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Tuesday, January 29, 2019

What really is portability and can it save you money?

Are you thinking about selling and curious what that new tax bill might be if you buy a bigger home? Smaller home?

When does Homestead and portability kick in?

What will I owe in capital gains taxes if I sell my primary residence?

 

Here are some facts to help clear these questions up:

  • Regardless of the date you buy your home throughout the year- The property appraiser office recalculates the taxes from the purchase on January 1st of the following year.
  • Receiving Homestead means if the home is your primary residence you will save you around $700-$1000 a year. 
    • You Must File….It is not automatic…
    • File online or in mail
    • Deadline to File for Homestead is March 1st, 2019
  • Portability is a huge savings that saves $1,000’s every year with little effort.
    • Must be transferred from one primary residence to another primary residence within 2 years of selling that original property.
    • File online or in mail.
    • Go to www.bcpa.net and click at top where it says PORTABILITY ESTIMATOR or call me to discuss further.
  • If you live in your primary residence for 2 full years, you don’t pay capital gains taxes on $250,000 for a single person or $500,000 for a couple of any profits from the sale.

Please call us if you have any questions about the above material.  We are happy to help you navigate through the process to ensure optimal savings.

https://mailchi.mp/909d1be291a6/news-from-solomon-homes


 
Wednesday, January 02, 2019

The Station

Tucked away in our subconscious is an idyllic vision. We see ourselves on a long trip that spans the continent. We are traveling by train. Out the windows we drink in the passing scene of cars on nearby highways, of children waving at a crossing, of cattle grazing on a distant hillside, of smoke pouring from a power plant, of row upon row of corn and wheat, of flatlands and valleys, of mountains and rolling hillsides, of city skylines and village halls.

But uppermost in our minds is the final destination. On a certain day, at a certain hour we will pull into the station. Bands will be playing and flags waving. Once we get there so many wonderful dreams will come true, and the pieces of our lives will fit together like a completed jigsaw puzzle. How restlessly we pace the aisles, damning the minutes for loitering – waiting, waiting, waiting for the station.

“When we reach the station, that will be it!” we cry. “When I’m 18.” “When I buy a new 450SL Mercedes Benz!” “When I put the last kid through college.” “When I have paid off the mortgage!” “When I get a promotion.” “When I reach the age of retirement, I shall live happily ever after!”

Sooner or later we must realize there is no station, no one place to arrive at once and for all. The true joy of life is the trip. The station is only a dream. It constantly outdistances us.

“Relish the moment” is a good motto.” It isn’t the burdens of today that drive men mad. It is the regrets over yesterday and the fear of tomorrow. Regret and fear are twin thieves who rob us of today.

So, stop pacing the aisles and counting the miles. Instead, climb more mountains, eat more ice cream, go barefoot more often, swim more rivers, watch more sunsets, laugh more, cry less. Life must be lived as we go along. The station will come soon enough.

- Robert J. Hastings


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