Castro Valley Real Estate

5 Ways to Save on Moving Costs

December 12, 2013 in Tips - Leave a Comment
5 Ways to Save on Moving Costs

There is no reason for you to overpay when it comes to making your next move. Here are some tips that may keep moving costs down.

  1. Lighten your load. Moving companies frequently charge by the weight of your cargo and the number of trucks required. Eliminate anything you rarely use. Measure your furniture and determine if your new space will accommodate the items BEFORE moving. You’d be surprised how much you can make with a yard sale or the value of a tax deduction for donated items.
  2. It never hurts to ask. If you are moving due to business, ask your employer if they cover any of the costs. Often businesses offer employees an incentive to move, such as a lump sum to put towards moving costs.
  3. Uncle Sam can help. Save all moving expense receipts. The government may offer tax breaks if your move fits certain criteria.
  4. Hire the right movers. Shop around before hiring a moving company. Get at least three different bids on your job to compare prices. Companies typically charge more on the weekends and in the summer months, so if possible, be flexible with your dates.
  5. Don’t pay for supplies. When it comes to buying boxes and bubble wrap, it adds up. Visit local liquor stores, bookstores and grocery stores and ask for any unused boxes and containers. Instead of Styrofoam peanuts and bubble wrap, which are harmful to the environment, use bath and dish towels to pad your items instead.

This information is courtesy of Century 21 life@home newsletter.

6 Tax Facts Every Home Owner Should Know

July 24, 2013 in How to, Real Estate News, Uncategorized - Leave a Comment
6 Tax Facts Every Home Owner Should Know

6 Tax Facts from the IRS

Most home owners are well aware of the tax advantages of home ownership. But, make sure you know the rules before selling your home. Here are 6 facts published by the IRS you should keep in mind:

  1. If you’ve owned and lived in your home for two of the five years prior to selling it, you can generally exclude up to $250,000 of capital gains ($500,000 on a joint return in most cases).
  2. You are not eligible for this exclusion if you sold another principal residence within the past two years and excluded the allowable gain from your income.
  3. If you can exclude ALL of the gain from the sale of your primary residence, you don’t need to report the sale on your tax return.
  4. If you have a gain on your principal residence that exceeds the allowable deduction, it is taxable.
  5. You can’t deduct a loss from the sale of your primary residence.
  6. Special rules may apply when you sell a home for which you’ve received the first-time home buyer credit. (See IRS publication 523, “Selling Your Home,”  for details.)

Can a Property Taxe Base Transfer Help You?

If you are interested in selling your current home and buying another one, you should explore if you can take advantage of a Property Tax Base Transfer (especially if you are 55 years or age or older or if you are permanently disabled) The property tax base transfer is an option where by your County may allow you to sell your home and then purchase another home (subject to purchase price limits and limited to the homes being located in participating Counties) and transfer your existing property tax base. This could be a significant savings you can take advantage of.

Is now the right time for you to sell? Property values in Castro Valley are on the rise. Take a look at our latest Neighborhood Sales Report for more information.

Feel free to contact us today. We would be happy to explore your options and answer any questions for you.