Home Loan

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New Home

Buying a Home - HUD HUD News Newsroom Priorities About HUD Homes Buying Owning Selling Renting Homeless Home improvements HUD homes Fair housing FHA refunds Foreclosure Consumer info Communities About communities Volunteering Organizing Economic development Working with HUD Grants Programs Contracts Work online HUD jobs Complaints Resources Library Handbooks/ forms Common questions Tools Webcasts Mailing lists Contact us Help Buying a Home Information by State Esta página en español Print version Email this to a friend Counseling and Education Housing counseling agencies can give you advice about buying a home. Find a housing counselor near you. Common questions Homeownership videos More from HUD Mortgage glossary FHA mortgage limits HUD approved lenders HUD approved condos Healthy homes Environmental maps Energy info About appraisals Links Rural housing loan programs Loan programs for veterans Freddie Mac Fannie Mae US Postal Service Mover's Guide The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home! Nine steps to buying a home Figure out how much you can afford Know your rights Shop for a loan Learn about homebuying programs Shop for a home Make an offer Get a home inspection Shop for homeowners insurance Sign papers Step 1: Figure out how much you can afford What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure. How much home can you afford? Buying vs. Renting Need help with your downpayment and/or closing costs? Homebuying programs in your state A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment! Find a housing counselor near you Step 2: Know your rights Fair Housing: Equal Opportunity for All - brochure Real Estate Settlement Procedures Act (RESPA) Borrower's rights Predatory lending Back to Top Step 3: Shop for a loan Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan. Looking for the best mortgage: shop, compare, negotiate - brochure Let FHA help you Step 4: Learn about homebuying programs Homebuying programs in your state FHA loan programs offer lower downpayments and are a good option for first-time homebuyers. Let FHA help you HUD's special homebuying programs Good Neighbor Next Door Program - for police officers, teachers, firefighters and emergency medical technicians Homeownership for public housing residents Indian Home Loan Guarantee Program (Section 184) Step 5: Shop for a home Choose a real estate agent Wish list - what features do you want? Home-shopping checklist take this list with you when comparing homes Homes for sale (including HUD homes) " Fixer-uppers " - home purchase and repair programs Manufactured (mobile) homes Build a home If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing. Back to Top Step 6: Make an offer Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale. Making an offer Step 7: Get a home inspection Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs. For Your Protection Get a Home Inspection Step 8: Shop for homeowners insurance Lenders require that you have homeowners insurance. Be sure to shop around. Homeowners insurance 12 ways to lower your homeowners insurance costs Step 9: Sign papers You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign! Settlement Costs and Helpful Information Content updated December 1, 2005 Back to Top FOIA Privacy Web Policies and Important Links Home U.S. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410 Telephone: (202) 708-1112 TTY: (202) 708-1455 Find the address of a HUD office near you

