Real Estate Listings

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Rental Property How do

FAQ on Taxes & Rental Property Intuit Home Intuit Products Support | Order Status | Shopping Cart Home Online Products Desktop Products Business Tips & Resources Sign In Automatic Renewal My Downloads Tax Tips & Topics Business Taxes Education & Taxes Employment Taxes Family & Taxes Homeowners & Taxes Investments & Taxes Retirement & Estate Taxes Tax Law & the IRS Tax Planning & Savings Tax Prep & Filing E-mail this Print this FAQs on Taxes and Rental Property How do I handle taxes on my rental property? When you rent out your own property, you may face two kinds of headaches: tenants and taxes. We can't do much about the tenants, but we can help you with tax questions. TurboTax Premier walks you through rental property issues. Learn more Consider this scenario: Just after graduating from college and getting married, Sue started her first job. Her new job is 800 miles from where she had lived while in school. The condo that her spouse had purchased a few years before they met has dropped in value. Sue and Steve would be out of pocket several thousand dollars if they sold the unit. So they decided to rent out the condo. Now they’re faced with figuring out whether, and how, to report this rental on their tax return. Does this story sound familiar? If so, you're not alone. Taxpayers in similar circumstances find themselves asking these questions: Is rental income taxable ? When do I owe taxes on rental income ? Are security deposits taxable ? What can I deduct ? When can I deduct improvements and repairs ? How do I calculate depreciation ? How do I report a rental activity on my tax return ? What are passive activities, and how do they affect me ? Is Rental Income Taxable ? Yes, rental income is taxable. But you're allowed to reduce your rental income by subtracting expenses that you incur to manage, conserve, and maintain your rental property. When Do I Owe Taxes on Rental Income? As a cash basis taxpayer (which includes nearly all individuals), you must report all income in the year you actually receive it regardless of when it was earned. If you receive rent for January 2006 in December 2005, report the rent as income on your 2005 tax return. If you receive a deposit for first and last month's rent, it's taxed as rental income in the year it's received. If you receive goods or services from your tenant in exchange for rent, you must value the goods or services at their present worth and report that value on your return in the year that they are received. You must also report income that you have received constructively . This means that you have the opportunity to receive the income. For example, if your renters place their January checks in your mailbox late in December, you cannot avoid reporting it as income simply by not removing it from the mailbox until January. Are Security Deposits Taxable ? Security deposits are not included in income when you receive them if you plan to return them to your tenants at the end of the lease. (Deposits for the last month's rent are taxable, because they are really rents, paid in advance.) What If I Pocket Some of the Security Deposit? If you eventually keep part or all of the security deposit because the tenant does not live up to the terms of the lease, you must include that amount in the income that you show on your tax return for the tax year in which the lease terminates. So you should keep track of the security deposits from year to year. This record-keeping isn't difficult if you only own one rental, but as the number of rentals you own increases, so does the paperwork. What Can I Deduct? All expenses incurred and paid by you to manage, conserve, and maintain a rental property are deductible in the year paid. Even if your rental property is temporarily vacant, the expenses are still deductible while the property is vacant and held out for rent. Deductible expenses include, but are not limited to, the following: Advertising Cleaning and maintenance Commissions Depreciation Homeowner's associations dues Insurance premiums Interest expense Local property taxes Management fees Pest control Professional fees Rental of equipment Rents you paid to others Repairs Supplies Trash removal fees Travel expenses Utilities Yard maintenance All expenses deducted must be ordinary and necessary and not extravagant. If you deduct travel expenses, you must allocate your expenses between rental and non-rental activities. For example: John, who loves to ski, owns a rental condo in Park City, Utah, which he visits in January. His travel expenses are deductible if, for example, the primary purpose of his trip is to clean and paint the unit after his tenants have moved out. If during the week, he spends three days cleaning and painting and two days skiing, he may deduct 60 percent of his travel expenses on his tax return. Keep good records. To deduct any expense, you must be able to document the deduction. That means keeping current and accurate records of your expenses paid, including all receipts, checks, and bank statements. When Can I Deduct Improvements and Repairs? Any improvements to the property must be depreciated over their useful lives (which are defined by the IRS), rather than deducted in the year paid. Improvements are actions that materially add to the value of the property or substantially prolong its life. Examples include: Additions to the structure