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Home Selling in Boston : Real Estate Advice

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  • Local Info121
  • Home Buying451
  • Home Selling54
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Activity 88
Matt Heisler, Real Estate Pro in Westborough, MA
Thu Mar 26, 2009
Matt Heisler answered:
Hello Michael:

All 1099s are designated as "Miscellaneous Income" and you are responsible for declaring them on your tax return. But it doesn't mean you owe taxes. There's a number of things that you need to be clear on, and then I would discuss with a tax professional, but basically:

You sold a "piece" of what you owed. Since you did NOT sell your primary residence, I believe that this parcel will not count under the traditional housing capital gains exemption. However, it isn't clear that you made a gain on the parking space. Talk with a tax pro, but here's what I would find out:

Price you paid for unit AND common area: Original Price
Value of common area at time of purchase: Parking Price* (This will be an estimate)
Value of unit today, with out parking: Current Price. (This will be an estimate)

The market has been down, so your numbers could work out like this: Original Price: 300K. Value of parking: 15K. Current value of property: $285K. Net gain: $0. If there's no gain, no tax. There needs to be profit for taxes. A Tax professional will be able to help you with the required documentation to make sure your financial house is in order in case of an audit.
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Thomas Cinco…,  in Boston, MA
Thu Nov 13, 2008
Thomas Cincotti answered:
Hi Vincent,

The good ones go fast, but the North End has an abundance of inventory. I would be happy to do a tour with you sometime and get you into some exclusive properties.

Did I mention "we cut you a commission check" ... more
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Judy Boyle, Real Estate Pro in Marlborough, MA
Tue Jul 15, 2008
Judy Boyle answered:
HI AK! If I had a dollar for every time I have been asked the question "Renovate" or "Sell at a Loss", I'd be one wealthy Realtor. What I can recommend is that you take a long hard look at what you've got and ask yourself the question "How long do I want to stay here?" If you would be happy investing the money and staying where you are then go ahead and renovate...turn your house into the home of your dreams! With the help of a good Realtor who will help you follow the market, you can wait until the market turns around and then sell for a profit. I'd be happy to sit with you and help you work through your questions. I would highly discourage you, however, from trying to do it alone. You need a trusted (and ethical) advisor who will help you realize your goals and then assist you in attaining those goals! That's what a good Realtor will do...put your best interests first! Good luck! ... more
0 votes 5 answers Share Flag
Erica Burns,  in Greenfield, MA
Thu Jun 5, 2008
Erica Burns answered:
I'd look into some wording in the P&S it should mention something about "mutually agreeable" in there. see if you can find it and if you're not mutually agreeable than you could probably back out. Have you spoken with your attorney about what to do? If not I highly recomend it. ... more
0 votes 17 answers Share Flag
Jed Lane, Real Estate Pro in Petaluma, CA
Sun Jun 1, 2008
Jed Lane answered:
That is always the best approach. Due unto others as you have them do unto you.
0 votes 6 answers Share Flag
Territory.c…, Real Estate Pro in MA,
Fri Mar 14, 2008 answered:
Genius response Tman!!! Much better put then my below response ... and i am usually funny, what gives. This topic really gets my pantalones in a bunch ... Agents: STOP CHASING COMMISSIONS ... oh wait, that is IMPOSSIBLE because you are all independent contractors who aren't salaried and are rewarded for raising commissions ... ugh, anyway, matthew (if you really are a person and not a "Real estate pro") i think you get the point ... either tell your agent he/she is fired or tell them to shove it and come up with a better plan ... there are many options. ... more
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Bill Wendel, Real Estate Pro in Cambridge, MA
Tue Nov 20, 2007
Bill Wendel answered:
No, not drawing on their experience of opening a real estate company, but their legacy of being innovators and "change agents" in their own respective professions. Contrary to the suggestion that Harvard & MIT alum or too busy to be "do-it-yourself" home buyers and sellers, my experience is that they are some of the most insightful and innovative clients one could ever dream of serving. (In fact, we ALWAYS learn from them!) No doubt, I wish they needed more help. The more help they need, the more service we provide and the more money we get paid. As the interent makes more self-service tools available, it has become increasingly difficult to amass billable hours that total even one percent of the price of homes those buyers are purchasing. Candidly, makes look overpriced. Is that shameless self promotion, or evidence that consumers are demonstrating how little help they need these days.

I'd be glad to provide timesheets! Can any of your full service, full-fee business you match that claim, too?

Guess who said:

“The next major revolution in real estate will be fee based services replacing the blanket commission pricing that has dominated the industry for so long.”

It was the National Association of Realtors's own Former Chief Economist, John Tucillo, AND it was a decade ago. So I repeat the question, "What will take for real estate consumers, regardless of whether they have Ivy League educations or not, to organize into money-saving real estate coops?

I think that American icon of frugality Ben Franklin would say enlightened self-interest. So how should a real estate agent respond? Again, I quote Ben:

The best way to become rich is to enrich others.

I don't expect the Harvard Alumni Association (HAA) to come banging on my door just because one of their alumni will be getting a $20,000 rebate from my company tomorrow (see web link related to this point). But if other companies adopt the "community commission" described below, and a portion of rebates are donated legally, my guess is that it will not be long before some alumni fund raising office figures out there "thar's gold in them thar' real estate rebates! Before you know it, there will be RFP's (requests for proposals) inviting money-saving business models to join a preferred vendor list.

With a few connections, that coalition of service providers might find themselves with a link to HAA's home page, someday, too. If you think I'm, blowing smoke, check out what Northeastern Alumni are already doing on HomeGift, another Boston-based innovator:
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Sylvia Barry,…, Real Estate Pro in Marin, CA
Thu Oct 11, 2007
Sylvia Barry, MAS,CIPS,SRES answered:
Hello Boston Agents (or agents from any other state):

You are cordially invited to join our First Annual National Open House Day. To be held on Sunday 11/4/2007 - Any local time that's convenient for you works for us.

See a couple views of our website

Make sure you are in this view:

Make sure your House is in this view:

See the original post

See you on the site soon!
Sylvia Barry
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