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Sell My House Fast GA Home Selling Expert TEAM

By Roland Lorans | Agent in Dacula, GA
  • 9 Easy Mistakes Hamilton Mill Dacula GA Home Owners Make on Their Taxes

    Posted Under: General Area in Dacula, Property Q&A in Dacula, Credit Score in Dacula  |  February 28, 2013 1:39 PM  |  246 views  |  No comments

    9 Easy Mistakes Home Owners Make on Their Taxes

    By: G. M. Filisko

    Published: December 31, 2012

    Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit.

    Sin #1: Deducting the wrong year for property taxes

    You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind — that is, you’re not billed for 2013 property taxes until 2014. But that’s irrelevant to the feds. 

    Enter on your federal forms whatever amount you actually paid in 2013, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.

    Sin #2: Confusing escrow amount for actual taxes paid

    If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.

    For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.

    Sin #3: Deducting points paid to refinance

    Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.

    Sin #4: Misjudging the home office tax deduction

    This deduction may not be as good as it seems. It's complicated, often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks. If so, here's what to  know about what you can write off.

    Sin #5: Failing to repay the first-time home buyer tax credit

    If you used the original home buyer tax credit in 2008, you must repay 1/15th of the credit over 15 years. If you used the tax credit in 2009, 2010, or 2011 and then sold your house or stopped using it as your primary residence, within 36 months of the purchase date, you also have to pay back the credit.

    The IRS has a tool you can use to help figure out what you owe.

    Sin #6: Failing to track home-related expenses

    If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer's certification statement for energy tax credits and lender or government statements to confirm property taxes paid.

    Sin #7: Forgetting to keep track of capital gains

    If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. You can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.

    Sin #8: Filing incorrectly for energy tax credits

    If you made any eligible improvements in 2012 -- or will in 2013 -- such as installing energy-efficient windows and doors, you may be able to take a 10% tax credit (up to $500). But keep in mind, it's a lifetime credit. If you claimed the credit in any recent years, you're done. Fill out Form 5695.

    Part II of the form, which covers systems eligible for a larger tax credit through 2016, such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.

    Sin #9: Claiming too much for the mortgage interest tax deduction

    You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.

    This article was original published in Jan. 2011.

    This article provides general information about tax laws and consequences, but shouldn't be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.
    Roland Lorans 770-866-2561
    Kller Williams Atlanta Partners 678-775-2600

  • 15 Vs. 30 Year Mortgage Loan Pros And Cons Buford Suwanee GA Homes for Sale

    Posted Under: Home Buying in Suwanee, Property Q&A in Suwanee, Credit Score in Suwanee  |  February 26, 2013 7:33 PM  |  399 views  |  No comments

    When the housing bubble burst in 2007 and spun the economy into the most severe recession since the Great Depression, economists and others predicted that home ownership would plummet. But that didn’t happen. Why? Interest rates dropped and they remain at historic lows.

    While it is true that banks and other lenders now put would-be homeowners through heck before agreeing to lend money, home buyers are willing to endure the pain because of low home prices and even lower interest rates.

    There are many different types of home loans, but the two most common ones are 15- and 30-year mortgages.

    Generally, 15-year mortgages make sense for borrowers who can afford the higher monthly payment because those borrowers will pay much less interest over the length of the mortgage. But there are pros and cons to each.
    To make an appointment to list your Home for Top Dollar and Get Your Home SOLD Call 770-866-2561

    Or to have a Private Showing of Some Great Homes for Sale Rent or Lease

    Click here http://www.GAHomesTEAM.com

    By Roland Lorans
    Keller Williams – Atlanta Partners
    Direct: 770-866-2561
    http://www.BuySellGAHomes.com

    Our TEAM does Open Houses

    Office: 678-775-2600
    http://www.GaShortSalePros.com



  • Tips On How To Get a Hamilton Mill Dacula GA Home Mortgage With Bad Credit

    Posted Under: Home Buying in Dacula, Property Q&A in Dacula, Credit Score in Dacula  |  February 26, 2013 7:28 PM  |  413 views  |  No comments
    A mortgage loan is possibly the most important type of loan a person can get because it allows you to pay for a respectable place to live. While it is certainly easier to get such a loan if your credit is good, people with poor credit – with a score of 600 or below – can still get loans.
    However, those who do so must often submit to less-than-ideal terms such as high interest rates and high monthly payments. If this is the case for you, make sure to bear a few important issues in mind.

    Before you go looking for bad credit mortgage loans, inspect your credit history carefully. Verify every negative item on your credit history and make sure that these items are legitimate. In some cases, you may find items that you can contest. If you contest items and the creditors are unable to prove that they are legitimate, the credit bureaus must remove those items from your credit history. Make sure to repeat this process for each of the three main credit bureaus. (To learn more about how to fix an error on your credit report, see How To Fix A Credit Report Error.)