Adding a swimming pool Installing a water filtration system Modernizing a kitchen Installing insulation Repairs, on the other hand, are deductible in the year paid. Unlike improvements, repairs just keep the property in good operating condition. Examples of repairs: Minor repainting Fixing broken gutters or floors Fixing leaks Replacing broken windows or doors For more information see IRS Topic 414: Rental Income and Expenses . How do I Calculate Depreciation? Depreciation is a deduction taken over several years. You generally depreciate the cost of property that has a useful life of more than a year, but gradually wears out, or loses its value due to wear and tear, or wind and rain, when the property is used in business, or to produce income. To figure out the depreciation on your rental property: Determine your cost or other tax basis for the property. Allocate that cost to the different types of property included in your rental (such as land, buildings, so on). Calculate depreciation for each property type based on the methods, rates, and “useful lives” specified by the IRS. 1. Determine Your Cost Basis Your cost basis in the property is generally the amount that you paid for the property (your acquisition cost plus any expenses in making the purchase). Your payment, then, includes any loan proceeds that you used to acquire the property. Review your purchase closing documents to identify any other expenses that you may deduct. Examples include: Financing costs Interest and taxes Homeowner's association dues If you are converting your property from personal use to rental use, your tax basis in the property is calculated differently. Your basis is the lower of these two: Acquisition cost The fair market value at the time of conversion from personal to rental use If the property was given to you or if you inherited it, or if you traded another property for the current property, there are special rules for determining your tax basis in your rental property. Consult IRS Publication 551, Basis of Assets , for more information about computing your tax basis in these situations. 2. Allocate the Cost by Type of Property After determining the cost or other tax basis for the rental property as a whole, you must allocate the basis amount among the various types of property you're renting. When we speak of types of property, we refer to certain components of your rental, such as the land it is built on, the building itself, any furniture or appliances you provide with the rental, etc. If your rental is a condo or other property that shares property within a community, you're deemed to own a portion of that property. Therefore, even a third floor condo is deemed to own a portion of the land and a portion of the purchase price must be allocated to the land upon which the building is built. Why this effort to divide your tax basis between property types? The different types of property are each depreciated using different rules and different lives. 3. Calculate the Depreciation for Each Type of Property Here are the most common divisions of tax basis for a rental property, followed by explanations of the different methods of depreciation. Type of Property Method of Depreciation Useful Life in Years Land Not depreciated N/A Residential rental real estate (buildings or structures and structural components) Straight line 27.5 Nonresidential rental real estate Straight line 39 Shrubbery, fences, etc. 150% declining balance 15 Furniture or appliances Double (200%) declining balance Straight-Line Depreciation In straight-line depreciation, the cost basis is depreciated (or, allocated) evenly over the tax life of the property. Example: A residential rental building with a cost basis of $150,000 would generate depreciation of $5,455 per year ($150,000 / 27.5 years). In the year that the rental is first placed in service (rented), you are allowed a deduction based on the number of months that the property is in service, with 1/2 month for the first month. In the example, if the property is placed in service in August, you are allowed a deduction for 4-1/2 months of $2,046 ($5,455 x 4.5 / 12). Declining Balance Depreciation This kind of depreciation is calculated by multiplying the rate, 150% or 200%, by the straight-line depreciation calculated based on the adjusted balance of the property at the start of the year over the remaining life of the property. To make matters somewhat easier, the IRS and others publish tables of percentages that can be applied to the original cost to determine yearly depreciation. Here's the five-year property table as an example: Year Percentage 1 20.00 2 32.00 3 19.20 4 11.52 5 11.52 6 5.76 Total 100% Example: Declining balance depreciation on furniture used in a rental with a cost of $2,400 in Year 3 would be $461 ($2,400 x 19.20%). Tables for all types of properties can be found in IRS Publication 946: How to Depreciate Property . For general information on depreciation of rentals, see IRS Publication 527: Residential Property . How do I Report a Rental Activity on My Tax Return? As an individual, you report the income and deductions for rental properties on page 1 of Form 1040, Schedule E, Supplemental Income and Loss. The total income or loss computed on Schedule E carries to Form 1040. Report the depreciation of rentals on Form 4562: Depreciation and Amortization . The instructions for these forms explain in detail how to complete these forms. TurboTax products assist