Category Archives: Tax Related

More Taxes for Homeowners in Minnesota!

Well, at first glance Governor Dayton’s new tax plan doesn’t sound too bad – a $500 property tax rebate for everyone, lower the sales tax rate from 6.875% to 5.5% – not too shabby.  The catch is that the lower … Continue reading

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Housing Alert: Short Sales May Be in Big Trouble – CNBC

If you’re doing a short sale, you should try to get it done before the end of the year or you may end up owing taxes on any debt that is forgiven by the lender. Housing Alert: Short Sales May … Continue reading

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Why You Should Sell Your Luxury Home Now

If you’re considering selling your upper end home, you might want to consider getting it on the market now and closing the deal before the end of 2012.  There are a couple very important tax changes looming just around the … Continue reading

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3.8% Home Sale Tax Information

The new healthcare reform law contains a little known item effective January 1, 2013 that may affect some homeowners upon the sale of their property.  The “may” is the key word.  There has been a lot of confusing and often … Continue reading

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Tax Benefits of Home Ownership

Some articles are beginning to appear claiming that renting is now financially better than owning a home.  Read this article and see if you agree (I don’t): REALTOR.com: Tax Benefits of Home Ownership are Almost Too Good to be True.

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$10 Special Assessment in Scott County

If you live in Scott County and take a close look at your property tax statement, you’ll see a special assessment for $10.  Every listing for homes for sale in Scott County will (or should) show that special assessment.  As … Continue reading

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Repaying First-Time Homebuyer Credit

If you bought your home in 2008, 2009, or 2010 and received a first-time homebuyer credit courtesy of Uncle Sam, you may be required to repay it under certain circumstances.  The IRS has a handy online tool to help you … Continue reading

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The 3.8% Tax Is Not a Real Estate Transfer Tax

More info on the pending new 3.8% tax associated with real estate sales: The 3.8% Tax Is Not a Real Estate Transfer Tax.

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School Board Approves 2.7% Levy DECREASE !

When I first glanced at this article, I instinctively read it as 2.7% increase since tax increases are pretty much the norm these days.  Later I saw it again and realized that it’s actually a tax decrease.  Imagine my surprise!  Unfortunately … Continue reading

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Divorce and the Homeowner

As if it isn’t bad enough when a divorce is looming, throw in the present state of the economy and the high number of homeowners who are underwater with their mortgages.  By now most people likely understand that underwater means … Continue reading

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