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12 Deductions To Help Shrink Your Tax Bill

12 Deductions To Help Shrink Your Tax Bill

Tax time is quickly approaching, and in a rush to get all of your papers together you might overlook potential savings,

These 12 tax-saving tips can help you plan ahead and save:

1) Mortgage Interest:

This can be a huge deduction since interest payments are the largest component of your mortgage, and the U.S. tax code allows you to deduct the mortgage interest!

2) Closing Costs:

In the tax year you buy your home, you are able to claim the points on your loan even if paid by the seller, and the common 1% origination fee can lead to a considerable savings!

3) Property Tax:

You can deduct both your primary home and your vacation homes property taxes.

4) Home Equity Lines:

You can deduct the interest you pay on your home equity loan as well as shift your credit cards debts using home equity lines and pay a lower interest rate than the credit card interest rate, and in return get a deduction on that interest as well...

5) Refinancing:

This one's tricky, if you paid points when refinancing your mortgage it is tax deductible. Remember, you have to spread that cost out over the term of the loan- and take only a credit for the adjusted amount each year.

6) Home Sweet (Second) Home:

You can write off the interest on both your homes total mortgage debt up to 1.1 million. Property taxes on your second home are also tax deductible.

7) Short-Term Rental:

If you have paying guests staying for longer than 14 days or if you rent it out for more than 14 days within a year, all rental income is now tax deductible. For more info please see your tax pro for details.

8) Capital Gains:

If you purchased your home prior to 2003 it has likely appreciated in value, and this tax benefit will come in handy. Visit for guides to taxes when selling.

9) Unexpected Move:

When selling your home and moving 50 miles away or more due to unforeseen circumstances, depending on how long (two years or fewer) you have owned your primary residence you can prorate the taxes on your profit, which means you keep 25%, 50%, or even 75% of your profit (tax-free).

10) Health-Related Upgrades:

If you are required to make home improvements on youe home due to medical issues for yourself, spouse, or dependents,(must be doctor recommended) you can deduct the cost of those improvements).

11) Home Office:

If you have a home office, you can deduct $5 per square foot of designated home office space up to 300 square feet. With the new tax rule it will allow you to deduct up to $1,500.

12) Going Green:

Energy-efficient improvements, gives you a thumbs-up from Uncle Sam in the form of a tax deduction.. with any significant (green) improvements done to your home which contributes to higher energy efficiency, you can deduct up to 10% of the cost (up to a maximum of $500). Upgrade equipment and get a credit of 30% of the cost.

So remember it's always good to double check and make sure you have everything you need to get better tax breaks.

When looking for a home look no further than New Mexico Mountain Properties for all your Real Estate needs, with two locations in both Angel Fire and Taos, NM and our dedicated staff we will do everything we can to find you that perfect place. Our Angel Fire homes for sale offer stunning views of Moreno Valley combined with the land for sale in Angel Fire you get the best of both worlds. While our homes for sale in Taos give you glorious views of the mountains and the Taos land for sale lets you escape from the everyday. If your looking for smaller living we have our condos for sale in Angel Fire and Taos. We can help you find whatever Taos or Angel Fire real estate you are looking for and we are here to serve and welcome your to our scenic area.

Should You Refinance Your Mortgage?

Should You Refinance Your Mortgage?

Many homeowners can benefit by refinancing their mortgage at a lower interest rate! Before you refinance consider the following questions!

1) What Kind Of Interest Rate Can You Expect:

If your planning on staying in your home, a small reduction in your interest rate can make a big difference, even tho some people say it's not worth it unless your knocking off an entire point, like going from 5%-4%...

2) Don't Forget About Closing Costs:

Although lower this time, remember you will have to pay closing costs again when you refinance! In some instances your currant lender might even be willing to give you a good deal in order to keep your business.. So always look around and check out what other lenders are offering!

3) 15 Years Versus 30 Years:

Where will you be in 15 to 30 years? Always think ahead about what you circumstances might be like in that time frame.. Think carefully, see if you really want to reset that 30 year loan clock.. Some people choose the 15 year plan to pay it off early with higher monthly payments while others choose the traditional 30 plan. Choose the plan that fits your needs..

4) Fixed Interest Rate or ARM?

With interest rates at an all-time low, experts are advising people to lock in that low interest rate. Others however choose the flexible rate plans, like the ARM or adjustable-rate mortgage. Not locking in a rate plan leaves you venerable to life's unexpected curve balls! This leaves some people in hot water when the interest rate adjusts and there left with skyrocketing monthly payments! So be careful on choosing your rate plan..

