goods you’ll have moved, since long-distance moves are usually billed according to weight. Watch for movers that use excessive padding to add weight. .Check with your condo or co-op about any restrictions on using the elevator or particular exits for moving. .Have a “first open” box with the things you’ll need most, such as toilet paper, soap, trash bags, scissors, hammer, screwdriver, pencils and paper, cups and plates, water, snacks, and toothpaste. Plus, if you’re moving out of town, be sure to: .Get copies of medical and dental records and prescriptions for your family and your pets. .Get copies of children’s school records for transfer. .Ask friends for introductions to anyone they know in your new neighborhood. .Consider special car needs for pets when traveling. .Let a friend or relative know your route. .Empty your safety deposit box. .Put plants in boxes with holes for air circulation if you’re moving in cold weather. Remember the JOY is in the JOURNEY http://media.point2.com/p2a/htmltext/add4/9b15/4f27/59aa92acc5d2f30ee739/original.gif
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Text Box: A House it not a Home until a Family fills it. Let me help you find the HOME of your DREAMS Sheri Combs Lantz, Real Estate Broker, Licensed in WA & OR 360-771-9836 Vancouver Washington Houses for Sale, Buy, Sell, Relocate, Sustainability Text Box: Site map Text Box: Link to RMLS Provided Annual & Current Month Market Statistics for SW Washington and Portland Oregon as well as Surrounding Areas . Click here for Market statistics as Provided by the RMLS Text Box: Click here to view the Budget Checklist for Buyers