you with compiling rental data and reporting the information on the appropriate lines of the appropriate forms. What are Passive Activities and How do They Affect Me? Rental properties are, by definition, passive activities and are subject to passive activity loss rules. These rules are quite complex. In general, the passive activity rules limit your ability to offset other types of income with net passive losses. In other words, if you have losses from a passive activity, such as a rental property you own, you can't always take those losses on your tax return in the current year to reduce income from non-passive activities such as wages, salary, interest, dividends, or gains from sales of stocks. Passive losses can offset income from other passive activities. If you have a net passive loss in any year, that loss is generally suspended (delayed to a later year) until either you have passive income or you completely dispose of the passive activity. But if you actively participate in a rental activity you can deduct up to $25,000 of the rental loss. To actively participate means that you own at least 10 percent of the property and you make management decisions in a significant and bona fide sense, such as approving new tenants, setting rental terms, approving improvements, and so forth. This exception isn't available to everyone. If you have modified adjusted gross income over $100,000, your maximum loss available decreases by $0.50 for every dollar over $100,000. The maximum loss is completely phased out when your modified adjusted gross income reaches $150,000. Modified adjusted gross income is determined by calculating adjusted gross income without regard to deductions for IRA contributions or pensions, taxable social security benefits, adoption assistance payments, income excluded from U.S. savings bonds used to pay higher education tuition and fees, interest on qualified student loans, the tuition fees deduction, and any passive activity loss of taxpayers in a real property business. Example: Phil and Mary have modified adjusted gross income of $90,000 and a rental loss for the year of $21,000. They actively participated in the rental. Since their modified adjusted gross income is below the limit of $100,000, their entire rental loss is deductible. If their loss had risen to $28,000, they would have been limited to a deductible loss of $25,000 this year - the balance of $3,000 would be considered a suspended passive activity loss and therefore would be "carried over" to future years' returns until completely used up. If you're married and you file a separate tax return from your spouse, and if you lived apart from your spouse at all times during the year, the maximum rental loss deduction under the exception is $12,500. Your loss begins to phase out at $50,000 instead of $100,000. If you're married, file separately, but you did not live apart from your spouse at all times during the year, the active rental real estate loss allowance is not available to you at all. You may need to complete Form 8582: Passive Activity Loss Limitations , following the published IRS instructions . If you earn your living working in a real estate arena, you may be considered a real estate professional. The passive activity rules don't apply to real estate activities for many properties owned and managed by real estate professionals. For more information regarding this important exception, consult IRS Publication 527: Residential Rental Property . For more on passive activities, see Tax Topic 425: Passive Activities-Losses and Credits . Home | Online Products | Desktop Products | Business | Tax Tips & Resources | Support Center | Site Index Intuit | Privacy Promise | Feedback | Quicken | Affiliates ©1997-2005 Intuit Inc. Trademark Notices By accessing and using this page you agree to the Terms of Service Software License Agreement

Real Estate Broker and

NYS DOS, Real Estate Professional Page NYS Department of State Division of Licensing Services F requently A sked Q uestions Applicants for Real Estate Broker and Salesperson Licensure Do I need to be licensed? Generally, Article 12-A of the Real Property Law provides that anyone who, on behalf of another and for a fee, 1) negotiates a sale, exchange or rental of real property, 2) collects rent, or 3) negotiates a commercial loan secured by a mortgage must be licensed as a real estate broker. What is the difference between a real estate broker and a real estate salesperson? A real estate broker is responsible for the supervision and conduct of the real estate brokerage business. He or she applies for and holds the license on behalf of the brokerage. This person is known as the "representative broker." A real estate salesperson works for and is supervised by the representative broker. The salesperson acts as the representative broker's agent. All listings, although perhaps negotiated by a salesperson, are accepted by the representative broker. How do I become a real estate salesperson or broker? In order to qualify for licensure as a real estate salesperson, an applicant must have satisfactorily completed a 45 hour salesperson qualifying education course in real estate approved by the Secretary of State, and have passed a qualifying examination administered by the Department. In order to qualify for licensure as a real estate broker, an applicant must have at least one year of experience as a licensed real estate salesperson or at least two years of