Tag Archives: rachels

New Real EstateTax Law – 5 Effects to Home ownership and 1 unchanged

Have you heard about the new tax laws? Congress’ recently passed tax reform, has five changes that might effect homeowners.

  1. Mortgage Interest Deduction

The mortgage interest tax deduction is touted as a way to make homeownership more affordable. It cuts the federal income tax that qualifying homeowners pay by reducing their taxable income by the amount of mortgage interest they pay. Beginning in 2018, the deduction is scaled back to interest on debt up to $750,000, instead of $1 million, for people who buy homes on or after Dec. 15, 2017.

  • Tax Law Through 2017: You may deduct the interest you pay on mortgage debt up to $1 million ($500,000 if married filing separately) on your primary home and a second home.
  • Tax Law Beginning in 2018: For homes bought before Dec. 15, 2017, no change. But for homes bought Dec. 15, 2017, or later, you may deduct the interest you pay on mortgage debt up to $750,000($375,000 if married filing separately).

 

2. Property Tax Deduction

The former tax law eased the pain of paying property taxes by allowing qualifying taxpayers to reduce their taxable income by the total amount of property taxes they paid. Beginning in 2018, the deduction is limited to a total of $10,000 for the cost of property taxes, and state and local income taxes or sales taxes.

  • Tax Law Through 2017: You may deduct the property taxes you pay on real estate you own.
  • Tax Law Beginning in 2018: You may deduct up to $10,000 ($5,000 if married filing separately) for a combination of property taxes and either state or local income taxes or sales taxes.home-167734__340

3. Home Equity Deduction

On top of the mortgage interest deduction, the former tax law added a deduction for interest paid on home equity debt “for reasons other than to buy, build, or substantially improve your home.” So, for example, if you borrowed from a home equity line of credit to pay tuition, the interest you paid was tax-deductible. Starting in 2018, the deduction is eliminated for interest paid on home equity debt.

  • Tax Law Through 2017: You may deduct interest on up to $100,000 of home equity debt ($50,000 if married filing separately).
  • Tax Law Beginning in 2018: Eliminates the deduction for interest on home equity debt.

4. Mortgage Interest Deduction For Second Homes

You may deduct interest on mortgage debt on your primary home and a second home. The new law keeps this part of the former tax law in place, although it reduces the amount of eligible mortgage debt, as seen in item No. 1 above.

  • Tax Law Through 2017: Deduct the interest you pay on mortgage debt up to $1 million ($500,000 if married filing separately) on your primary home and a second home.
  • Tax Law Beginning in 2018: Deduct the interest you pay on mortgage debt up to $750,000 ($375,000 if married filing separately) on your primary home and a second home.

 

5. Moving Expenses

Under the former tax law, you could deduct some moving expenses when you moved for a new job. You had to meet complex criteria involving distance and timing of the move. Beginning in 2018, only active-duty members of the armed forces will be allowed to deduct moving expenses.

  • Tax Law Through 2017: Deduct some moving expenses if you meet distance and time requirements.
  • Tax Law Beginning in 2018: Only active duty members of the armed forces may deduct moving expenses.

 

Capital Gains rule has NOT changed

Changing the capital gains rule was on the chopping block, but thankfully it has not changed. When you sell a house, the capital gain is the difference between the price you paid for it and the price you sold it for. This capital gain is treated as taxable income. If you owned the house long enough, you’re allowed to exclude up to $500,000 (for married couples) of this capital gain as income so you don’t have to pay federal income tax on it. (The exclusion is capped at $250,000 for taxpayers filing separately.)

  • You must have owned the home, and used it as your primary residence, during at least two of the five years before the date of sale. You cannot have used this exclusion in the two years before the sale of the home.

Would you like to know more? I’m not an accountant, but I can give guidance on home values, market conditions, buying, selling, and a couple great recommendations. For more information the new tax laws contact tour favorite CPA or call me and I’d be happy to refer you.

Five Star award recipient 2011-2018 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Earth Advantage Broker, Diversity Specialist-HOWNW, CSA-Certified Staging Agent

Oregon First, Realtors, Direct 503.380.9634, Email-   homesforyou@frontier.com

View ALL available Houses on the market on my website

Licensed in the State of Oregon

***I’M ALWAYS HAPPY TO HELP YOU AND YOUR REFERRALS***

Thanks you Lewis Holden for the original article sited here.

Lewis, Holden, and Holden Lewis Holden is a personal finance writer for NerdWallet. He previously covered mortgages and real estate at Bankrate. Read more twitterTwitteremailEmail. “Tax Plan Compromise: What Happens to Homeownership?”NerdWallet, 20 Dec. 2017,

 

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Client Review from Rachel P.

Thank you Rachel for taking the time to write this testimonial! i think your the best!

Rachel is nothing less than amazing. We sold our home during an emotionally difficult situation and she was immediately there to help and reassure us every step of the way. What seemed to start as a pretty cut and dry situation turned very difficult, she was patient with my weekly (probably more) melt downs, and she fought for our best interest. When dealing with people who were anything but professional she always stayed classy. I will definitely be calling Rachel the next time I need a realtor. Her years of experience and passion for people makes her the best around.

Five Star award recipient 2011- 2018 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, Diversity Specialist, HOWNW, Earth Advantage Broker, MASTERS CIRCLE, CSA-Certified Staging Agent

Oregon First, Realtors

Direct 503.380.9634

Email-    homesforyou@frontier.com

View ALL available Houses on the market on my website

Licensed in the State of Oregon

***I’M ALWAYS HAPPY TO HELP YOU AND YOUR REFERRALS***

SELLER & BUYER TESTIMONIAL!

