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Jeny Milosevic's Blog

By Jeny Milosevic | Agent in Woodland Hills, CA
  • JHM In The News

    Posted Under: Home Buying in Woodland Hills, Home Selling in Woodland Hills, Property Q&A in Woodland Hills  |  May 14, 2012 12:56 PM  |  542 views  |  No comments
    Hello:
    Here it's a link to our monthly newsletter. If you are a buyer or seller or just learning the real estate market please visit our newsletter. If you have any questions in regards to real estate please don't hesitate to contact.
    http://www.clientdirect.net/news/?PUB=21005

    Best regards,

    Jeny Milosevic
    Broker/Realtor
  • Your Principal Residence and Taxes

    Posted Under: Home Buying in Woodland Hills, Home Selling in Woodland Hills, Property Q&A in Woodland Hills  |  March 16, 2012 11:12 AM  |  682 views  |  No comments

  • The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
     
    Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
     
    Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
     
    Consult your tax advisor for advice about your particular circumstance. 
  •   
    Homeownership can be a real joy. It's time to get off the fence and into a home that is right for you!  
     
    Do These Real Estate Tips Really Apply to YOU?
     
    We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here. It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation. Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...  

    You can find more about Jeny and JHM Business Services on facebook, Twitter and Linkedin.

    Have a great weekend

    Jeny Milosevic
    Realtor/Broker Associate
    JHM Business Services
    Lic. 01759329 

  • Something To Consider When Preparing Your Income Taxes

    Posted Under: Home Buying in Woodland Hills, Home Selling in Woodland Hills, Property Q&A in Woodland Hills  |  March 2, 2012 10:07 AM  |  239 views  |  No comments
    • When preparing your income  taxes there are certain items that homeowners should be aware of these tax breaks that they may be eligible to receive.
    • Mortgage interest: Homeowners are generally entitled to reduce their taxable income by the amount of mortgage interest they pay, as long as they itemize deductions on their tax returns. 
    • Private mortgage insurance: Homeowners who are paying PMI likely will be able to fully deduct the amount, as long as their adjusted gross income is $100,000 or less ($50,000 for married taxpayers filing separately).  Borrowers with incomes above $100,000 may qualify for a partial deduction.
    • Energy-efficient home improvements: If windows, doors, or skylights that meet the requirements of the federal Energy Star program were installed in 2011, homeowners can get a tax credit equal to 10 percent of the product’s costs.
    • Points: The charges a borrower paid in points to get a mortgage are generally deductible if it was a first mortgage on the property.  In the case of a refinance loan, all or some of the point charges might be deductible, but it gets complicated.
    • Property taxes: The amount paid in property taxes is deductible as long as it is based on the assessed value of the property.  If the mortgage company collects money for property taxes, the amount actually paid should be on the 1098 form lenders send out each January.
    •   
      Homeownership can be a real joy. It's time to get off the fence and into a home that is right for you!  
       
      Do These Real Estate Tips Really Apply to YOU?
       
      We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here. It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation. Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...  

      You can find more about Jeny and JHM Business Services on facebook, Twitter and Linkedin.

      Have a great weekend

      Jeny Milosevic
      Realtor/Broker Associate
      JHM Business Services
      Lic. 01759329 


       
  • Tax Reward For Homeowners

    Posted Under: Home Buying in Woodland Hills, Home Selling in Woodland Hills, Property Q&A in Woodland Hills  |  February 24, 2012 10:01 AM  |  157 views  |  No comments

    Dear Friend:
    The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.
     
    Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.
     
    The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance. 

    Homeownership can be a real joy. It's time to get off the fence and into a home that is right for you!  
     
    Do These Real Estate Tips Really Apply to YOU?
     
    We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.
     
    It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation. 
     
    Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...  

    You can find more about Jeny and JHM Business Services on facebook, Twitter and Linkedin.

    Have a great weekend

    Jeny Milosevic
    Realtor/Broker Associate
    JHM Business Services
    Lic. 01759329 


     

  • The Mortgage Settlement!!!

    Posted Under: Home Buying in Woodland Hills, Home Selling in Woodland Hills, Foreclosure in Woodland Hills  |  February 17, 2012 10:10 AM  |  228 views  |  No comments

    Dear Friend:
    Last Thursday, the nation’s five largest mortgage servicers agreed to a landmark $25 billion settlement with a coalition of state attorneys general and federal agencies. The settlement addresses past mortgage loan servicing, foreclosure abuses and fraud, provides substantial financial relief to borrowers harmed by bank fraud, and establishes significant new homeowner protections for the future.
    The joint state-federal group announced the agreement with the nation's five largest servicers: Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup, Inc., and Ally Financial, Inc. (formerly GMAC). Collectively, the five banks service nearly 60 percent of the nation’s mortgages.
    Under the agreement, the five servicers agree to:

    • Commit a minimum of $17 billion directly to borrowers through a series of national homeowner relief effort options, including principal reduction. Servicers will likely provide up to an estimated $32 billion in direct homeowner relief.
    • Commit $3 billion to an underwater mortgage refinancing program.
    • Pay $5 billion to the states and federal government ($4.25 billion to the states and $750 million to the federal government).
    • Provide homeowners with comprehensive new protections from new mortgage loan servicing and foreclosure standards.