experience in the general real estate field (e.g., buying and selling your own property, managing property owned by your employer), have satisfactorily completed both the qualifying salesperson course of 45 hours and an additional 45 hour real estate broker course as approved by the Secretary of State, and have passed a qualifying examination administered by the Department. Who licenses mortgage brokers? Anyone who negotiates or attempts to negotiate any mortgage loan other than a mortgage loan on residential property, in the state of New York, is required to be licensed as real estate broker, or as a salesperson associated with a real estate broker. This license is issued by the NYS Department of State. To negotiate a mortgage loan on residential property (one to four family building) registration with the New York State Banking Department is required. If I am a real estate management company, do I need a real estate broker's license? That depends on what services you provide. If you collect rent or place tenants in vacant spaces on behalf of your landlord client, the answer is yes. If, on the other hand, your services are strictly maintenance, the answer is no. you are not acting as a fiduciary (not handling another person's money). Whom do I call if I am not sure whether I completed my 22.5 hours of continuing education during my license term? Contact the school(s) you attended. Schools are required by law to maintain course completion records for three years. You may request duplicate certificates from the school(s) in the event you are audited. In order to renew my salesperson license, I completed the 45-hour broker qualifying course. Can I apply the extra 22.5 hours to my next license term? No. The law clearly states that continuing education must be completed within each license term. I could not complete the continuing education, but I wish to renew my license anyway. Can I apply for an extension? Please refer to §177.6 in the real estate law booklet. Extensions will only be granted in bona fide hardship cases. You must submit the following, preferably prior to your license expiration: a written request for the extension, completed renewal form, fee, and original documentation demonstrating your hardship; i.e. , medical documentation. I think I might be exempt, but I am not sure when I originally became licensed. Can you tell me when I was first licensed? No. The Department of State only maintains seven years of real estate records. You may possibly determine your original date of licensure if you know when you completed the salesperson course and how long it took you after completing the course to apply for your license. What happens if I do not complete my continuing education and don't renew my license? If you do not renew your license, you cannot conduct any real estate activities that require a New York State real estate license in accordance with Article 12-A of the Real Property Law. There are no grace periods that allow you to continue working while not licensed. You have two years from the date your license expires to renew your license. If you fail to renew within that period, you will be required to pass the state written examination. No continuing education will be required to repeat the licensing process again. When you submit your new salesperson application, you must include the following: your new examination results, application fee, and a copy of your expired license/pocket card or ORIGINAL proof of completing the salesperson course. If possible, it is better to submit original proof of your salesperson course. If you do not have an original certificate, then call the school where you took the course to request another certificate. If you are applying for your broker's license, you must submit ORIGINAL proof of your 45-hour salesperson course and 45-hour broker course, or a copy of your expired broker's license. How do I obtain a waiver from the 45-hour salesperson or 90-hour broker course requirement? You must submit a written request stating the waiver you are applying for along with ORIGINAL proof of course completion, a detailed outline listing topics and hours, and a course description. We only review prelicensing courses from other states that were completed in a classroom setting. (No home-study/correspondence courses.) The prelicensing salesperson's course must be at least 45 hours of classroom instruction and the broker's course, 90 hours. In addition, if you have graduated with a Master's Degree with a concentration in real estate, you may qualify for a 90-hour waiver of the qualifying courses. Please submit an official transcript with your waiver request. If you are granted a waiver, you will receive the waiver letter, the license application, real estate law booklet, and examination schedules. When you are ready to apply for your license, please submit the ORIGINAL waiver letter with your application, fee, passed examination results, and any other required documents. I have been a real estate licensee for many years. Am I exempt from the continuing education requirements? Article 12A statutorily requires all real estate brokers and salespeople to complete 22½ hours of Department of State approved education within their two-year license period prior to the date of expiration. The law does provide for an exemption from this requirement for a real estate broker who has 15 consecutive years of combined licensure as a salesperson and a broker and who is actively engaged in the real estate business as a real estate broker at the time of renewal, or an admitted NYS attorney. Where do I get more detailed information? You may access pertinent law and regulations, applications and exam schedules from this website. You may also request this or other information by calling a Division of Licensing Services customer service representative at (518) 474-4429 or by writing to: New York State Department of State Division of Licensing Services 84 Holland Avenue Albany, New York 12208-3490 [ NYS Department of State Home Page ] [ Licensing Services Menu ] [ Real Estate Professionals Page ]

