Randy Scott Reinsch

Realtor | Team Leader

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Taxes and Your Nevada Home or Nevada Property

5/4/2017

With tax time so crisp in our brains, as Nevada homeowners, we are can't help but remember all the duties we pay on our properties. Be that as it may, what precisely are property charges? Are there any tax cuts for homeowners? In this article, you will discover valuable write off expense data that may help you should you possess a property or plan on getting one this year.

Property Tax

Property tax (additionally called millage tax) is particularly an impose on the estimation of a property. Property taxes can be levied by various government specialists: the national government, a state, district, geological locale or region. In the United States, it's feasible that your property will be taxed by multiple jurisdictions, no doubt by your nearby governments (city or town, and the district you live in - however, this is particular to each state). property assessment is, for the most part, alluded to as property duties in light of the blend of expenses. Property taxes are figured in light of an evaluation of the value estimation of a property. For Americans, property charges go toward supporting nearby schools/training, police/fire administrations, neighborhood governments, nearby framework and even conceivably free restorative administrations. such as medical boards

Most states determine their property tax rates based on their independent state budgets, and the tax is generally paid in portions when homeowners pay their local real estate tax. Local taxes are made up of county and municipality (city or town with a local government) levies, and they're based on the assessed real estate value of a property. These taxes generally go to pay for the local infrastructure, public services, and city/county operation and administration costs. Property taxes also include school tax, regardless of whether or not a homeowner has children in local schools. School tax goes to local school districts and helps pay for public education (land and buildings, teacher salaries, textbooks, administration expenses), and depending on where you live, school tax may even go to local community colleges.

While property taxes can be a real hit to a homeowner's pocketbook, there are tax deductions specifically available to property owners.

Tax Deductions for Homeowners

While all homeowners pay property taxes, they also have the ability to claim valuable tax breaks specifically related to property ownership. Be advised: it is always best to get help and have your questions answered by a tax professional who is up-to-date on all current U.S. tax codes.

Property Taxes

Property taxes are eligible for a tax deduction on your personal taxes. If you purchased a home, you can also include any taxes you reimbursed the seller for (unless they were delinquent). But be forewarned: property taxes can only be deducted if you itemize your tax return. For many homeowners, property tax payments will be included in your monthly loan payment, so you should receive an annual statement that will have the total property taxes you have paid over the year.

Mortgage Interest

Again, this deduction is available if you itemize your return, but in the U.S. if you own a home, condominium, co-op, mobile home, or boat/recreational vehicle that you use as a residence you can deduct the interest you pay on your mortgage. You should get a 1098 from your mortgage lender, which will state the total mortgage interest paid for the year.

Points

Did you buy a home or are you going to buy a home this year? If you plan on having a mortgage loan, you can deduct any points (also called discount points) you may pay directly to the lender in exchange for a reduced loan rate. You are allowed to deduct the points the year you paid them if: the loan is for a primary residence; was used to buy, improve or build a home; you live in an area where paying points is common; the buyer's settlement statement clearly outlines the points; and the amount of cash you put toward the purchase of the home is at least equal to the amount charged for the points on the loan. If you refinance your mortgage loan you may also be eligible, but check with a tax professional to make sure.

Energy Credits

For the 2016 tax year, the federal government offered two energy tax credits: the Residential Energy Efficiency Property Credit and the Nonbusiness Energy Property Credit. The credits are available to homeowners that improved the energy efficiency of their properties by either installing alternative energy technologies (solar, the wind, geothermal, or fuel-cell) or through upgrading current home equipment or materials to be more energy efficient. If you are thinking about upgrading some of your home's systems to alternative energy sources, or you want to update your windows, insulation, water heater, furnace or central air system to a more energy-efficient technology, you may be able to claim a tax credit for the improvements (it is best to have a tax professional determine your eligibility for this credit should you make the improvements).

Casualty Losses

Casualty losses are property damages during the year that are sudden, unexpected or unusual - anything from a car crashing into your property to a hurricane, tornado, or even vandalism. There is a process to go through, but casualty loss deductions can be used when your insurance company does not reimburse you for the damage, and the loss deduction has to exceed 10% of your adjusted gross income, so it is not for minor issues. If you find your property has major damage, and you are hit with a large out-of-pocket payment toward it, you may be eligible for a casualty losses deduction on your taxes.

Taxes can be confusing, especially when you are a homeowner. If you have any questions, contact a tax professional who is knowledgeable on all property tax deductions and credits available to homeowners.

Historic Nevada Homes and Nevada Properties

4/4/2017

For many Americans, the lure of historic homes is sometimes pretty strong. Many home decor shows and publications sell the idea of an updated historic home as an attainable real estate goal. The reality is that historic homes do have a certain charm that is hard to find in modern construction, and many of the small details of historic homes (wainscot paneling, decorative crown molding and more) have been introduced into the current architectural design but with modern twists.Displaying

Even though historical design elements are easily obtained in modern properties, real historic homes still draw buyers and history enthusiasts alike. Depending on your location in the United States, certain areas have much more historic homes available than others, and certain geographic areas are prided on their historic homes and properties. For a property or home to be considered historic, it needs to meet a number of criteria set by the National Register of Historic Places, otherwise, it's just an 'old' property. Whether you're specifically looking for a designated historic home or yearning for the charm and character of an old home, there are things you need to know before you sign the sale papers.

Historic Districts

Many historic and old homes are located within a city's historic district. While there are plenty of old homes not in historic districts, if you choose to purchase a home within one, you may run into some issues when it comes to changes you would like to do to the property. This means homes within historic districts usually have to abide by a set of criteria for exterior updates (meaning paint colors, window types, etc.). While this could seem limited in terms of expression, the bright side is that other homes and properties have to abide by the same rules, meaning all homes will have similar exterior features. It's also important to note that it's more likely a state or local historic registry will have restrictions - districts on the National Register of Historic Place do not have restrictions.

Renovations

Historic homes and properties have stood the test of time, and rightly so as they are generally structurally sound. But this is not the case for all of them, and time does do a number of things to a property. If you have a dream of buying a shabby historic home and updating it, practice caution. Updating, renovating or remodeling historic or old homes can be a huge budget buster, especially if the property is in ruin or hasn't been taken care of over the years (or centuries). A steady income or large budget may be needed depending on the amount of work to be done; it is also possible to receive a grant or tax program through a state historic preservation office, but not all states offer such programs.

Historic homes can also come with historic or out-of-date construction materials: bad electrical wiring, outdated plumbing, smaller doorways or alcoves that won't accommodate modern appliances and furniture, lead paint, asbestos, and a number of other things. If you're not ready to potentially address all of these issues, an old or historic home might not be the best choice for you.

Restrictions

Restrictions can come in a number of forms, from limits on renovations to financing. Very rarely are additions allowed on historic homes, and windows, shutters, and roofs generally have to embody the original design style of the property. Living in a historic neighborhood can mean higher taxes than a regular neighborhood, and sometimes it can be difficult to get a general mortgage loan for a historic or old home Displaying (especially if it's in need of many repairs). Home insurance can also be hard to come by, as the home may need many costly repairs or replacements of historic elements that might not be easily attainable. If the home is not on a state or local historic registry, it's generally easier to get home insurance if an owner can update the property as they see fit.

Old and historic homes are something to cherish in our country. They are a testament to often forgotten time periods, and for many history enthusiasts their story, and their architecture, stand as a reminder for today's generations of what once was in the U.S. If you have a yearning for a historic home, take some time to research your local historic property market and talk to other historic home owners to understand all that goes into these beautiful properties.

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