Tom Hicks' Estate Hits the Market in Dallas

Tomhicks

Tom Hicks' home (largest estate in Dallas) has hit the market at $100 million! Do I have a buyer? :) The main house alone is 50,000+ square feet, and that doesn't include the fabulous guest house. There is also a huge recreation building with a full-size movie theater in the basement, perfect for entertaining throngs of friends or even strangers!The stove (from France) in the kitchen is worth $65K! No expense has been spared in the design and renovation of this gorgeous mansion.

What is your favorite feature about this home?

 

Tom Hicks - $100 Million Estate Hits the Dallas Market!


I am a Charter Member of REBSEA

I am a charter member of REBSEA (Real Estate and Business Social Enterprises Association) and will donate 10% of my real estate profit to one of the charities listed on my REBSEA profile. You can make a difference in your community and do something good for others just by hiring me to be your Realtor when buying or selling your next home! To learn more, visit:

My Profile on REBSEA

#charity #donate #REBSEA #community


Year End Tax Tips for Homeowners

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YEAR END TAX TIPS

Year-end tax tips for your house 
 
Here are some year-end tax tips. Invest in your IRA, open that Roth account, or buy
business or computer equipment to get that last-ditch deduction. But what about your
house? Luckily, there’s a lot that’s deductible when it comes to buying and selling a
home. If either scenario is on your wish list, these tips ensure that you and Uncle Sam are on good terms when April 15 rolls around.
 
 
When buying a home, what’s deductible?
 
Realtors are quick to point out that homeownership allows a lot of tax advantages not
available to someone who merely pays rent. A homeowner can deduct points used to
obtain a mortgage when buying a home, mortgage interest paid during the year and
property taxes.

Those are the nuts and bolts but, as with all taxes, there are these pesky rules and
guidelines for deductions. Your Realtor is a great source of information on the lay of the
land when it comes to taxes, but it’s wise to hire an accountant to help you wade
through the fine print.
 

Points

Most people get a mortgage when they buy a home. Mortgages have all kinds of costs,
including a loan origination fee. This fee is usually a percentage of the loan amount,
generally expressed as points. For example, one point on a $150,000 loan would be
$1,500. One and a half points on the same loan amount would be $2,250, and so on.
With VA and FHA loans, points are generally broken down into two categories: loan
origination fee (usually one point) and discount points (also a percentage of the loan
balance). Both of these fees are also deductible. One caveat: The loan origination fee
must be expressed as points for it to be tax deductible.

When you buy a home, points are deductible in the year they’re paid, providing they
meet certain conditions. The two main ones are that the mortgage is secured by the home you live in most of the time, and that you used this mortgage to either purchase or build your home.

Read the fine print and be sure your lender isn’t inflating the points to include other
items you would normally be charged. These would include such costs as appraisal fees, title insurance fees, property taxes, settlement fees and so on. If you’re not charged these fees but your "points" are higher than normal, it’s time to get out the magnifying glass.
 
Also, the cash you put into the sale must also exceed the amount charged in points. If
your points tallied $3,000, but you only had to put in $2,000 to close, that’s a red flag for
the fine folks at the IRS.

One more major condition is that the points must be clearly stated on your HUD-1
Settlement Statement. That’s the long document both you and the seller get after closing that clearly lays out all the costs involved in buying your home.
 

Deducting seller-paid points

When purchasing a home, sometimes the buyer negotiates for the seller to pay some
closing costs, including the points. Since the seller pays them and not the buyer, you
might assume they wouldn’t be deductible, but that would be a mistake.

Believe it or not, if the seller pays the buyer’s points, the IRS allows the buyer to deduct
them as an expense on federal tax returns. The catch is that the seller can’t also deduct
them. Paying the buyer’s closing costs, including points, merely reduces the net gain on
the home for purposes in calculating capital gains taxes (which are usually deferred).
 

Second homes and points

Points paid to finance the purchase of a second home must be deducted over the life of
the loan, not in the year in which they are paid. Also, if you make too much money,
there are limits to your deductions, so be sure to check with your accountant.
 

Other deductible closing costs

With two exceptions, other closing costs are not deductible. Those exceptions are prepaid interest and pro-rated property taxes. Since interest is a deductible expense, prepaid interest is deductible. With property taxes, the seller’s last property tax payment may have covered part of the time where you’re the owner of the home. The settlement agent will calculate how much of that last bill you should pay and charge it to you as a closing cost (usually listed as pro-rated property taxes), and that’s also deductible.