    Even though you have bad credit, as you go looking for a mortgage loan remember that you are the customer. You have every reason to shop around and look for the best deal. If one lender is willing to extend a loan to you, the chances are that another one probably will as well – and that other lender just might offer you a better deal. Do not fall into the trap of letting lenders convince you that they are helping you and that you should be happy with whatever they offer. If they do not want you to compare their terms to those of other lenders, there is probably a reason for this. (To learn more about what you should ask potential mortgage lenders, see 8 Questions To Ask Your Lender About A Home Mortgage Loan.)

    The main thing people look at when it comes to getting bad credit loans is the interest rate. However, in making your comparisons between various lenders’ offers, the interest rate is not the only thing to consider. One important thing to consider is the matter of closing fees. Different lenders may charge different closing fees and substantial differences may be vital issues for you to consider. Another matter is penalties. If you are ever one day late on a payment, will you be assessed a fee? How much would this fee be? Finally, some lenders may reward those who make timely payments by lowering their interest rates. The possibility of getting your rate lowered can be a very important issue when it comes to bad credit mortgages which usually have high interest rates in the beginning. (For more information about closing costs and fees, see Important Closing Costs And Fees To Consider When Buying A House.)
    To make an appointment to list your Home for Top Dollar
    and Get Your Home SOLD Call 770-866-2561

    Or to have a Private Showing of Some Great Homes for Sale Rent or Lease

    Click here http://www.GAHomesTEAM.com

    By Roland Lorans
    Keller Williams – Atlanta Partners
    Direct: 770-866-2561
    http://www.BuySellGAHomes.com

    Our TEAM does Open Houses

    Office: 678-775-2600
    http://www.GaShortSalePros.com




  • How do I Save my Suwanee GA Home ask a Suwnaee Short Sale Realtor Short Sale can Cost You 10000s

    Posted Under: Home Selling in Suwanee, Foreclosure in Suwanee, Credit Score in Suwanee  |  January 7, 2013 5:38 PM  |  252 views  |  No comments

    Warning To Homeowners

    A Short Sale Can Cost You Thousands!

    10 critical steps you must know before you short sale your home. Visit site now.

    ( Yours FREE - Simply Click Image Above Or Link Below )

    www.howtoinfo.biz/2162/13



    Brought To You By...

    Roland Lorans - GA Homes TEAM Leader
    GA Homes TEAM

    Phone: 770-866-2561 - 678-775-2600
    Email: rlorans@gmail.com
    Web Site: www.gahomesteam.com
    Address: 1960 Satellite Blvd Suite 1100, Duluth, GA
    Broker: Keller Williams Atlanta Partners
    Real Estate License #: 297826

    REALTOR Equal Housing Opportunity Multiple Listing Service


    Not Intended To Solicit Anyone Already Under Contract With A Real Estate Professional.

     

  • How do I save my Flowery Branch Ga House...I am upside down on my Mortgage...How do I get help?

    Posted Under: Home Selling in Flowery Branch, Property Q&A in Flowery Branch, Credit Score in Flowery Branch  |  January 4, 2013 2:54 PM  |  325 views  |  No comments

    Atlanta Buford Dacula Suwanee Georgia Short Sale Specialist

    How Do I Short Sale My Home

    Short Sale Specialist in Atlanta Georgia

    What is a Real Estate Short Sale in Metro Atlanta Georgia?

    A quick sale in real estate, also commonly called a short sale, happens when a lender is willing to accept a lower pay off on a loan than what is currently owed due to the borrowers inability to continue making payments.

    What does it take to qualify for a Atlanta Georgia Short sale?

    Short Sale Specialist Realtor in Atlanta GeorgiaWhile lenders seem to be easier to work with lately regarding qualifications, there are usually three borrower qualifications that most lenders require for a Atlanta Georgia short sale. 

    1. Negative Equity - The proceeds from the sale of the property, after all closing costs
      are paid, are less than the amount currently owed on the property,
    2. Financial Insolvency - Financial insolvency means that the borrower has no other assets that could cover the deficiency (the difference between what is owed on the property and the proceeds from the sale)
    3. Financial hardship - Financial hardships that are acceptable do vary some from lender to lender, but the most common ones are; divorce or legal separation, loss of employment or reduction in income, job transfer or relocation, incarceration, medical emergencies or major medical expenses, death of a family member, vacant rental properties, damaged property, just to name a few.  Most lenders believe that a short sale is not for home owners who simply want to sell, but for those who have to sell. 

    Is it possible for me to get money back for completing a short sale?

    Until recent times, it was almost unheard of for a home owner to get money back in a short sale.  Things have changed for the better.  The HAFA program, backed by the US Government, allows homeowners $3,000 to use towards relocation expenses. In addition, some lenders will offer generous incentives of their own in addition to money offered through the HAFA program.  We have seen home owners get as much as $35,000 back to complete a short sale.

    Who will pay the Atlanta Georgia short sale Realtors® commission?

    In a short sale it is customary for a lender to cover all fees associated with the sale of the property, including your Atlanta Georgia short sale specialist as well. In almost all cases, a home owner in hardship will pay no out of pocket expense to complete a short sale transaction.

