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Archive for December, 2012

Atlanta’s Real Estate Closings in 2012

Friday, December 28th, 2012

What paperwork do you need if you bought or sold in 2012?  Many residential sales are non-taxable events (principal residence or no gain), but sellers will have a 1099 and must still file the appropriate income tax forms.

Buyers: 

1.  HUD-1 Settlement Statement – this is needed for income tax preparation. Pay attention to closing costs, prepaid interest, property tax prorations, and other fees that may be deductible.

2.     Recorded Warranty Deed (or other deeds such as Limited Warranty Deed, Special Warranty Deed, Quit Claim Deed, Executor’s Deed, or Trustee’s Deed)  – these are needed to claim homestead exemption. You must provide recording deed book and page number from the recorded deed.

Sellers:

1.     HUD-1 Settlement Statement – this is needed for income tax preparation to show the sales price and all costs of the sale (closing costs, commissions, property taxes, etc.);

2.     1099 form – usually provided at closing by closing attorney – this form shows the gross sales price plus any prorated taxes that are being credited to the seller from the buyer (in case the seller tries to deduct the entire year’s property taxes).  The 1099 forms are no longer mailed out; there is an electronic report sent by each closing attorney directly to the IRS.

Again, please note that many, but not all, residential sales are non-taxable events (principal residence or no gain);  the seller will have a 1099 and must still file the appropriate income tax forms! Remember, as your Atlanta Realtor, I will always keep you informed!

 

Atlanta’s Housing Boom? Oh really?!!!!

Wednesday, December 19th, 2012

CNN Online News says there may be a housing boom in the coming months:  http://money.cnn.com/2012/10/12/news/economy/housing-boom/index.html?source=linkedin. Duh — where have you guys been???!!! I noticed a shift in February 2012 and that shift is becoming louder and louder.

Atlanta and the East Coast are always behind the “left” coast in trends. California has been reporting a shortage of for-sale homes for several months; inventory levels there are approximately 2.5 months. In November, the entire metropolitan area of Atlanta had only 11,400 homes listed for sale (I can remember levels of 95,000+ a few years ago).

So, again, I ask, where have the news reporters been?

Dunwoody’s Brook Run Park

Friday, December 14th, 2012

A temporary restraining order was issued by a DeKalb County Superior Court, stopping work on a planned multiuse trail in Dunwoody’s Brook Run Park.

The petition was filed by two nearby homeowners who are concerned about water runoff from the proposed 12-foot-wide concrete trail that will be approximately .75 mile long.

The court ordered the construction activities to stop, including the cutting or clearing of vegetation, just before the city and its contractors were scheduled to begin clearing about 330 trees from the park.

Several homeowners hired an hydrologist to review the City of Dunwoody’s engineering report to check its accuracy of runoff assessments. “The hydrology report used to justify the project is fatally flawed,” said Jenny R. Culler, attorney for the homeowners.

The park trail has become a hot topic for several groups in Dunwoody. About four dozen members of the Lakeview Oaks neighborhood, naturalists and tea party members turned out to tell City Council members they wanted the project stopped.

Brook Run in Dunwoody

Dunwoody’s Brook Run