Here at New Mexico Mountain Properties we understand the stresses that go with being a homeowner and we are dedicated to helping you sell your home or acquire a new home. So whatever you fancy we've got you covered....a home in Taos.....or maybe a Taos Ski Valley condo is what your are looking for. We also have fabulous deals on Taos land for sale as well as small to large parcels of land for sale in Angel Fire. Looking for a home or condo in Angel Fire? We can assist you with that as well. Give us a call at 575-377-2626 , our Angel Fire office or 575-758-5852 , our Taos office or speak directly to the broker at 575-770-3306. We are dedicated to going that extra mile to make sure you get exactly what your looking for! Let us serve and welcome you to the Enchanted Circle.....

Gravity games And Brewfest

Gravity Games And Brewfest In Angel Fire

Angel Fire Resort is set to host the second annual Gravity Games and Brewfest over labor Day weekend August 29 – 31st. The Gravity Games and Brewfest will bring together outdoor music, a movie premiere, a mountainside brewfest environment with a vast assortment of New Mexico craft beers and three days of friendly biking competitions on the mountain. The three-day weekend will also include the grand opening of the new run Hungry Hippo, open rides, several competitions, live music and an outdoor movie.

On Sunday, the world's longest Boulder Dash train and photo shoot will take place at 11:00 A.M.

While you are here come and see the fabulous Angel Fire homes available, if it is an Angel Fire condo you are looking for we have some well-priced ones. Angel Fire has lots of land from small to large parcels, and even ranches available. Give us a call at 575-377-2626 are stop by we are located at Hwy 64 & 434 at the blinking light with the Indian tepee beside the building.

Common Deal Killing Mistakes

Feb 24, 2014 Common Deal Killing Mistakes As an agent, you have an obligation to stop your clients from making simple mistakes that may sabotage a sale. The most common staging mistakes are as follows: COLLECTION OVERLOAD. The home needs to look orderly and neutral. Even a desirable collection can come across as a pile of space consuming clutter. Let your seller know that while the collection is admirable, a potential buyer will most likely prefer a more neutral home. ECHO CHAMBER STAGING. It seems bad staging ideas amplified more than good ones. That bold wallpaper or bright colored paint may seem like a good idea at the time, but a prospective buyer may feel otherwise. They may keep echoing in a buyers mind and over shadow the pleasant aspects of the home. Tactfully suggest to your seller that while the wallpaper is lovely, a buyer may prefer a more subtle pattern or color. FAILURE TO EDIT. Help your clients edit, edit, edit and the edit some more. Tell your client to look at it pre-packing. If your client seems reluctant to follow your suggestions, ask them to call in a few friends to offer their suggestions. That plain-spoken friend can get the point across in a much less subtle way.

Top 3 Ways to Turn a Seller Off

Feb. 15, 2014 Top 3 Ways To Turn a Seller Off 1.Unjustified or extremely low offers. Be realistic. No seller wants to take as offer that is obviously far below market value. They will turn down the offer and, perhaps, not even bother with a counteroffer. Show buyers recent sales prices of similar homes in the neighborhood. 2.Buyer side mortgage fails. Lending standards have changed in the last few years. This means a buyer may not be as readily approved as in past. A sellers worse nightmare is to accept an offer only to find out weeks or even months later that the buyer cannot get approval for the loan 3. Bashing the house. Buyers may start bad-mouthing the house and/or neighbor heed in hopes of getting a lower price. This can turn off the seller immediately. Tell your buyers this will not work. I only servers to irritate the seller.

Older Buyers Boost Builders' Expectations

Recently surveyed builders expressed surging confidence in the market for newly built single-family homes among buyers age 55 and up.

According to the results of the latest National Association of Home Builders 55+ Housing Market Index – which measures builders' confidence on a scale where any number above 50 indicates more builders view conditions as good than poor – confidence in the market for single-family homes increased 20 points year-over-year to a level of 48, the highest fourth-quarter reading since the NAHB began tracking the data in 2008.

Robert Karen, chairman of the NAHB's 50+ Housing Council, said they are seeing continued improvement in the 55+ housing market because consumers have gained confidence in the economy and are able to sell their current homes and move into a new home or condo that fits the lifestyle they desire. Karen expects this optimism from builders and developers to carry through 2014. All individual components of the single-family HMI showed significant improvement, with confidence in present sales levels climbing 26 points from one year ago.

The Taos real estate market has always been popular with the boomer crowd. Seniors from all over the world have been retiring here in recent years, attracted by our quiet way of life, the beautiful vistas, and fantastic year-round climate. Although existing vacation homes, second homes, condos and casitas have been popular, land inquiries are picking up, indicating a desire of some to build the retirement home of their dreams. Land prices have dropped from their highs of 2008, but this report could portend renewed interest in land, with the result of higher land prices in the future.

Steady Rise in Home Ownership, and Taos Real Estate is No Exception

The Census Bureau's Housing Vacancy Survey tracks the homeownership and vacancy rates for owner-occupied and rental housing across the country. . .

