Carol Barron-Cross, Broker, Sunflower Homes and Equestrian, LLC in Palm City, Florida blogs about listings, property for sale, events, short sales, homes, farms, neighborhoods, real estate, all in the area of South Florida. Follow Carol to keep an update on Florida property.
Take a little time to go to http://www.houzz.com and get creative with over 2,700 ideas of LAUNDRY ROOMS. There are so many ideas that you can enjoy without even creating a project of your own. Why purchase magazines and hope to get the idea you want for your house. Save you money and just click on and join the website. I am just a consumer looking for the exact ideas that I like. I can say that I have found so much information about design, what to do and how I can change my own home or make a suggestion to a friend or real estate client.
Stop and take a look. But before that, take a look at this kitchen that just happens to be one of my listings. This laundry is a prep room for the kitchen, pantry and and laundry. Oh! there is another laundry on the second floor. It is really cute. It is all decked out in black and white tiles.
When selling farmland or a ranch that has both a primary residence and land, it is important to consider the tax consequences of Internal Revenue Code Section 121 and Section 1031. Vacant land can be sold along with a primary residence, utilizing the $250,000 ($500,000 married filing jointly) exclusion given the property was owned and used by the taxpayer as the taxpayer’s primary residence for time totaling two years or more. The capital gain exclusion is available once every two years.
Recreational vs. Investment Surrounding Land
Given the primary home is surrounded by substantial adjacent land held for investment and not for residential purposes, a 1031 exchange should be considered to defer the gain on the land. Consequently, the home can be excluded from gain under Section 121 and investment or land held in the productive use of a farm or ranch excluded from gain under Section 1031.
Separate Dwelling Unit
Revenue Procedure 2005-14 addresses mixed use property where a primary residence exists as a separate or same dwelling unit with non-residence property such as a farmhouse, apartment unit, hotel, motel, inn or bed and breakfast. To determine the amount of gain accounted for from the primary home and non-residential buildings or building portions, the taxpayer may allocate basis and realized gain by square footage. The Section 121 exclusion is applied first to the primary residence, and Section 1031 applied to the investment or non-residence portion.
WASHINGTON – May 21, 2012 – Months after the first invitations were mailed, only a small percentage of eligible borrowers have accepted a chance to have their foreclosure cases checked for errors and maybe win restitution.
By April 30, fewer than 165,000 people had applied to have their foreclosures checked for mistakes – about 4 percent of the 4.1 million who received letters about the free reviews late last year, according to the Office of the Comptroller of the Currency. The reviews were agreed to by 14 major mortgage servicers and federal banking regulators in a settlement last year over alleged foreclosure abuses.
So few people have responded that another mailing to almost 4 million households will go out in early June, reminding them of the July 31 deadline to request a review, OCC spokesman Bryan Hubbard says.
If errors occurred, restitution could run from several hundred dollars to more than $100,000.
The reviews are separate from the $25 billion mortgage-servicing settlement that state and federal officials reached this year.
Anyone who requests a review will get one if they meet certain criteria. Mortgages had to be in the foreclosure process in 2009 or 2010, on a primary residence, and serviced by one of the 14 servicers or their affiliates, including Bank of America, JPMorgan Chase, Citibank and Wells Fargo.
More information is at independentforeclosurereview.com.
Even though letters went to more than 4 million households, consumer advocates say follow-up advertising has been ineffective, leading to the low response rate. Many consumers have also grown wary of foreclosure scams and government foreclosure programs, says Deborah Goldberg of the National Fair Housing Alliance.
“The effort is being made” to reach people, says Paul Leonard, the mortgage servicers’ representative at the Financial Services Roundtable, a trade group. “It’s hard to say why people aren’t responding.”
With this settlement, foreclosure cases will be reviewed one by one by consultants hired by the servicers but monitored by regulators.
With the $25 billion mortgage settlement, borrowers who lost homes to foreclosure will be eligible for payouts from a $1.5 billion fund.
That could mean 750,000 borrowers getting about $2,000 each, federal officials have said.
For more information on that, go to nationalmortgagesettlement.com.