Real Estate Listings

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Colorado Real Estate

Real Estate at Post-NewsMarketplace.Com - Denver and Colorado Homes New Homes REALTOR ® Listings Mortgages Rentals/Apartments Find a REALTOR ® Mtn Homes Mortgages Moving › Place an ad › Site Map › Search › Contact us › Help › The Denver Post › Rocky Mountain News Price Range: 0 50,000 75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 275,000 300,000 325,000 350,000 375,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 900,000 1,000,000 1,250,000 1,500,000 1,750,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000 TO 50,000 75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 275,000 300,000 325,000 350,000 375,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 900,000 1,000,000 1,250,000 1,500,000 1,750,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000 Bedrooms (min): Bathrooms (min): any 1 2 3 4 5 6 7 8 9 10 any 1 2 3 4 5 6 7 8 9 10 City any Agate Alma Arvada Aurora Bailey Bennett Berthoud Beulah Black Hawk Blue River Boulder Bow Mar Breckenridge Brighton Broomfield Brush Buena Vista Buffalo Creek Burlington Byers Calhan Cascade Castle Rock Cedaredge Centennial Center Central City Cherry Hills Village Clifton Coal Creek Colorado City Colorado Springs Columbine Valley Columbine Village Commerce City Como Conifer Copper Mountain Cotopaxi Cripple Creek Dacono Deer Trail Delta Denver Dillon Divide Dumont Eaton Edgewater Elbert Elizabeth Empire Englewood Erie Evergreen Fairplay Federal Heights Firestone Florissant Fort Collins Fort Lupton Foxfield Franktown Fraser Frederick Frisco Fruita Ft Lupton Genoa Glade Park Glendale Golden Granby Grand Junction Grant Greeley Greenwood Village Guffey Harstel Hartsel Heeney Henderson Highlands Ranch Hudson Idaho Springs Indian Hills Jamestown Jefferson Johnstown Keenesburg Keystone Kiowa Kittredge Kremmling Lafayette Lake George Lakewood Larkspur Leadville Littleton Lochbuie Loma Lone Tree Longmont Louisville Loveland Lyons Mack Mead Mesa Milliken Monument Morrison Nathrop Nederland Niwot Northglenn Palisade Palmer Lake Parker Pine Platteville Red Feather Lakes Rollinsville Rye Sedalia Shawnee Sheridan Silver Plume Silverthorne Simla Strasburg Superior Tabernash Thornton Twin Lakes Victor Ward Watkins Westminster Wheat Ridge Wheatridge Whitewater Winter Park Woodland Park OR ZIP code All Listings New Home Listings REALTOR® Listings Classified Listings Sunday Only All Classifieds Advanced Search > Click here to view realestate ads from the newspaper Horse Properties: Colorado's top livestock locations Select a Section Horse Properties Mountain Real Estate Golf Course Living Planned Communities Luxury Homes Lofts/City Living Affordable Living Built Green Homes Condos & Townhomes First Name: Last Name: Community: any Arvada Aspen Aurora Boulder Breckenridge Brighton Broomfield Buena Vista Capitol Hill Carbondale Castle Pines Village Castle Rock Central Platte Valley Cheesman Park Cherry Creek Cherry Hills City Park Commerce City Congress Park Copper Mountain Crested Butte Douglas/Elbert Counties Downtown Denver Durango Englewood Estes Park Evergreen Golden Golden Triangle Grand County Grand Junction Greenwood Village Gunnison Highlands Ranch Keystone Lafayette/Louisville Lakewood Littleton LoDo and Coors Field Longmont Lowry Park Hill Parker/Franktown Pueblo Silverthorne/Dillon Sloan Lake - Highlands South Jefferson County Steamboat Springs Telluride Thornton/Northglenn Trinidad Uptown Vail/Beaver Creek Wash Park / Bonnie Brae Westminster Wheat Ridge Winter Park Southeast Denver Featured agent Bonnie Dinofrio View My Listings Take a $3,000 Holiday Shopping Spree with Berkeley Homes Berkeley Homes, a Denver home builder, is making a list and checking it twice for the holiday gift of the season -- a $3,000 gift card from Visa. Whether you've been naughty or nice, contract on any Berkeley home now through Dec. 31, 2005, and receive a $3,000 Visa gift card, good virtually anywhere, at closing. Read More Hand picking a piece Hand picking a piece of the Point Ten years ago, builder Dave Morovitz was working half the day at Nick-n-Willys and dabbling with the other half in center-city fix-ups. That was when you could still buy a down-at-the-heels bungalow on Park Hill for less than $70,000. See story Planning To Move? Fill out one form - we do the rest! Please complete all fields Date: Select Month January February March April May June July August September October November December Select Year 2005 2006 2007 2008 Current Zip Code: Moving To: State AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX UT VT VA WA WV WI WY For Advertising Information, please call Dave Hiebeler tel: (303) 892-2985 dhiebeler@denvernewspaperagency.com Powered by Indigio

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