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What is the new 3.8% tax on homes and how does it affect sellers?

Sunday, March 3rd, 2013



Money City

A new income tax provision was started on January 1st, 2013, that may affect some sellers of real estate.  The tax is 3.8% of “net investment income”, if the sellers fit into certain categories:

1.     Joint income tax filers with adjusted gross income of $250,000 or more;

2.     Single income tax filer with adjusted gross income of $200,00 or more;


1.     Joint income tax filers with more than $500,000 profit on the sale of the principal residence;

2.     Single income tax filer with more than $250,000 profit on the sale of the principal residence;


3.     Capital gain on the sale of investment real estate.

The new 3.8% tax applies to the LESSER of:

  1. a.     The investment income amount, or b. The excess of adjusted gross income over the $250,000 (joint) or $200,000 (single).

According to the National Association of Realtors, this new tax will not affect many home sellers, based on the income threshold and the gain threshold on principal residences.  The sellers of investment properties will be taxed on investment income that exceeds the income thresholds above.  See$FILE/government_affairs_invest_inc_tax_broch.pdf for further explanations and examples.

Closing on your New Home during the Holidays

Monday, November 19th, 2012

Many of the real estate closings in November and December have to be scheduled around the longer holiday breaks for Thanksgiving, Christmas, and even New Year’s Day.  Most lenders and attorneys are closed for the Wednesday – Friday period around Thanksgiving. They are also usually closed for an extra day or two before or after Christmas and New Year’s Day.

There are also many buyers, sellers, and agents who will be out of town or otherwise unavailable during these holiday breaks.

Attorneys and lenders  will work hard to accommodate the buyers and sellers, but it is important to check with all parties before scheduling and to make every attempt to have all parties at closing.  Mailouts of loan packages are much more complicated today, and the parties must find a title company or attorney in their location to supervise the signatures.  This is required for buyers and sellers.  In addition, the loan papers must be sent out several days prior to the closing deadline, in order to meet the contract expiration for completing the closing.

Please notify the closing attorney and lender as soon as possible if you know that you or the other party will be unavailable for your closing, and try to reschedule your closing to avoid the extra time, effort, and expense of a mailout.

And, as always, if you want to CLOSE before 2013, call Nancy Aroneck & Company! We are experienced and will actually get you to the closing table  quickly, and with as little “pain” as possible!

The Atlanta Real Estate Market

Thursday, June 28th, 2012

Nancy Sold Another One

What’s happening with our market??? We have almost half of the listings that we had at this same time last year, and the correctly-priced homes are receiving multiple offers.  Are we out of the buyers’ market, re-entering a sellers’ market? Oh yeah — we are!

The new iPhone 4S

Saturday, October 15th, 2011

Turn on a TV or the internet for the news and all you’ll hear about, is the new iPhone 4S. What’s the big deal about it?

Okay, all my friends and clients have been wondering where the “geek” in me has come from. I suddenly found myself debating iPhone vs. Android. I knew what the online gossip was, what Apple might be announcing and when; if Sprint would have an exclusive to the “maybe-released” 5-version; what the expected benefits were going to be for the new phone. But most important, I knew how long it was going to take before I’d get that phone in my hands. It has been an excruciating 4 weeks!

Yesterday, as I anxiously awaited the UPS delivery, I realized why I was so nutzoid about this new iPhone. It isn’t that it has better resolution or that it is lighter or faster than my old 3G. It is because my ENTIRE life is on that phone! In short, I am now connected to my life and to my business with a 4S iPhone!

  • All of my contacts, with names, telephone numbers and email addresses, are in my phone;
  • My calendar: all of my client- and personal-appointments are on my iPhone;
  • Throughout the day, I check for emails. I need to know if an inspector or a lender is having trouble with a client’s transaction or if the closing attorney has rec’d the loan package. I need to know what buyers and sellers are thinking or working on;
  • My motivational music is on my phone. I use songs to help me swim in the morning and make lead-generation calls for my business. I use music to get me up or calm me down;
  • Reminders and lists are on my phone. Do I need to drop off a key to an appraiser? When I go past a Publix, do I need to pick up air freshener for the seller with 3 large dogs? What time will those dogs be out of the house for my Open House?;
  • My GPS is on my iPhone. How do I get where I need to go?
  • Traffic reports are on my iPhone – is Buckhead traffic snarled at one street or throughout the entire area, from Vinings to Brookhaven?
  • The ‘net is on my phone: what if I need quick access to who, what or why?

My “old” iPhone was murdered. I had taken it into a large retail outlet, wanting a docking station to add music to my open houses. I started sampling the different docks and after a few tests, saw smoke coming out of my phone. I pulled it up and away from the dock, but it was too late: it was fried. The store management was really nice about it, but I wanted to replace it with the new version, not an old one. Technology is moving too fast to use old systems. The problem was, that I had to wait until Apple intoduced its new phone and that was 4-5 weeks away. The store gave me a phone to use during that time, but it wasn’t an iPhone. I have been going crazy looking for, thinking and obsessing about my new phone.

Yes, I have been absolutely insane. But wouldn’t you want your Realtor to be focused on the tasks needed to be done? And seamlessly doing them with organized systems? Yesterday afternoon, I finally got my 4s iPhone and I am no longer hyper-ventilating. I am back and ready: how can I help you buy, sell or invest in Atlanta real estate?



Atlanta Realtor to Blow up on the Web

Thursday, October 13th, 2011

I am taking a social media class today to learn more about how it will help escalate my business to a higher level. Watch out Atlanta homes and real estate: here I come!