Sell House

Sell House Home Sell a Home Buy a Home Services Mortgages City Profiles Appraisals -- Why sell your home by owner? Less hassle and frustration: When selling a home by owner, you don't have to leave the house because a Real Estate Agent wants to show it, or clean it every morning before leaving "just in case". You know when potential home buyers are coming, and can therefore prepare accordingly. And when a home buyer makes an offer, there's not all that frustrating back-and-forth telephone tag between real estate agents to reach an agreement. It can be done in minutes, and end with a friendly handshake and smile between the buyer and seller. "You can "sell your home" better than anyone else: You know your house best. The schools, the neighborhood, what is special about the area and the home, as well as other details about the house. A well-maintained, fairly priced home can virtually sell itself; your role is to simply provide additional information. Sell for a price on your terms; You're in control: Nobody is going to tell you what to sell for. You can advertise where and how you want to (not sit by in frustration because "they're not doing enough"), schedule showings when it's convenient for you, talk directly with prospective home buyers at your leisure, even take your home off the market for awhile if you can't find the right house for you. You aren't obligated to a 3, 6, or 12 month contract... you make your own rules. More $$$ in your pocket: Calculate 6-7% of what you think your house is worth, then ask yourself: is it worth paying this much to have someone else show my property, act as a go-between to negotiate the sale and coordinate the home's closing schedules with the lender, lawyer or titles company (dependent upon your area of the country). Sell your home fast: If you list your home with a real estate agent, you'll probably inflate the house's asking price to cover the cost of the commission. Two to four months later you'll come to the painful realization that no one is going to buy your home at that price, and you'll likely end up reducing the price (or accepting an offer) equal to the original amount you would have asked if selling on your own. Do it right the first time, and avoid taking the loss. Less uncertainty: Because you meet the prospective home buyers, you have a much better idea how interested people are, what they like about the house, how serious they are about buying and what their timeframe and situation is. The direct feedback is easier to live with than wondering how things are going, or worse, why no one has made an offer yet. It's easy: If you can sell your own car, you can sell your own home... it's that simple" said one of our home sellers. And he's right, once you find a buyer, lenders, lawyers or title companies take over (depending on your area of the country). And For Sale By Owner websites are now your best advertising resource for commission free home selling. Privacy & Disclaimer Partner With Us Career Opportunities Press Room Contact Us Terms and Conditions © 1997-2005 For Sale By Owner.com Site Map

Purchase Property

Foreign currency for buying property abroad | Currency for Property purchase overseas | Cheap currency rates Forex Brokers Treasury Services Foreign exchange Bureau de change Currency Exchange for purchasing proerty overseas, buying currency at the correct exchange rate can save you lots of money when exchanging money for buying a property abroad. Real time exchange rates convert Sterling to Euro for buying a house in Spain or purchasing property in Ireland. Purchase Foreign Currency for buying Property abroad. Foreign currency exchange rate to convert UK pounds Sterling to US Dollars for buying property in American. Exchange currency for any country that you wish to buy a house abroad in, check out our no commission cheap exchange rates. Sterling - Euro exchange rate for property in Europe and Sterling to US Dollar exchange for property in America. No commission exchange rate and cheap currency rate for buying property abroad. Foreign currrency for purchasing Overseas Property Get a currency quote for a foreign property and see how much you can save! Freephone 0800 953 1384 or Click here to request a currency quote An increasing number of UK residents buy properties abroad , either as a holiday home or as a retirement home. All sorts of houses are purchased abroad from Villa's in Spain - for the sun, Chalet's in the Alps, Gite's in France , Italian farmhouses, second homes in Cyprus to West Indian beach houses. Buying property overseas has become easier and the proposition of cheaper airline flights has made accessing an overseas property more affordable. As well as purchasing properties in France, buying properties in Spain and buying properties in Italy, people are now widening the net buying