Troy Corman On Texas Real Estate: June 2012

Sunday, June 3, 2012

Dallas Home Sales Statistics for May 2012

This East Dallas home in the m-streets at 6350 Malcolm has 1,589'. See More

The following are Dallas area home sold statistics for May 2012 versus homes sold in May 2011. If you're area isn't included, contact me at 214.690.9682 and I'll be happy to provide you a custom report.

East Dallas Homes May 2012 80 Sold $161 psqft. 125 CDOM

East Dallas Homes May 2011 90 Sold $157 psqft. 84 CDOM

White Rock Lake Area Homes May 2012 44 Sold $164 psqft. 70 CDOM

White Rock Lake Area Homes May 2011 29 Sold $156 psqft. 89 CDOM

Highland / Univ. Park Homes May 2012 69 Sold $309 psqft. 72 CDOM

Highland / Univ. Park Homes May 2011 69 Sold $305 psqft. 107 CDOM

Mesquite Homes May 2012 69 Sold $52 psqft. 65 CDOM

Mesquite Homes May 2011 103 Sold $47 psqft. 76 CDOM

Garland Homes May 2012 175 Sold $58 psqft. 71 CDOM

Garland Homes May 2011 198 Sold $60 psqft. 106 CDOM

Richardson Homes May 2012 109 Sold $92.5 psqft. 45 CDOM

Richardson Homes May 2011 94 Sold $84.5 psqft. 74 CDOM

Plano Homes May 2012 284 Sold $91 psqft. 54 CDOM

Plano Homes May 2011 260 Sold $92 psqft. 96 CDOM

Frisco Homes May 2012 255 Sold $97 psqft. 68 CDOM

Frisco Homes May 2011 203 Sold $93 psqft. 91 CDOM

Lewisville Homes May 2012 92 Sold $86 psqft. 76 CDOM

Lewisville Homes May 2011 98 Sold $84 psqft. 101 CDOM

Flower Mound Homes May 2012 119 Sold $98 psqft. 69 CDOM

Flower Mound Homes May 2011 104 Sold $98 psqft. 90 CDOM

Irving Homes May 2012 108 Sold $90 psqft. 92 CDOM

Irving Homes May 2011 121 Sold $86 psqft. 116 CDOM

Arlington Homes May 2012 244 Sold $64 psqft. 79 CDOM

Arlington Homes May 2011 249 Sold $60 psqft. 103 CDOM

Troy Corman is the founder of t2 Real Estate LLC, a Dallas real estate firm providing specialized knowledge with a hands-on approach. Specialties include residential real estate brokerage, land and acreage, and commercial real estate services. Contact us today at 214.827.1200 if you need to sell, buy or get your DFW property leased.

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Friday, June 1, 2012

The Tax Advantages of Using a Vacation Home as a Part-time Rental Home.

By Troy Corman, www.t2realestate.com

If you rent out your vacation home less than 14 days a year, the rental income is tax-free!

With the record low interest rate environment, expected hyper-inflation, and uncertain stock market, the well-heeled are increasingly turning to real estate as an investment that they can use and enjoy. Whether it's a high-rise condo, a resort property, or a modest home in small-town USA, renting your vacation home on a partial basis can help offset acquisition expenses and in some cases, reduce taxes on your ordinary income.

Renting out your home less than 14 days means it's still considered a personal residence and you can put the rental cash in your pocket, tax-free. Hello, resort area property owners!

If you rent out your second home more than 14 days a year, you must report ALL rental income. Your rental expenses are deducted according to the percentage of time the home was used as a rental property. For instance, if you used the home for your personal use for 30 days out of the year, and you rented it out for 100 days, divide the 100 days rented by 130 days (total days home was used). This results in 77% for rental use, so you would be able to deduct 77% of depreciation, mortgage interest, insurance premiums, utilities and repairs as rental expenses. Also, 100% of property management expenses would be deductible.

Another great advantage of real estate is the ability to deduct up to $25,000 in real estate losses against your rental income and ordinary income. If you're a Real Estate Professional, or Realtor, this cap is unlimited. However, to qualify for the passive activity loss, your AGI, or adjusted gross income would have to be below $100,000. In addition, the passive activity loss phases out progressively for those with incomes between $100,000 and $150,000 a year. Also, if you use the home for more than 14 days a year, or more than 10% of the total number of days it's rented - whichever is more, the $25,000 passive activity loss doesn't apply, as the home is then considered a personal residence.

If you know anyone looking to buy or sell a vacation home in Dallas - Fort Worth, I'd love to help. You can reach me at 214-690-9682.

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