Nancy Moeller's Blog

Check out this incredible bank owned property.

www.2410NorthRedwood.Info

Open, spacious floor plan with step down formal living room withstone fireplace. Formal Dining room. Family room with vaulted ceilings, knotty pine and used brick accents. Kitchen features white tile, newer appliances, wainscoting and glass front cabinets. Beautiful hardwood floors in kitchen, entry, hall and dining room. Plus, there is a spacious bonus room! Don't miss this fantastic value-priced bank owned opportunity!

Don't miss out on this bank owned opportunity! 

Only $575,000

Call Todd at (714) 404-9540 for details!

http://www.theocexperts.com/

http://www.ocmarketupdate.com/

Orange County Foreclosure Specialists

Check out this incredible bank owned property.

www.620Emily.info

Spanish style historical home on tree lined street. Main house features 2 bedrooms, 1 bath. Separate studio features 1 bedroom, 3/4 bath and walk in closet! 1920's architecture and built-ins. Large living room and dining room with a breakfast nook. Could qualify for Mills Act for lower property taxes!

Don't miss out on this bank owned opportunity! 

The price was JUST reduced - only $450,000!!!!

Call Todd at (714) 404-9540 for details!

http://www.theocexperts.com/

http://www.ocmarketupdate.com/

Orange County Foreclosure Specialists

Yes and I can't think of any exceptions.

For the landlord: If your tenant performs a service (painting, gardening, repairs, etc.) in lieu of paying all or a portion of the rent, you should include the amount you would have received in rent in your rental income. Of course, you can also deduct the same amount as an expense, but keeping the bookkeeping accurate is a must!

Also - be sure have them complete a form W9. If this amount exceeds $600 per person per year, you need to issue your tenant a 1099 or face IRS penalties.

For the tenant: The amount you are earning in lieu of rent is income and should be reported as such on your tax return.  

Have a terrific day!

Nancy Moeller, CPA, REALTOR®

Nancy@TheOCExperts.com

Direct: (714) 276-7006

http://activerain.com/action/blogs_admin/www.TheOCExperts.com

Serving Orange County Real Estate, Anaheim Hills Based

As usual, the answer is "maybe". Yes, one day I will surprise you with a definitive "yes" or "no", but not today.

Scenario 1: If your lease agreement states that the security is to be returned at the end of the lease term, do not include the amount in your income.

Scenario 2: If you keep any part of the security deposit for unpaid rent or expenses, you must include the amount you kept in your income that year.

Scenario 3: If the agreement states that the deposit is to be used as last month's rent, it is not a security deposit, but rather "advance rent", which is included in income when received - not at the end of the lease term.

Remember, tax law is complicated and there are usually exceptions and other rules to consider. Be sure to consult your tax advisor before taking action on this or any advice received.

For those who can't get enough of this fascinating area of tax law, check out this handy IRS publication on Residential Rental Property.

http://www.irs.gov/publications/p527/index.html

It's a great time to be picking up investment property!

Have a terrific day!

Nancy Moeller, CPA, REALTOR®

Nancy@TheOCExperts.com

Direct: (714) 276-7006

http://activerain.com/action/blogs_admin/www.TheOCExperts.com

Serving Orange County Real Estate, Anaheim Hills Based

As always - the answer is "maybe".

If your allowable loss exceeds the amount reimbursed by your insurance company, you may be eligible for a deduction. The rules are complicated and are handled differently for investment, business and personal property. In addition, there is basis and other restrictions to consider.

If you incurred a loss, it's incredibly important that you contact your tax advisor immediately.

Normally, your excess loss is deductible in year the casualty occurred. However, since any deductible loss from the fires is in an area officially designated by the President as eligible for federal disaster assistance, you can choose to deduct that loss on your return for the year immediately preceding the loss year. In other words, you may treat the loss as having occurred in either the current year (2007) or the previous year (2006), whichever provides the best tax results for you.

For the full details, check out IRS Tax Topic 515, Casualty, Disaster, and Theft Losses (Including Flood Losses), or IRS Publication 547, Casualties, Disasters and Thefts . Publication 584, Casualty, Disaster, and Theft Loss Workbook, can be used to help you catalog your property which is also very handy.