properties all over the World. People fund the purchase of a foreign property in many different ways. People retiring abroad usually sell their home in the UK to fund their dream retirement home in the sun. Some people have funds available to make an outright purchase of a property abroad. Others use a mortgage to buy an overseas property. However more and more people are finding that their UK home has lots of equity in it. It is straightforward to remortgage in the UK and so many people are buying a property overseas by releasing cash from the equity of their home. When buying a property abroad the period of completion may be over a period of months and a Fixed Term Forward Contract or a Forward Time Option Contract may be helpful to protect against the vagaries of the foreign currency markets. A small deposit will secure a fixed rate for a period of time and hedge against any changes in the currency exchange rate. A small change in the foreign currency rate could have a dramatic effect on the cost of the purchase of a property abroad. The Xchange Business can help you buy your property overseas by offering competitive cheap exchange rates. The Vendor will have to be paid in local currency and the Xchange Business will be happy to provide a quotation for your foreign currency needs. We can help private individuals purchasing their overseas property and we can help agencies by providing their clients an excellent service and competitive Foreign Exchange rates. FREEPHONE 0800 95301384 or email: Foreign currency for property purchase and we will send you a quote. Remember: We don't charge fees for transactions over 5000. Our rates for currency exchange are cheap - they compare favourably against high street banks and other sources. We offer you total security for all receipts and payments of currency. Foreign Currency for buying Property abroad. Buy property in Spain and change Sterling - Euros. Purchasing property in Florida or throughout America, exchange Sterling to Dollars. Funding property in France may require a Euro transfer form Sterling to Euro for French currency. The A-Z of buying a property Abroad There are many things to be considered and planned for before you can buy your dream home abroad. Whether you are buying a retirement home an investment property or a much deserved holiday home in the sun. Many people are lucky enough to have capital to release for buying a property abroad, others finance the project with some form of loan or mortgage. Now is a good time to buy property in Spain as European interest rates are low and there is a wide selection of property options available, from developed plots, farmhouses and village locations, through to villas, townhouses and new apartment developments. However and wherever you purchase your property there are some underlying principles to help you make the right decision. We have outlined some of them below and we have also listed some country specific advice for buying a property in Spain, buying property in Florida and buying property in France. Many other countries are becoming more popular and we see people buying properties in Estonia, purchasing properties in Bulgaria and buying properties in Italy. Location, location, location. This well worn maxim is as important when buying a property abroad as it is when buying at home. Research, research, research should also be a watchword. It is easy to get carried away with yourselves on your annual holiday. You're enjoying the resort so much you want to buy into it. Before making a life changing decision consider all your options and make a plan of action. Take a Holiday A holiday in the area under consideration will tell you a lot about the area where you want to buy a property. Be careful not to view it all with rose tinted glasses and try and picture the area on a quiet day off season. Are the facilities that you require on hand ? Do the shops suit your needs? These and many other questions will be answered later. A good way of getting an inside line is to ask those that have done it before. Many popular areas have a large ex-pat community to ask about the area. Estate Agents When buying a property abroad the advice of an estate agent may prove to be invaluable. Find an established company that will offer advice and not a hard sell. The whole process of buying a property abroad can be burdened with rules and regulations Make sure you have a good lawyer with an excellent command of English . For instance did you know that if you're buying in Spain you'll need to make out a will in Spanish before buying, or that you can inherit debts from a previous vendor? If you are buying a property in USA take a look at our guide to exchange Sterling to Dollars for property purchase in America.If you are purchasing a property in Australia, it will be our Australian Dollar exchange and transfer service that you will require.For property purchase in Canada, the Sterling to Canandian dollar transfer rate is crutial, and our currency brokers are on hand to over their expertise and advise.Remaining in Europe and buying a house? Spain is particularily popular at the moment and Sterling to Euro exchange rate applies to transfers to Spain. Get a quote and see how much you can save! Contact Email: Xchange Business Contact Telephone: FREEPHONE 0800 953 1384 Contact us | Why us? | FAQ? | Testimonials Currency for buying a property abroad at www.exchange-currency.co.uk Disclaimer Exchange Currency © 2005