The Finest in City Living, The Balustrade, This Classic Residence is Flooded with Views & Light. 2107 S.F., 2 Beds, 2 Full Baths, Gracious Gallery Entry w/ Art Niches, 2 Parking Spaces, Open Floor Plan w/Gas Fireplace and Hardwood Floors Throughout Master Bedroom Retreat w/Gas Fireplace, Large Walk-in Closet, 5 Piece Master Bath & 2 Covered Balconies. HOA $561 per Month
Denver Chic | Offered At: $675,000
1200 Cherokee St. #303
Denver, Colorado 80204
In Denver’s Art & Museum District | The Golden Triangle
The Golden Triangle was Named for the Shape Created by its Boundaries of Lincoln, Speer and Colfax Streets. The Area, the Southern Part of Downtown, has more Green Space and Less Congestion than LoDo. The Golden Triangle is Home to the Denver Art Museum, Clifford Still Museum, Colorado History Museum, Denver Public Library, State and City Civic Buildings, State and City Courthouses, and Civic Center Park Along with a Abundance of Art Galleries, Trendy Restaurants, Tony’s Market and Startup Companies
Perceptions about reverse mortgages have been swiftly changing since the industry underwent an overhaul last year. A product once thought of as a desperate lifeline for the poverty stricken elderly is finding an untapped match in retirement and investment portfolios. The Center for Retirement Research at Boston College estimates that our “retirement income deficit” is $6.6 trillion. That number represents the gap between pension and retirement savings that American households have today and what they should have to maintain their standard of living in retirement. For seniors 62 and older, reverse mortgage is available to fill gaps where retirement funds are unable to, whether due to inadequate planning early on or economic woes that struck a once prepared individual.
Because homeowners who are utilizing a reverse mortgage don’t need to make monthly mortgage payments as they would with a traditional mortgage, such a tool allows retirees to live out the retirement they had planned, even if other investments had faltered. Some are even using it as a financial bridge to delay social security payments until they are worth more. Others are using it as a means to protect investment portfolios in down markets and ensure seniors don’t outlive their retirement. The options are extensive and exciting as financial planners and advisers are learning more and working with lenders to determine the best match for their client’s needs. Reverse mortgages are no longer only a lifeline or a tool of salvation – but now part of the road to retirement liberation.
A Seniors Real Estate Specialist® is experienced and knowledgeable in meeting your specific needs
and that can make all the difference in the world.
As we age, we demand specialists in our health needs, so why not in our housing and equity needs
as well? An SRES® brings:
- A customized approach to your situation, working to fit your living situation in with your
overall life plan
- Expertise and patience throughout the transaction
- An awareness of options and a network of solid, reliable referrals to help you in the process
- A variety of choices to reduce out of pocket expenses, gain cash, or create or defer income
streams to either stay independent or obtain financial assistance
The Colorado Rockies, Denver’s Major League Baseball Team will Play The San Diego Padres Friday April 5th, 2013 at Coor’s Field in Historic LoDo. The Game Starts at 2:10 and It seems that the City will be taking the Day off for The Great American Pastime. We’re Looking Forward to Another Great Season, GO Rockies and Their manager is Walt Weiss
Realtor Mag — Official Magazine of the National Association of Realtors | Robert Freedman, September 2012
Ever since health care reform was enacted into law more than two years ago, rumors have been circulating on the Internet and in e-mails that the law contains a 3.8% tax on real estate. NAR (National Association of Realtors) quickly released material to show that the tax doesn’t target real estate and will in fact affect very few home sales, because it’s a tax that will only affect high-income households that realize a substantial gain on an asset sale, including on a home sale, once other factors are taken into account. Maybe 2-3% of home sellers will be affected.
Nevertheless, the rumors persist and the latest version that’s circulating falsely say NAR is advocating for the tax’s repeal. But while NAR doesn’t support the tax (it was added into the health care law at the last minute and never considered in hearings), it’s not advocating for its repeal at this time.
The characterization of the 3.8% tax as a tax on real estate is an example of an Internet rumor, says Heather Elias, NAR’s director of social business media. Elias and Linda Goold, NAR’s director of tax policy, sat down for a discussion of how the tax works and how Internet rumors work.
Goold says the tax will affect few home sellers because so many different pieces must fall into place a certain way for the tax to apply. First, any home sale gain must be more than the $250,000-$500,000 capital gains exclusion that’s in effect today. That’s gain, not sales amount, so you really have to reap a substantial amount for the tax to even come into play. Very few people are walking away with a gain of more than half a million dollars today, even in the high-end home market, so right off the bat only a few home sellers would be a candidate for the tax.
For the few households that do see a gain of more than the $250,000-$500,000 exclusion (that’s $250,000 for single filers and $500,000 for joint filers), only the amount above the exclusion would be factored into the tax calculation, and that would still only apply to high-income households, which the law defines as single people earning $200,000 a year and joint filers earning $250,000 a year.
So, if you are a household with an annual income of $250,000 or more and you earn a gain of more than $500,000 on your house (again, that’s after the $500,000 exclusion), any amount of gain above the exclusion would be plugged into a formula to see if it’s taxable. If it turns out that it’s taxable, then the amount could be subject to the 3.8% tax. If the household had a gain of more than $500,000 but only earned $249,000 a year in income, the tax wouldn’t apply.
(Note that these are just hypothetical examples. To know if a case would really be subject to the tax, a professional tax preparer or tax attorney has to look at all the particulars of the tax filer’s case. Only a tax professional is in a position to say the tax is applicable, but the examples cited here could help you get a sense of how the tax works.)
The other thing about the tax worth noting is that, although it takes effect in 2013, any impact on taxes wouldn’t happen until 2014. That’s because the tax filer would do the calculation in 2014 for the 2013 tax year. Because it’s not a tax on a real estate sale but rather on a capital gain, it’s not calculated at the time of an asset sale, whether that asset is a house or something else. It’s calculated at the time the filer figures his or her tax.
Rumors about the 3.8% Medicare tax continue to circulate. Here’s the definitive word on what’s true
and what’s not on how the tax impacts real estate.