    Additionally,

    • An independent monitor will ensure mortgage servicer compliance.
    • States can pursue civil claims outside of the agreement including securitization claims as well as criminal cases.
    •  Borrowers and investors can pursue individual, institutional or class action cases regardless of agreement.

    Homeownership can be a real joy. It's time to get off the fence and into a home that is right for you!  
     
    Do These Real Estate Tips Really Apply to YOU?
     
    We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here.
     
    It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation. 
     
    Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We am happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...  

    You can find more about Jeny and JHM Business Services on facebook, Twitter and Linkedin.

    Have a great weekend

    Jeny Milosevic
    Realtor/Broker Associate
    JHM Business Services
    Lic. 01759329 



  • Some Help for Responsible Homeowners

    Posted Under: General Area in Woodland Hills, Market Conditions in Woodland Hills, Home Selling in Woodland Hills  |  February 3, 2012 10:53 AM  |  302 views  |  No comments

    Dear Friend:
    In his State of the Union address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery.
    Key aspects of the president’s plan include:

    • Broad-based refinancing: The president’s plan will provide borrowers who are current on their payments with an opportunity to refinance and take advantage of historically low interest rates
    • Homeowner Bill of Rights: The president is putting forward a single set of standards to make sure borrowers and lenders play by the same rules, including: Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out; full disclosure of fees and penalties; guidelines to prevent conflicts of interest that end up hurting homeowners; support to keep responsible families in their homes and out of foreclosure; and protection for families against inappropriate foreclosure, including right of appeal.
    • First pilot sale to transition foreclosed property into rental housing: The FHFA, in conjunction with Treasury and HUD, is announcing a pilot sale of foreclosed properties to be transitioned into rental housing.  C.A.R. is opposed to bulk sales of REO properties in California. 
    • Providing a full year of forbearance for borrowers looking for work: Following the administration’s lead, major banks and the GSEs are now providing up to 12 months of forbearance to unemployed borrowers.
    • Pursuing a joint investigation into mortgage origination and servicing abuses: This effort marshals new resources to investigate misconduct that contributed to the financial crisis under the leadership of federal and state co-chairs.
    •  Rehabilitating neighborhoods and reducing foreclosures: In addition to the steps outlined above, the administration is expanding eligibility for HAMP to reduce additional foreclosures, increasing incentives for modifications that help borrowers rebuild equity, and is proposing to put people back to work rehabilitating neighborhoods through Project Rebuild.
    • Let's see what happens in 2012.
    •  
      You can find more about Jeny and JHM Business Services on facebook, Twitter and Linkedin.

      Have a great weekend

      Jeny Milosevic
      Realtor/Broker Associate/CPA Partner
      JHM Business Services
      Lic. 01759329 


  • Taxes, Taxes, Taxes $$$

    Posted Under: General Area in Woodland Hills, Financing in Woodland Hills, In My Neighborhood in Woodland Hills  |  January 27, 2012 10:31 AM  |  354 views  |  No comments

    Dear Friend:
    My Advice: How To Avoid Common Errors
     
    Every single mistake can cause problems, which might lead to delays in processing your return and receiving your refund.

    1. Make sure the social security number is correct. This is your identification by IRS.
    2. Print clearly your name, address, zip code.
    3. Enter the correct name and social security numbers of yourself, your spouse, your dependents, and qualifying children for earned income credit or child tax credit
    4. Check only one file status.
    5. Check the appropriate exemption boxes and enter the names and social security numbers exactly as they appear on the social security card for all the dependents and exemptions claimed.
    6. Enter the correct income, deductions, and credits in the correct line and make sure the total is correct.
    7. If you are taking standard deduction make sure to check the appropriate boxes and use the worksheets if required.
    8. Figure out your taxes  by making sure your math calculations are corrected.
    9. Make sure to sign and date the return. If filing jointly make sure your spouse sign and date the return also.
    10. Make sure your W-2 copy B is attached to your return. File out only one return even if you have more than one job.
    11. Attached form 1099-R if you have tax withheld.
    12. Attached all the necessary schedules and forms in sequence number order given in the upper right-hand corner.
    13. If you owe tax, don’t forget to include your check, or money order with the return and write your social security number, tax form, and tax year on the payment.
    14. Keep a copy of your tax return and other documentation for your records.
    15.  
       
      Refer a Friend
       
      We are confident that you will be satisfy with our services that you’ll tell your friends, family members and everyone you know about us. We’ll give you $10 cash for every person you refer who gets their taxes prepared with us. Ask your tax prepared for more details. 
      This is why it is very important that you work with an accountant that takes a much more proactive approach. You need someone who meets with you to do forward tax planning during the off season. If this is not happening, it should be a red flag that you are not getting all that you should from your accounting relationship.
       
      As you begin to prepare for this tax season, know that I highly recommend JHM Tax Services. The telephone number is (818) 887-2085. I would strongly encourage you to contact JHM Tax Services if you are dissatisfied with your existing tax preparation situation.
       
      May 2012 be a great year for you and those you care about! If there is anything that I can do to assist you, please do not hesitate to call. 
      You can find more about Jeny and JHM Business Services on facebook, Twitter and Linkedin.

      Have a great weekend

      Jeny Milosevic
      Realtor/Broker Associate/CPA Partner
      JHM Business Services
      Lic. 01759329  
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