Our hearts go out to every person who suffered a loss.

I hope this information helps in some small way,

Nancy Moeller, CPA, REALTOR®

Nancy@TheOCExperts.com

Direct: (714) 276-7006

http://activerain.com/action/blogs_admin/www.TheOCExperts.com

Serving Orange County Real Estate, Anaheim Hills Based

Don't miss this exceptional house located at 5886 Treehouse Lane in Anaheim Hills. It's priced to sell NOW and could go for as low as $750,000!

Call Todd Moeller at 714 404-9540 for details or stop by and meet Nancy from 11 a.m. - 4 p.m. tomorrow.

You can also view this unique home's website and music video at www.5886TreehouseLane.info

Hope to see you tomorrow!  Take care, Nancy

Check out this incredible bank owned property.

www.2344Fairmont.info

Located in Park Santiago.  It's a single story vintage home on a fabulous cul-de-sac, private, well kept, tree lined street. Custom entry door. Formal living room with slate fireplace and built-ins. Kitchen with nook and built-ins. 3 bedrooms plus small office. Spacious family room. Long driveway with room to park an RV. Detached garage with workshop.

Don't miss out on this bank owned opportunity! 

The price was JUST reduced - only $549,900!!!!

Call Todd at (714) 404-9540 for details!

www.TheOCExperts.com

www.OCMarketUpdate.com

Orange County Foreclosure Specialists

Do you want to know exactly what's going on in the Orange County Real Estate Market? Invest 10 minutes twice a month and you'll know more than 99% of the OC population about Orange County real estate.

http://www.ocmarketupdate.com/

• Current Inventory Snapshot
• Current Market Influencers
• How a Seller Should Approach The Market
• How a Buyer Should Approach The Market
• What We Can Expect In The Upcoming Months
• Links to Relevant Articles written by Nancy Moeller, CPA of www.TheOCExperts.com

Provided by RE/MAX Real Estate Services with additional links to relevant articles and blogs.

Please check it out at http://www.ocmarketupdate.com/ or visit us online at http://www.theocexperts.com/

Have a terrific day!

Nancy Moeller, CPA, REALTOR®

Nancy@TheOCExperts.com

Direct: (714) 276-7006

http://activerain.com/action/blogs_admin/www.TheOCExperts.com

Serving Orange County Real Estate, Anaheim Hills Based

As always, check with your tax advisor, but I like to deduct my clothing and extend my marketing.

Generally speaking, clothing we use for work is not deductible. However, add a logo and presto - clothing AND the dry cleaning for those items is a deductible business expense.

I don't think I'll be trading my RE/MAX shirts for a deductible gold jacket anytime soon, but I sure like the idea of saving money and promoting our company!

Have a terrific day!

Nancy Moeller, CPA, REALTOR®

Nancy@TheOCExperts.com

Direct: (714) 276-7006

http://activerain.com/action/blogs_admin/www.TheOCExperts.com

Serving Orange County Real Estate, Anaheim Hills Based

It's one thing to say "buy now because when the market starts to rebound, they'll be fewer choices, higher prices and higher interest rates". It's another to put a number on it.

So when life gets confusing, I create spreadsheets. This one is simple.

Here's the question I wanted to answer:

Not considering any other variables, how much LESS house can I afford if my interest rate goes UP a quarter percent, half percent, etc.

By using the spreadsheet below, I am able to explain to a couple who would be financing $750,000 that the difference between 6.25% and 6.75% is about $3,350 in annual interest and about $55,556 in extra house they could otherwise afford!

$750,000 * .5% = $3,750 / 6.75% = $55,556

Market timing is risky and expensive!

If you'd like a copy of the spreadsheet, shoot me an email at Nancy@TheOCExperts.com and I'll send it to you.

Have a terrific day!

Nancy Moeller, CPA, REALTOR®

Nancy@TheOCExperts.com

Direct: (714) 276-7006

http://activerain.com/action/blogs_admin/www.TheOCExperts.com

Serving Orange County Real Estate, Anaheim Hills Based