Here’s the list:

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
6. You cannot deduct a loss from the sale of your main home.
7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

I hope these tips can help make you life a little easier when taxes come due.  For help selling your home and everything that comes along with it, give me a call @ 979.255.1839.

Clay Lee – Realtor

Century 21 Beal, Inc.

Chef Tai has expressed his great appreciation for the outpouring of support from the Bryan/College Station area as well as the great Aggie Network.  Let’s show the rest of the country how proud we are of our community and the great entrepreneurs in it.

If you haven’t had any of Chef Tai’s food before, you are seriously missing out.  You can check his website at cheftai.com, to find out when the truck will be near you!  Try the Kobe burger, it’s paradise on a bun.

Remember to vote everyday at http://foodtrucks.teamdigital.com/, let’s bring home a victory!

Now that you know where to eat lunch tomorrow, let me help you find your new home or sell your current one.  Feel free to give me a call @ 979.255.1839!

Clay Lee – Realtor

Century 21 Beal, Inc.

According to CNN Money, some housing experts say that if the administration is interested in the future, it should help speed up the foreclosure process to get the delinquent borrowers out and to get the foreclosed homes on the market and back into use.

Some of the July ’11 numbers on delinquency are staggering:

• 2.2 million loans in foreclosure
• 37% behind more than 2 years
• 34% behind more than 1 year, less than 2 years
• 71% total behind more than 1 year

Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

www.ClayLee.com

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

Part of the American Dream is owning your own home, now there is a program to help America’s heroes achieve that part of the dream.

Active duty personnel (Active Duty, Reserve & National Guard), employees of the U.S. Departments of Homeland Security & Defense, and Veterans are eligible to qualify for the Dream Makers Program by the Pentagon Federal Credit Union Foundation.  This program allows qualifying first time home buyers to receive a grant of up to $5,000 for a down payment and closing costs.

Do you qualify?  You are eligible if:

• You are active or former Military – Active Duty, Reserve, National Guard, Veteran, DoD or DHS
• You are a first time home buyer. Or have not owned a home in 3 years or have lost your home through divorce or natural disaster.
• Your gross household income, that you use to qualify for your mortgage is: A maximum of $55,000 per year or a max of 80% of the median income of your community based on your family size

Now that you know that you are eligible, then what?

1. Decide how much money you will be putting forward for your home purchase.   You have to contribute at least $500 to receive the grant.  The program will match your contribution 3 to 1 up to $5000.  To get the most help from the program, you would need to put forward $1,667.  That is the minimum amount to put down to receive $5000 in assistance.  The amount of your contribution and the grant funds must equal at least 3% of the purchase price to receive the grant.
2. Apply for Dream Makers.  You can do this as soon as you start thinking about buying a home, so there is no reason to wait.
3. The foundation will respond with instructions on the process.  They will give you contact information to share with your lender to help out the process.

You can out more information about the Dream Makers program here on the Pentagon Foundation website.

 

As always I’m here to help, if you would like help with this process or more information on homes in the Brazos Valley please feel free to give me a call @ 979.255.1839.

Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

www.ClayLee.com

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

Just like a good movie can bring you into that world, a good video walkthrough can bring you right into a home.  Not only does it give potential buyers a fairly true look at the layout of your home, but it allows them to catch details that might not be the center of attention in a photo.  When you give buyers a 180° look (or even a 360° look if space allows) in full video you are able to pique their interest and create a longer lasting impact on them.  Let’s look at it this way, a buyer finds 2 different homes in the same neighborhood, similar square footage, similar amenities, & a similar look.  Which home will they remember if one has a video walkthrough and the other doesn’t?  The one with the video, because it sets it apart from the competition.

Below is a great example of how a video walkthrough can transport you right into the home:

This marketing tool is utilized in ALL of my listings.  I mentioned in my post on photos that in this clogged real estate market, you have to set yourself apart.  I can not repeat this enough.  You have to set yourself apart.  Video is a great technique of doing just that.

Video is only one of the many ways I can help you sell your home faster, to find out more please feel free to give me a call @ 979.255.1839

Clay Lee – Realtor

Century 21 Beal, Inc.

This year’s “Feast of Caring” for the Brazos Valley Food Bank should be considered a HUGE success!

The event, held on August 10th at the Brazos Center, served up a modest meal of rice, beans, sausage, salad and a tasty dessert.  Although, the cost of the event was free for attendees the Food Bank raised over $56,000 in a few short hours.

The generosity displayed by residents of Brazos Valley showed an increase of donations by about $32,000.  These donations will be put to great use by the Food Bank to ensure that the less fortunate in our area can put a decent meal on the table.

I would like to personally thank each and every person that came out to the event and helped make it a success!  I know I enjoyed seeing everyone come out, let’s hope we can make next year even bigger and better!

If you weren’t able to attend, but would still like to donate you can find more information at: http://www.bvfb.org/donate.html

Clay Lee – Realtor

Century 21 Beal, Inc.

You imagine yourself relaxing by the pool with a cold drink in your hand without a care in the world.

What you imagine might look a little like this:

Or like this:

This hidden oasis is located at 5121 Congressional in Pebble Creek.  Just listed earlier this month, this beautiful home has it all!  Not only does it have one of the best, if not best, pools in all of the Brazos Valley, it is just as great on the inside.  Featuring cathedral ceilings in the living room, top of the line amenities in the kitchen, luxurious finishes in the Master Suite, you have to view it in person to appreciate all the details.

Find out more at ClayRealtor.com, or give me a call at 979.255.1839 to schedule a private showing.

Clay Lee – Realtor

Century 21 Beal, Inc.

Are there keys inside?

Young couples are in need of lots of items when starting their new partnership.  What is one of the most important things they need?  A roof over their head!  Couples can start off on the right foot towards homeownership by establishing a FHA Bridal Registry account.  The program, started in 1996, has been recently changed to make it easier for newlyweds to put their wedding gifts towards a home purchase.  You can apply these funds towards a down payment on a FHA loan, and even earn interest before you make the purchase!

How to get started:

• Visit your choice of FHA lender and set up a savings account for the down payment
• Give your friends and family the banking info on where their gifts can be deposited
• You can even put gifts received by Uncle Joe who didn’t want to bother with the bank in the registry account
• All of the funds can be used towards a FHA down payment
• You don’t even have to tie the knot before you can close on your new home with this program!

The biggest advantage of this program is that you do not have to follow the typical rules and regulations regarding gifts that are applied to a home purchase.  The program allows the funds to be used with simple documentation, no more than a letter from the lender verifying that the funds were gifts from friends and family with no business interest in you purchasing a home.  That is the only kicker; builders, Realtors, and any other party that could benefit from the sale are not allowed to give to the account.

This underutilized program could help that soon to be wed couple make their first home purchase even before they walk down the aisle.  Share it with friends and family that could put it to use!

For help finding that perfect first home in the Brazos Valley, give me a call @ 979.255.1839!

Clay Lee – Realtor

Century 21 Beal, Inc.

World Sunlight Map

Earth Album

How to Tick People Off

Floating Houses

Day of Birth

Ultimate Rejection Letter

Paint Online

Human Clock

I’m sure the school has a great reason having  something to do with the school carnival and fund raising….

Do you know what the Waller Family had to do to get this spot? Please let me know! My children are no longer in Pebble Creek Elementary (grown on up to high school…) but I bet there are other parents who would also LOVE to try to get this parking space next year. If it is a fund raiser, the stakes are going up.

Congratulations Waller Family!!!  Let me know how much you are enjoying your space.

Susan Hilton

CENTURY 21 Beal, Inc.

979-764-2100