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Aplica para USA y México
Aplica para USA y México
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How to Reduce Real Estate Investment Taxes
By Zina Kumok | December 14, 2015
With the Federal Reserve likely to raise interest rates soon, many people are pulling the trigger on purchasing a rental property. It can be a great way to earn passive income and diversify your portfolio. But don’t jump in with your eyes closed. Even if you’re a homeowner, owning rental property is a different beast. Real estate tax law is not the same for rental properties as it is for residences. Here are some ways to save yourself from the tax man and get the most from your real estate investment.
Tax Tips
If you’re used to paying taxes on your home, there are some differences in property tax for landlords. Here’s what you need to be aware of when it comes to real estate rental taxes: (For more, see: Tax Deductions for Rental Property Owners.)
- Record your deductions. Like any small business, you can deduct the costs of running your real estate property from your taxes. These might include advertising, maintenance, utilities, insurance premiums, management fees, repairs and more. You can also deduct any mileage related to maintaining the rental property. Keep a small notebook in your car to log your mileage.
- Know the difference between a repair and an improvement. According to the Internal Revenue Service (IRS), there are two types of changes you can make to a rental property. One is a repair, which can be deducted from your taxes. A repair implies a fix to something that is broken, such as a water heater or faulty wiring. An improvement is when you make a change that increases the value of the home, such as finishing the basement or adding energy efficient insulation. Improvements must be depreciated over a period of time. (For more, see: How Rental Property Depreciation Works.)
- You may not be eligible to deduct anything. The IRS limits deductions to married couples filing jointly earning $150,000 or more. Deductions begin phasing out starting at $100,000. If you earn $100,000 you can deduct up to $25,000. However, any losses that exceed that amount can be carried over to future years. If your salary exceeds this amount, make sure to set aside money for your rental taxes.
- Count your time. According to certified financial planner (CFP) Chris Hardy, if you spend more than 750 hours a year working on your real estate business, you can deduct expenses even if you exceed the income threshold. This could be a huge boon for high-earning professionals. Track the time you spend working on your rental property. This way, you’ll have a record in case the IRS comes calling. (For more, see: Tips for the Prospective Landlord.)
- Live there first. Hardy says that another way to save on taxes is to live in your rental property for at least two years before renting it out. Single people can receive $250,000 in capital gains without paying taxes (or $500,000 for married couples filing jointly). When you sell your home, you’ll be able to deduct up to that amount from any profit you earn. This is great for people looking to buy houses and flip them later.
- Vacation homes have special rules. If you own a vacation home that you rent out, you don’t have to pay any taxes if it’s rented for less than two weeks a year. This can be a great way to make some extra money on your property without paying extra taxes on it.
The Bottom Line
Real estate tax law can get hairy, but don’t let that stop you from buying a rental home if you’re in a suitable position to do so. The above tips will help. If you have more questions, consult a tax professional who can guide you. (For more, see: The Pros & Cons of Owning Rental Property.)
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Mortgage Rates Highest in a Week Ahead of Retail Sales Report
BY: MATTHEW GRAHAM
Dec 10 2015, 5:21PM
Mortgage rates moved moderately higher today, bringing them to the worst levels in exactly one week. That said, the movement over that time has been minimal overall--not even enough to affect contract rates. In other words, you would likely have seen the same interest rate on any quote during the past 5 days. The changes in "rates" would instead be driven by the changes in the upfront costs. Taking these closing costs into consideration allows us to observe changes in mortgage cost on a smaller scale (sometimes referred to as "effective rate). The most prevalently-quoted conventional 30yr fixed rate remains 4.0%, though fewer lenders are quoting 3.875% today.
With next week's Fed Announcement being the biggest item on the near-term calendar, none of the recent economic data or events have been important enough to be of much concern. One of the only possible exceptions will be tomorrow morning's Retail Sales data. While it certainly won't deter the Fed from its likely hike next week (and while it may not even have much of an effect at all), it at least stands a chance to have some small impact on the short term path for mortgage rates.
Even then, the bigger picture is now more important than the short term path. With the Fed hike being a relatively foregone conclusion, investors are now turning their thoughts not only to the rate hike outlook for 2016, but to the general state of the economy both at home and abroad. Reports like Retail Sales can help shape that bigger picture outlook, and that can (and will) do just as much to inform mortgage rates as the volatility surrounding Fed policy. In other words, if Retail Sales are weak, mortgage rates can still improve even though the Fed is hiking next week.
