Will 2011 Be A Good Year For Real Estate?
Real estate is ending 2010 on a positive note with President Obama recently extending tax credits that add value to home ownership and home improvements. On the 17th of this month Obama signed the Tax Relief, Unemployment Insurance Re-authorization, and Job Creation Act of 2010. The Act extended tax benefits, reduced payroll taxes and extended a variety of energy efficient tax credits. The extension of the tax credits for energy efficient improvements include those for new homes, existing homes, and building credits. The credits are good for improvements made through December 31, 2011.
Thus far the year is also ending with the mortgage interest deduction (MID) in place, a vital benefit to home owners everywhere this allows homes owners to write off the interest paid on mortgages. While the MID is being threatened to be reduced or eliminated as a way to recover money and reduce government debt, it hasn’t been altered yet, making homeowners throughout the United States grateful for the time being.
Home sales are holding their own as mortgage rates remain hovering above historic lows. Re-financing and buying real estate is benefiting greatly form these low rates. The low interest rate is helping boost sales, appearing to stay put until recovery is in full swing. All in all real estate is ending 2010 in a good position to pick up speed in 2011. Let us know what you think by commenting on our Real Estate Blog.
Thanks for warning us to keep away from risky auction sites! Highly Appreciated!!!
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The IRS would only be going after you if distribution of the atsses was made without the tax debt being paid by the estate. The executor of the estate shouldn’t have given any atsses without a release from the IRS. You may have a case against the executor for breach of fiduciary duty but you’ll still have to pay the taxes owed. The IRS does offer Installment Agreements on tax debt for people in situations like yours. Definitely look into a penalty abatement to try to cut that down because in this may not be your fault.
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You report the land on Schedule D uelnss it was held for business purposes in which case it’s reported first on Form 4797 and then on Schedule D. Any gain is taxable regardless of what you did with the proceeds. The residential energy credits are claimed on Form 5695.You can download any of those forms from the IRS website at . Click on the Forms Publications link near the top left corner of the page.