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IRS Makes Claiming the Home-Office Deduction Easier

A simplified option available for 2013 tax returns requires fewer calculations and will save taxpayers time.
By Cameron Huddleston, Kiplinger.com


 

If you work from home, deducting costs associated with your home office on your tax return can be a money saver. But claiming this write-off has been somewhat complicated -- until now, that is.

The IRS recently announced a simplified option to make it easier for taxpayers to calculate and claim the home-office deduction. Although those who work at home won't be able to take advantage of the simplified option on their 2012 returns, it will be available for 2013 tax returns, which taxpayers will file in early 2014. The IRS estimates it will reduce the paperwork and record-keeping burden on small businesses by an estimated 1.6 million hours annually.

Currently, to claim the home-office deduction you have to fill out the 43-line Form 8829, which involves substantiating actual expenses. With the new method, you don't deduct actual expenses. Instead, you determine the amount of deductible expenses by multiplying a prescribed rate ($5) by the square footage of the area of your residence that is used for business purposes, not to exceed 300 square feet. So that means the deduction is capped at $1,500.

With the new option, you don't depreciate the portion of your home used for business, and you don't have to allocate deductions for mortgage interest, real estate taxes and casualty losses between personal and business use. You'll simply claim these expenses as itemized deductions on Schedule A. However, to claim the home-office deduction under the new option, you still must use the space regularly and exclusively for your business.

For more information, see IRS Revenue Procedure 2013-13.

Reprinted with permission. All Contents ©2013 The Kiplinger Washington Editors. Kiplinger.com.

Proud to be REMAX REALTY CENTER

RE/MAX Marks 40 Years of Real Estate History

Global Real Estate Leader Celebrates Anniversary with More Success

RE/MAX LLC is marking its 40^th year by celebrating extraordinary growth and success at a time when the recovery in the nation’s housing market is gaining momentum. As the real estate industry overcomes market challenges, RE/MAX continues as a leader in market share, agent productivity and international expansion. Co-founded by Dave and Gail Liniger on January 30, 1973, the company has attained countless achievements throughout four decades.

“This company was built on the strength of individual entrepreneurship and innovation. Gail and I recognized in the beginning that we would succeed only if our agents succeeded,” said Dave Liniger, RE/MAX Co-Founder and Chairman.  “So much has changed in 40 years, but what hasn’t changed is our commitment to customer service and our dedication to supporting our agents and offices.”

RE/MAX was born in a single brokerage office in Denver, based on an innovative agent-centric philosophy that attracted the industry’s top performers.

RE/MAX achieved number one market share in Canada in 1987.  A decade later RE/MAX sold more real estate than any competitor in the United States, and has held number one market share in both countries every year since.

With a strong emphasis on improvement through education, the revolutionary RE/MAX Satellite Network broadcast to offices across America in 1994 with a new standard of agent training.  RE/MAX is also the long-time industry leader in national TV advertising and website visits.

“RE/MAX is a true American success story.  Everyone involved at the beginning came from modest backgrounds, and we just worked really hard to make our dream a reality,”added Gail Liniger, RE/MAX Co-Founder and Vice Chairman.

In 2012, RE/MAX continued to grow around the world, adding 739 new franchises and six new countries, including mainland China. RE/MAX now has a presence in more than 85 countries, a number greater than all of its competitors.

Florida led RE/MAX growth in the U.S. with 35 new franchises.  California added 33.  Internationally, the number of new franchises in South Africa, the fastest growing country, was up 88% over 2011, and Turkey increased by 68%.

Also in 2012, for the 10^th time in 14 years, RE/MAX, LLC was recognized as the highest ranking real estate company in Entrepreneur magazine’s 34^th annual “Franchise 500.”   RE/MAX also earned the #1 real estate ranking in the Top 200 survey as published in the October 2012 edition of Franchise Times magazine.  And, RE/MAX was named one of the “Top 50 Franchises for Minorities” by the National Minority Franchising Initiative through the World Franchising Network.