Loan Originator Perspective
"The hoped for post supply rally didn't happen today. Rates continue to be range bound and the risk at this time is a break to higher yields. That said, I think it may be wise to lock in today. With the Fed decision on a rate hike in a week or so, I do not see anything that would cause rates to break through the current floor other than some new tapebomb such as a terror attack, increased QE in Europe, etc..." -Victor Burek, Churchill Mortgage
"Rates were largely unchanged today, as both treasury and MBS prices hovered in recent ranges. The Fed's looming overnight rate interest hike is priced into markets, and I see little motivation for rates to change dramatically up/down, given oil's continued bear market. It's tough for anyone to be concerned about inflation (which is bonds' archenemy) when oil is trading at multi-year lows. The lock/float decision in times like this boils down to "do we wait and hope your lender credit rises slightly (knowing full well it might drop instead), or do we lock and concentrate on packing?" I'm 50/50 lock/float now for new files, but only with the caveat that huge gains are highly unlikely." -Ted Rood, Senior Originator
Today's Best-Execution Rates
- 30YR FIXED - 4.0%
- FHA/VA - 3.75%
- 15 YEAR FIXED - 3.25%
- 5 YEAR ARMS - 2.75 - 3.25% depending on the lender
Ongoing Lock/Float Considerations
- 2015 has been largely about rates rising unevenly from a long-term low brought about by the onset of quantitative easing in Europe. In May and June, the Fed increasingly began telegraphing a 2015 rate hike. At that point, the "rising rate environment" seemed like a sure thing, but the Fed's plans hit several snags. Economic data began deteriorating at home and abroad, causing markets to rethink the higher rate rhetoric. Mortgage rates hit 6 month lows at the end of October, just as the Fed surprisingly changed it's policy statement to specifically suggest December as a rate hike possibility (something they haven't done since 1999).
- In the bigger picture, rates had been at a crossroads, trying to determine if they would move back to 2015 highs or if the late summer swoon was merely the first wave of a longer campaign.
- While there is still plenty of room to be concerned about increasingly weak global economic growth, that's not a solid enough reason to float in this environment. With the Fed almost certainly on track for a December rate hike, there is much more risk that rates move quickly higher vs quickly lower. The big picture global malaise can serve as the basis for long term hope, but in the short term, assume upward pressure on rates when formulating your strategy.
- As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution' (that is, the most frequently quoted, conforming, conventional 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.' Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy. It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method).
About the Author
Chief Operating Officer, Mortgage News Daily / MBS Live
A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators
Is Miami in a housing bubble?
Real estate company Zillow polled housing experts
They said Miami doesn’t need to worry as much as San Francisco and New York
Is Miami’s housing market in a bubble? Experts say no. Or at least, not yet.
Online real estate company Zillow polled nearly 70 housing experts about which local markets across the U.S. are experiencing a price bubble.
Only four of them said Miami was currently in a bubble, although six said there’s “significant risk” of one forming in the next year. Nineteen experts said we could see a bubble in the next three to five years. Thirteen said we shouldn’t expect one at all. (The rest didn’t have an opinion on how frothy Miami’s market is.)
The experts were more worried about places where oil and tech booms have led to rapid, possibly unsustainable price increases including San Francisco, Houston and Seattle. New York City also made the list of bubble markets.
Home prices in South Florida have skyrocketed since the housing market began recovering in 2011, fueled by investors from abroad. But the growth hasn’t returned the region to the heady pre-crash days. Home values still stand at about 70 percent of their all-time high in 2006, according to the S&P Case-Shiller Home Price Indices.
And as Latin American and European economies struggle, Miami has seen its pool of foreign buyers shrink and price gains slow down. Already, developers have canceled several condo projects slated for downtown.
The slowdown in price growth could be a good thing for locals. Because of low wages, Miami is one of the least affordable housing markets in the U.S. That situation would improve if paychecks catch up with prices.
4 reasons 2016 is the year to buy a home
@KathrynVasel
If you've been on the fence about buying a home, 2016 is the year to take the plunge.
Mortgage rates have been bouncing around record lows for a while now. But even though they're likely to start going up, you haven't missed your chance to get a deal on a house.
A number of factors are coming together, making next year a good time to buy:
1. Home prices will finally calm down
Real estate values have been on the rise for a while, but are likely to slow their pace next year. Prices are expected to rise 3.5%, according to Zillow's Chief Economist Svenja Gudell.
Buyers who've been stuck behind the wave of rising prices may finally get the chance to jump in.
And that could lead to a flood of buyers, said Jonathan Smoke, chief economist at Realtor.com.
"We have the potential for about six million home sales just through the months of April through September; that is basically impossible to do," he said.
But not everyone will be in a position to take advantage.
Despite the slowdown, Zillow still expects home values to outpace wage growth, which can make it tough to afford a home, especially for lower-income buyers.
Plus, prices in the country's hottest markets -- like San Francisco, Boston and New York City -- aren't expected to pull back as much next year.
2. More homes will hit the market
The slowdown in home prices will prompt more owners to list their homes, Smoke said, giving buyers more choice.
"Because of the price appreciation they have experienced, you will have more sellers put homes on the market next year," he said.
The new home market is also expected to grow in the coming year with builders focusing more on starter and middle-range homes, which will also boost inventory and make it easier for buyers.
With more homes on the market, bidding wars will become less common and prices could ease even more.
3. Dirt cheap mortgages could disappear
The Federal Reserve is widely expected to begin increasing interest rates soon, which means the window for record low mortgage rates is closing.
While rates are expected to go up gradually, higher rates push up borrowing costs and monthly mortgage payments.
"You are likely to get the best rate you will possibly see, perhaps in your lifetimes through the majority of next year, but certainly, the earlier the better," said Smoke.
4. Rents will still hurt
Rent prices are expected to continue to climb in the new year, which means in most cities, buying will be cheaper than renting.
Even though mortgages could get more expensive, buying might still be the better deal.
Interest rates would need to rise to around 6.5% for the cost of buying to equal that of renting on a national level, according to Ralph McLaughlin, housing economist at Trulia.
CNNMoney (New York) December 4, 2015: 9:24 AM ETimportant lesson she'll never forget... against racism...
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