    How Can a Atlanta Georgia short sale specialist help me?

    As a Atlanta Georgia short sale specialist, I have helped many home owners who are in a Short Sale Realtordifficult financial season get a fresh start with a short sale.  Short sales are not part of our "basic training" as real estate agents, and are something that should only be left to those of us who are especially qualified and experienced.  Experience is everything when it comes.  I'll not only market your home in the traditional manor, but will guide you through this transition while simultaneously processing the short sale with your lender.  Visit my website for more information on the short sale process.

    Roland Lorans & Jacky Arias

    ~ Your Award Winning Atlanta Georgia Short Sale Specialist Realtors® ~

    Keller Williams Realty - Atlanta Partners

    24/7 Recorded Message PHONE: 770-866-2561 or 678-717-9048

    GAShortSalePros.com

  • How do I save my Roswell Ga House...I am upside down on my Mortgage...How do I get help?

    Posted Under: Home Selling in Roswell, Foreclosure in Roswell, Credit Score in Roswell  |  January 4, 2013 2:53 PM  |  391 views  |  No comments

    Atlanta Buford Dacula Suwanee Georgia Short Sale Specialist

    How Do I Short Sale My Home

    Short Sale Specialist in Atlanta Georgia

    What is a Real Estate Short Sale in Metro Atlanta Georgia?

    A quick sale in real estate, also commonly called a short sale, happens when a lender is willing to accept a lower pay off on a loan than what is currently owed due to the borrowers inability to continue making payments.

    What does it take to qualify for a Atlanta Georgia Short sale?

    Short Sale Specialist Realtor in Atlanta GeorgiaWhile lenders seem to be easier to work with lately regarding qualifications, there are usually three borrower qualifications that most lenders require for a Atlanta Georgia short sale. 

    1. Negative Equity - The proceeds from the sale of the property, after all closing costs
      are paid, are less than the amount currently owed on the property,
    2. Financial Insolvency - Financial insolvency means that the borrower has no other assets that could cover the deficiency (the difference between what is owed on the property and the proceeds from the sale)
    3. Financial hardship - Financial hardships that are acceptable do vary some from lender to lender, but the most common ones are; divorce or legal separation, loss of employment or reduction in income, job transfer or relocation, incarceration, medical emergencies or major medical expenses, death of a family member, vacant rental properties, damaged property, just to name a few.  Most lenders believe that a short sale is not for home owners who simply want to sell, but for those who have to sell. 

    Is it possible for me to get money back for completing a short sale?

    Until recent times, it was almost unheard of for a home owner to get money back in a short sale.  Things have changed for the better.  The HAFA program, backed by the US Government, allows homeowners $3,000 to use towards relocation expenses. In addition, some lenders will offer generous incentives of their own in addition to money offered through the HAFA program.  We have seen home owners get as much as $35,000 back to complete a short sale.

    Who will pay the Atlanta Georgia short sale Realtors® commission?

    In a short sale it is customary for a lender to cover all fees associated with the sale of the property, including your Atlanta Georgia short sale specialist as well. In almost all cases, a home owner in hardship will pay no out of pocket expense to complete a short sale transaction.

    How Can a Atlanta Georgia short sale specialist help me?

    As a Atlanta Georgia short sale specialist, I have helped many home owners who are in a Short Sale Realtordifficult financial season get a fresh start with a short sale.  Short sales are not part of our "basic training" as real estate agents, and are something that should only be left to those of us who are especially qualified and experienced.  Experience is everything when it comes.  I'll not only market your home in the traditional manor, but will guide you through this transition while simultaneously processing the short sale with your lender.  Visit my website for more information on the short sale process.

    Roland Lorans & Jacky Arias

    ~ Your Award Winning Atlanta Georgia Short Sale Specialist Realtors® ~

    Keller Williams Realty - Atlanta Partners

    24/7 Recorded Message PHONE: 770-866-2561 or 678-717-9048

    GAShortSalePros.com

  • Dacula Buford Suwanee Braselton GA Short Sale Homeowners Update Mortgage Forgiveness Debt Act has been extended till Dec 31

    Posted Under: Home Selling in Dacula, Foreclosure in Dacula, Credit Score in Dacula  |  January 4, 2013 2:51 PM  |  239 views  |  No comments
    Realtor Update: Important News to All Homeowners that are upside down on their Mortgage...
    Short Sale Agent Update


    January 4, 2013

    Bank of America would like to inform the real estate agent community that Congress has extended the certain provisions of the Mortgage Forgiveness Debt Relief Act through the American Taxpayer Relief Act of 2012 until December 31, 2013. This act benefits qualified homeowners who may have otherwise owed taxes on forgiven debt after going through a short sale.

    Homeowners will continue to receive their 1099-C forms. Please keep in mind that homeowners should always consult their tax advisor so they can evaluate their personal situation and understand their tax payments.
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