3/13/08

GIFT TAX RULES; HOW TO SPLIT UP THE WILLED FAMILY HOME; and AVOIDING ESTATE FIGHTS IF A PARENT REMARRIES

After reading the headline "Scottsdale home sales skid 30%" in the newspaper today, I was surprised to find some good news included in the article. Although sales of existing homes in Scottsdale fell 30% in February from 2007 and prices declined 14 percent, the good (make that GREAT) news is that condominium and townhouse prices were UP 5.5% according to a report from the Realty Studies Department at ASU. Folks may be under the impression that nothing is selling, but 150 condo and townhouse sales closed in Scottsdale last month! Additionally, median prices in Paradise Valley jumped 30% from last February. Of course, this positive news in these particular areas doesn't mean that the general trend of declining sales and prices is over, but it does provide some encouragement.

So, why are condo sales up? Perhaps it's because condos are appealing to winter visitors looking to enjoy the Arizona lifestyle and to young folks buying into the housing market for the first time. Or, maybe it's because condos appeal to older folks who are looking for an easier lifestyle after years of dealing with the responsibilities of owning a larger home. Or maybe the high cost of gasoline is what's making people realize that a well-located condo can cut down on the cost of driving to stores, restaurants, and entertainment. Whatever the reasons are, it's encouraging to see that condos are selling. There are lots of great condos available in every price range and I'd love to help you or someone you know find just the right one.

Gift Tax Rules

Know the Gift Tax Rules - You can give away a lot under the IRS radar screen, but when you exceed certain limits, you must follow certain procedures. Expert Constance Fontaine explains it all in easy-to-understand terms.

How to Split Up the Willed Family Home
How to Split Up the Willed Family Home - Estate issues get complicated, emotionally and financially, when siblings must finally decide what to do with mom and dad's house.

Avoiding Estate Fights if a Parent Remarries
Avoiding Estate Fights if Parent Remarries - Poor planning can set up ugly conflicts and court battles between children and their stepparents.

Warmest Regards,

Pook

3/6/08

SPRING TRAINING and MORE TAX ARTICLES

Spring is here and so is Cactus League Spring Training! I recently read in the Arizona Republic (2/24/08) that Arizona's Cactus League is becoming the new spring-training mecca. Currently there are 12 teams training here in Arizona, but next year, with the arrival of the LA Dodgers and the return of the Cleveland Indians (both moving into brand new facilities), the Cactus League, with 14 teams, will have just 2 less teams than the Florida Citrus League. According to the article, "Experts say consistent weather and the close proximity of the teams is giving Arizona's spring training league an edge over Florida's." So, tell your friends this is the place to visit if they want to experience great spring training baseball. Here is a link to Arizona Cactus League Spring Training for you to share with them. And, just in case they decide that they want to live the Arizona lifestyle for more than a few days in March, I have the perfect condo for them right here in Scottsdale!

More Tax Articles
OK, so I'm obsessed... I'm up to my eyeballs with tax stuff, as is evidenced by the piles of paper on my dining room table at this moment, so please forgive me for taking one last opportunity to share some interesting tax info with you. Of course, I'm not a tax expert (hardly!) and the information I include here is intended to present information that you may want to explore with your personal tax consultant. I hope you find the information to be informative and helpful.

Five Home Ownership Tax Myths-- Owning a home usually provides substantial tax breaks. But sometimes, the tax code's complexity gets in the way.

Not Everything is Taxed -- Uncle Sam wants a bite of most of your income, but there are instances where your money is taxed only partially or not at all.

Do Taxes Yourself or Hire a Pro? -- Most Americans dread doing their annual tax-filing chores. But all have to determine whether to do it themselves or hire an expert.

Warmest Regards,
Pook