The amount you’ll pay in property taxes is based on an assessment of the value of your
house. Generally, tax assessments are adjusted on an annual basis and any changes are mailed to you. It’s a good idea to keep a close watch on the assessment value, since the amount of money that comes out of your pocket is directly tied to it. A large jump in your assessment could be a reflection of a rise in market values in your neighborhood, but it might very well be an error. Keep tabs on what houses are selling for in your area and compare your assessment to the average sold price (using houses similar to yours in size and condition).

All it takes is a little advance planning, and you’ll be relaxed by the time April 15 arrives.

Hope these tips are helpful!
 
Jlyne Hanback, Realtor®
Ebby Halliday, REALTORS®
Talk or text - (214) 909-8008
http://www.WelcometoFrisco.com
   

Helpful Abbreviations and Their Meanings When Looking for a Home

Smiley
There are lots of abbreviations that you may come across when looking for a home or reading an ad about a specific house, but here is a list of some that you may not know:


4B/2B -- four bedrooms and two bathrooms. "Bedroom" usually means a sleeping area with a window and a closet, but the definition varies in different places. A "full bathroom" is a room with a toilet, a sink and a bathtub. A "three-quarter bathroom" has a toilet, a sink and a shower. A "half bathroom" or powder room has only a toilet and a sink.


assum. fin. -- assumable financing


closing costs -- the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney's settlement charges, transfer taxes, recording fees, title insurance and so on. Closing costs are generally paid through escrow.


CMA -- comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.


contingency -- a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home.


dk – deck

expansion pot'l -- expansion potential mean that there's extra space on the lot or the possibility of adding a room or even an upper level, subject to local zoning restrictions.


fab pentrm -- fabulous pentroom, a room on top (but under the roof) that has great views


FDR -- formal dining room


fixture -- anything of value that is permanently attached to or a part of real property. (Real estate is legally called "real property," while movables are called "personal property.") Examples of fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscaping and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt, get it in writing.


frplc, fplc, FP -- fireplace


gar -- garage (garden is usually abbreviated as "gard.")


grmet kit -- gourmet kitchen


HDW, HWF, Hdwd -- hardwood floors


hi ceils -- high ceilings


in-law potential
-- potential for a separate apartment, subject to local zoning restrictions

large E-2 plan -- this is one of several floor plans available in a specific building


listing -- an agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner's home. The word "listing" is also used to refer to the for-sale home itself. A home being sold by the owner without a real estate agent isn't a "listing."


lo dues -- low homeowner's association dues. Be sure to find out how "low" the dues are compared to other dues in the area.


lock box -- locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent


lsd pkg. -- leased parking area. May come with additional cost.


MLS -- Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Membership isn't open to the general public, although selected MLS data may be sold to real estate listings Web sites. MLS's are local or regional. There is no MLS covering the whole country.


pot'l – potential

pvt -- private


pwdr rm -- half bathroom or powder room


REALTOR® -- a real estate broker or sales associate who is a member of the National Association of REALTORS®. Like me!  :) *NOTE: Not all real estate agents are REALTORS®. 


title insurance -- an insurance policy that protects a lender's or owner's interest in real property from assorted types of unexpected or fraudulent claims of ownership. It's customary for the buyer to pay for the lender's title insurance policy.


upr -- upper floor


vw, vu, vws, vus -- view(s)


I hope these are helpful to you! If there are any others that you would like to ask about, please contact me at jlyne@ebby.com !

 


Mortgage help is free from the Consumer Financial Protection Bureau

First thing’s first: There is free foreclosure help. If anyone tries to charge you in advance for help or guarantees that they can stop your foreclosure, they’re not legitimate.

If you’re behind on your mortgage, or having a hard time making payments, we want to get you in touch with a HUD-approved housing counselor — they’ve been sponsored by the U.S. Department of Housing and Urban Development. Your counselor can develop a tailored plan of action for your situation and help you work with your mortgage company. They’re experienced in all of the available programs and a variety of financial situations. They can help you organize your finances, understand your mortgage options, and find a solution that works for you.

via www.consumerfinance.gov


Now is the time to SELL your home in Dallas/Frisco/North Texas!

Great news regarding home prices if you are thinking about selling your home! Get top dollar now while the inventory is low! Contact me ASAP to get your house sold - (214) 909-8008!

Dallas area home prices increase 7.6 percent