About 1031 tax deferred exchanges A 1031 tax-deferred exchange is a provision in the U.S. tax code (Section 1031 of the Internal Revenue Code) that allows real estate investors to defer capital gains taxes when selling an investment property, as long as they reinvest the proceeds into another like-kind property. What are the rules for a 1031 exchange? The Key Continue Reading
Special Home Tax Exemptions for Massachusetts Home Sales
The Primary Home Sale Tax Break Exemption To qualify, the home must have been your primary residence for at least two out of the five years before the sale. These don't have to be consecutive years. Both the IRS and Massachusetts are in sync on this one and offer a significant tax break called the Home Sale Exclusion, which allows single filers to exclude up to $250,000 of the gain from Continue Reading
About Massachusetts Home Sale Taxes
What are the Home Sale Taxes in Massachusetts? This post explains the Home Sale Tax Consequences in Massachusetts for a single-family home or condo you've lived in for at least two of the last five years. At the bottom, you will see links to special Home Sale Tax Exemptions that can help you avoid most, if not all, of the taxes on a home sale. Our team at Greater Boston Home Team is here to Continue Reading
Real Estate Tax Deductions For 2022 Tax Returns
Real estate is one of the best, if not THE BEST, ways to build wealth in America partially because of the tax benefits available to property owners. With that in mind, we have assembled the list of 2022 resources and tax deductions for property owners below. Important Note About Private Mortgage Insurance (PMI) For 2022 Returns: Private Mortgage Insurance (PMI) for principal Continue Reading
Sam’s three strike rule for home and condo buyers
To put things in perspective for our buyer-clients, when we are working with buyers and come across a property that has issues that limit its appeal, we often discuss “Sam’s three strike rule”. Here it is: If a property has one issue but is otherwise great, some, but not all buyers may overlook that issue and buy the property. If it’s an average property, more buyers are likely to Continue Reading
Summer 2022 – Buyer’s Real Estate Market Report
The Greater Boston real estate market is tracking about as expected in our Spring Market Report, however, the rapid increase in recent mortgage interest rates since that report has decreased their buying power more than expected for many buyers. Home prices have remained stable because there is still strong demand and low supply, however, homes are not getting bid up as Continue Reading
Summer 2022 – Boston Real Estate Market Report
The Greater Boston real estate market is tracking about as expected in our Spring Market Report, however, the rapid increase in recent mortgage interest rates since that report has decreased their buying power more than expected for many buyers. Home prices have remained stable because there is still strong demand, however, they are not getting bid up as frequently or as high Continue Reading
Spring 2022 – Boston Real Estate Market Report
After the Easter-Passover holiday weekend the Massachusetts real estate market typically swings into high gear... or this year we should say even HIGHER gear, again! Over the last year, the average U.S. homeowner saw a whopping $55,000 increase in their home equity! How long can this appreciation rate last, especially with interest rates heading up? Are we likely to see the real Continue Reading
Does It Stay Or Does It Go?
Many home buyers and home sellers are confused about what remains with a home or condo at the time of the sale. “Real Estate”, also known as real property, is defined as immovable fixed property, principally land and buildings. That definition includes anything that is attached to the walls of a building. Those items are known as fixtures. Anything that is not attached to the house is the Continue Reading
2021 – 6 month Greater Boston Real Estate Market Update
July 2021 Greater Boston Real Estate Market Update Good times for sellers and homeowners! The real estate market during the first six months of 2021 has been the best seller's market and toughest buyer's market that we have ever seen. Homeowners and sellers have seen strong price appreciation as a result of a shortage of property for sale. Intense competition between buyers has resulted in Continue Reading