Other prominent achievements in 2012:

• Dave Liniger was named by Inman News as the “People’s Choice” Most Influential Real Estate Leader, with a record number of votes.
• RE/MAX agents continued to be the most productive in industry surveys. Both the 2012 REAL Trends 500 and the RIS Media Power Broker surveys showed RE/MAX agents the clear leaders with respect to agent productivity among the national franchise companies.
• RE/MAX launched the new remax.com, becoming the first real estate franchisor to provide consumers with a personal, consistent web experience across desktops, tablets, and smartphones.
• The “What Moves You” social media contest attracted thousands of consumers to share their personal stories online and vote for the winner of the $10,000 grand prize.  Monica May of St. Louis, Missouri won for the inspiring story of her young granddaughter Sophie’s battle with cancer.
• A redesigned RE/MAX University launched a revolutionary learning platform that promises to set the standard for the real estate industry.  The new platform is a full-fledged, interactive learning experience that RE/MAX Associates can tailor exactly to their needs.

On Wednesday, January 30, RE/MAX employees and guests will mark the 40^th anniversary with a special event at the Headquarters building, located at 5075 South Syracuse in Denver.  And, beginning on February 25, thousands of RE/MAX affiliates from around the world will gather at The MGM Grand Hotel and Casino for the annual RE/MAX R4 convention.

Mortgage rates expected to mostly stay put in 2013

Refinancings still account for most home loan originations

By Inman News, Thursday, January 3, 2013.

Inman News®

 

 

Mortgage rates remained near historic lows this week, but more than eight out of 10 home loan applications submitted in recent weeks have been for refinancings, surveys by industry groups show.
Rates on 30-year fixed-rate mortgages averaged 3.34 percent with an average 0.7 point for the week ending Jan. 3, down from 3.35 percent last week and 3.91 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.

Rates on 30-year fixed-rate loans hit a low in Freddie Mac records dating to 1971 of 3.31 percent during the week ending Nov. 21.
For 15-year fixed-rate mortgages, rates averaged 2.64 percent with an average 0.7 point, down from 2.65 percent last week and 3.23 percent a year ago. Rates on 15-year fixed-rate loans hit a low in Freddie Mac records dating to 1991 of 2.63 percent during the week ending Nov. 21.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.71 percent with an average 0.6 point, up from 2.70 percent last week but down from 2.86 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending Dec. 6.

For one-year Treasury-indexed ARM loans, rates averaged 2.57 percent with an average 0.4 point, up from 2.56 percent last week but down from 2.80 percent a year ago. Rates on one-year ARM loans hit a low in records dating to 2005 of 2.52 percent during the week ending Dec. 20.

A separate survey by the Mortgage Bankers Association showed applications for purchase mortgages during the week ending Dec. 28 falling a seasonally adjusted 14.8 percent compared with levels reported two weeks ago. The results included an adjustment to account for the Christmas holiday.

Merry Christmas and Happy Holidays from your favorite real estate agent, Lisa Bear

ICE in Wisconsin, its not all about the weather

Grab your cell phone and program in the most important person to notify in case you are hurt or in an accident. But instead of putting their name with that phone number, put in the following 3 letters: "I.C.E." This stands for "In Case of Emergency".

I have verified this information with several emergency room nurses and ambulance paramedics, even the captain of one of our local fire departments. All reported that once a patient is stabilized, they look in the cell phone for an "I.C.E." entry if that patient is unable to give them a contact person.

The medical personnel can then notify their loved one, let them know there has been an accident and what hospital to come to.

We all like to think it will never happen to us, but the truth is, it does happen. So get your cell phone out right now and program in your "I.C.E.". If your kids have cell phones, do the same for them.

Speaking of "life saver's", if your outgrowing your current home, downsizing, or getting ready to buy your first home, don't forget to call me! Lisa Bear, Real Estate in Wisconsin