“I had thought about selling my home in Milwaukie for some time but never really got off the couch and did anything about it.

One day after work I took a drive to the area that I wanted to live and found a few homes for sale.  I had searched for a house with land, as I was looking for a little piece of earth to raise my family.  We lived in suburbia and I commuted all my life; I was ready for a change.  The house I was looking at was located in Boring Oregon on a great piece of land and was being sold by Sheller Real Estate, Oregon First.  On my way home after work I called the number on the sign and that is when I was first introduced to Rachel Sheller!  We talked for a good half hour and the great energy and vibe I got from that one conversation; I knew that I wanted this person to represent my family and myself in this HUGE life undertaking.

My wife, kids and I met Rachel for the first time at my home in Milwaukie.  We sat down and went through the usual proceedings of a home sale and Rachel was very informative, upfront, and honest.  After deciding on a sale date, we all rolled up our sleeves and went to work.  If you have never sold a home you are in for a rollercoaster ride.  My wife and I went through emotions of stress, happiness, sadness, and fear but through it all Rachel made sure that we were always comfortable.  We sold our home within the timeline promised and we were very satisfied with Rachel’s performance and professionalism that we continued our journey with her to buy our next family home.

The move was strange for us all.  We had moved back into my parents basement and the kids were on summer vacation.  Each day I had my Zillow and Trulia feeds going and at moment’s notice Rachel was always willing to go show us a home whether it was morning or night.  At times living with my parents again would strike the fear in me that I needed to find a home sooner rather than later, but Rachel would always reel me back and assure me that the right home would come along.  Rachel just wasn’t our realtor she became much more.  Beyond the business side to her she was very down to earth and wouldn’t pass judgment no matter what you had to say.  Selling and buying a home is probably a top 5 in your life that can make and break a person, because if it’s your actual home you leave a lot of emotions on the table.  If I had to do it all over again, Rachel Sheller would be by my side.

Thank you Rachel

Mike Cassie Leland Layla – Kern”

Thank you Mike & Cassie for the glowing testimonial. It is my deep honor to represent you and your wonderful family! I’m not sure how i got so lucky, but I’m grateful for it! i’m always here for you and yours!

Five Star award recipient 2011-2017 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Diversity Specialist, HOWNW, CSA-Certified Staging Agent, Oregon First, Realtors

Direct 503.380.9634

Email-    homesforyou@frontier.com

View ALL available Houses on the market on my website.

Licensed in the State of Oregon

***I’M ALWAYS HAPPY TO HELP YOU AND YOUR REFERRALS***

    My business is primarily based around referrals
from my clients.  If you or someone you know is
thinking about buying or selling real estate,
please feel free to pass along my information
or just let me know!

 

 

 

 

The temperature is rising.. here are some tips on how to keep cool!

_main_water_0How to Keep your Home Cool

Hot weather can drive up your energy bills, and an inefficient air conditioning unit can leave you sweaty and uncomfortable. Here are some ways to keep your home cool and save money in the process.

Close your blinds.
According to The Family Handyman, around 30 percent of heat comes in through your windows. By closing your blinds and drawing the curtains you can keep unwanted heat out.

Grill your food.
Avoid using the oven and stove. Clear skies allow you to fire up the grill and get more use out of outdoor furniture.

Switch to CFLs.
Compact fluorescent light bulbs (CFLs) cut lighting costs as well as cooling costs. They give off very little heat, and when your house feels uncomfortably warm, every small improvement helps. 

Allow air flow.
Keep interior doors open to let air flow freely between rooms, which helps regulate the cool air. Open windows in the evening to bring the cool breeze in.

 

Five Star award recipient 2011-2017 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Diversity Specialist, HOWNW, CSA-Certified Staging Agent, Oregon First, Realtors

Direct-503.380.9634, Email-homesforyou@frontier.com

See ALL available houses at my website!

Licensed in the State of Oregon

***I’M NEVER TOO BUSY FOR YOU AND YOUR REFERRALS***

Something sweet for this warm weather!

salsa

Strawberry Mango Salsa

3/4 cup diced strawberries
3/4 cup diced mango
1 jalapeño, seeded and minced
2 Tbsp. diced red onion
2 Tbsp. chopped fresh cilantro
2-3 tsp. honey, to taste
Juice of 1 lime

In a large bowl, combine strawberries, mango, jalapeño, onion, cilantro, honey, and lime juice.

Serve immediately with chips or over grilled chicken

If you’re looking for something sweet, call me and I will help you get a sweet deal in real estate!

Five Star award recipient 2011-2017 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Diversity Specialist, HOWNW, CSA-Certified Staging Agent, Oregon First, Realtors

Direct 503.380.9634, Email- homesforyou@frontier.com

See ALL available homes at my website!

Licensed in the State of Oregon

***I’M NEVER TOO BUSY FOR YOU AND YOUR REFERRALS***

Simplicity is key in this always changing world!

simplicity

Life can get busy. I simplify lives by helping with all real estate needs. Please let me know when I can be of service to you. Thank you for your trust.

 

Five Star award recipient 2011-2017 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Diversity Specialist, HOWNW, CSA-Certified Staging Agent, Oregon First, Realtors

Direct 503.380.9634, Email- homesforyou@frontier.com

See ALL available homes at my website!

Licensed in the State of Oregon

***I’M NEVER TOO BUSY FOR YOU AND YOUR REFERRALS***

 

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Some helpful data if you’re contemplating selling! It’s YOUR time!

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