Since they began tracking this data in 1965, the results have shown a steady rise in the number of Americans who own their own home. From an early low of 62.9 percent, the homeownership rate climbed to a high of 65.8 percent in the 1980s before settling into a roughly 10-year period where it hovered around 64 percent. Then, in the mid-1990s, homeownership levels began to rise again, setting a new high in 2004 at 69.2 percent.

Since falling during the financial crisis and recent recession, the homeownership rate has, once again, settled.

The latest data shows the rate has plateaued at 65 percent and has remained virtually the same since the 2nd quarter of 2013. If the homeownership rate stays at 65 percent, it would be higher than the historical norm but still below the highs of the housing bubble.

And bubbles are bad for those buyers looking for a great deal on a primary residence, land or vacation home. Bubbles mean inflated prices and lots of craziness in the market. Our Taos market feels very steady right now; prices have bottomed for the moment, but haven't spiked as they do in a bubble market.

This means, if interest rates stay calm, that this spring could be the best time to buy your home, land or condo in the Taos area. Remember, Taos is one of the best small towns in the country for retirement.

Economy Confidence and Low Rates Good for Taos and Angel Fire Real Estate

Americans grew more confident in the economy in 2013, according to recently released data from Gallup.

Though their perception of economic conditions and the future direction of the economy experienced some ups-and-downs throughout the year, Americans were more optimistic than in years past, with gains seen across several key indicators.

Gallup's Job Creation Index, for example, gained two points from its year-before level, while economic confidence rose five points and average daily spending increased to $88, a $16 improvement over 2012. Overall, Americans were more confident in the economy than in the previous five years, which is a positive sign that the economy is recovering from the most recent recession.

Still, Gallup warns that it is unclear how strong the economic recovery is due in part to the support its received from the Federal Reserve over the past two years. This year, the Fed will begin winding down some of the economic stimulus that has been keeping interest rates at historic lows and helping boost the economy and housing market. Though this has the potential to drive rates up, the Fed has indicated that it will keep short-term rates low until unemployment drops or inflation becomes a concern.

I read this to mean that if you're buying Taos or Angel Fire real estate, whether a single family home or a condo, or land, do it this year before rates have a chance to rise. For a time rates will remain low, but if your dream is to move to Taos or Angel Fire, or at least have a second home or vacation home here, don't wait. We never know what the future will bring, but we always know an investment in Taos and Angel Fire real estate is a very good bet.

December Weather Affects Pending Home Sales

The National Association of Realtors' Pending Home Sales Index is a forward-looking indicator that tracks contract signings, not closings. The index, which is released monthly, is a predictor of future existing-home sales.

In December, the index fell 8.7 percent from November's downwardly revised total. Lawrence Yun, NAR's chief economist, said unusually disruptive weather across large stretches of the country forced people indoors and prevented some buyers from looking at homes and making offers. According to Yun, rising home prices and lack of for-sale inventory are also to blame for the poor sales performance in December. Still, existing-home sales are expected to be at about the same level this year as last year, despite the fact that inventory is limited in much of the country. Prices, though still rising, are expected to moderate this year, gaining about 5.4 percent in 2014.

December and January are always slow months for real estate in Taos. Most people visiting Taos in the winter are here to ski, not to look at homes or condos. But they love their time here so much in the winter, many people call us in the spring, hoping to find their perfect ski condo or vacation home. Taos definitely leaves a lasting impression on visitors during every season. Lots of summer visitors staying in town look for condos or vacation homes out on the mesa. And of course those skiers love to be in the mountains. Taos has such a variety of landscapes and recreational options, it's easy to pick the place of your dreams.

Upward Price Trend for Homes Continues Into Winter

Though prices usually weaken at the end of the year, the most recent S&P/Case-Shiller Home Price Indices show year-over-year increases of nearly 14 percent in both the 10-city and 20-city Composites through the end of November 2013. The gains continue the upward trend of year-over-year improvement that began in June 2012. David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, said home prices continue to rise despite last May's jump in mortgage rates. According to Blitzer, mortgage applications for purchase were up in recent weeks which validates home builders' optimism as seen in the most recent survey from the National Association of Home Builders. Combined with low inflation, homeowners are enjoying real appreciation and rising equity values, Blitzer said. Though home price increases are expected to moderate this year, Blitzer feels housing will make further contributions to the economy in 2014.

Absolutely, things are turning around for sellers; more equity, better value for their homes. This should give Taos and Angel Fire homeowners incentive to market their home or condo, giving buyers more choice when buying Taos real estate, and when we have a bigger selection of properties, prices come down. Come on out this year and see what Taos and Angel Fire have to offer: land, homes, condos, casitas . . . Taos and Angel Fire have what you're looking for in real estate!

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