Nevada City Virtual Tour

Friday, February 28, 2014

Nevada City Events Mardi Gras and More

Mardi Gras in Nevada City March 1 & 2A Downtown Parade, Masquerade Ball and Carnevale are featured March 1 & 2, 2014 as this colorful Sierra foothills town again celebrates Mardi Gras in Nevada City. Weekend activities open Saturday night with a Mardi Gras Masquerade Ball from 8pm to midnight, featuring The Holcomb Brothers Band playing live Southern Rock Music, in historic Miners […]
Sierra Stages Opens “Company” Feb 27-Mar 23Phone Rings, Door Chimes, In Comes COMPANY! Sierra Stages presents the landmark Sondheim musical February 27 – March 23 at the Nevada Theatre in Nevada City What: Sierra Stages presents Stephen Sondheim’s COMPANY When: February 27 – March 23 Thursdays at 7 PM; Fridays & Saturdays at 8 PM, Sundays March 9 & 23 at […]
After Hours Wine Hour at NC Winery Mar 7First Fridays, After Hours Wine Hour At Nevada City Winery Friday, March 7th • 5:00-7:00 pm Margie Miller is Nevada City Winery’s featured Artist of the Month in March. Meet Margie in person during the Artist Reception at the Winery from 5:00-7:00 pm. The Brian Dougherty Trio will provide live music. Join your friends at […]
Synthetic Unlimited Fundraising CampaignSynthetic Unlimited is an energetic performance art organization founded in 2006 by young actors, filmmakers, musicians and writers from Grass Valley, CA. Last year SU undertook our first official season, producing 8 plays in 8 months. We’re proud to say our 2013 season was a smash hit, receiving critical acclaim from reviewers and several Elly […]
“The Actor Moves” Workshop Mar 8THE ACTOR MOVES An Introduction to Movement and Physicality for the Theatre with Robert Rossman Saturday, March 8 We are pleased to offer the community the first in a series of theatre-related workshops. This workshop introduces actors, artists, and theatre lovers to a basic foundation of movement and physicality for the theatre. The goal and […]
LateNight@the5 “Chicago” Mar 8The Old 5Mile House presents another in its series of LateNight@the5 events with Highlights from Chicago the musical in The DL Lounge Speakeasy March 8, at 10pm. This elegant throwback to the prohibition era captures the look and feel of the Chicago prohibition era. The Truth or Dare Dance Troupe will perform the best musical […]
Antique Western Show & Sale Mar 15 & 16Antique Western Memorabilia Show and Sale The Nevada City Elks Lodge #518 is presenting an Antique Western Memorabilia Show & Sale to raise funds for its Scholarship Program. It will be held at its Lodge at 518 Hwy 49, Nevada City, on March 15 & 16, 2014. Tables will be rented to dealers and collectors […]
Martinis & A Movie April 30Featuring… Gold Diggers of 1933 April 30, 2014 Del Oro Theater Doors open at 7:00pm/Movie starts at 7:45pm Tickets: $30 in advance, $35 at the door, $25 for SNMH Employees (includes martinis, goodie bag, and movie) Ticket Outlets: SNMH Foundation Office, SNMH Gift Shop, Grass Valley Chamber of Commerce, and online athttp://www.brownpapertickets.com/event/558960 Gold Diggers […]
GV Rotary Gold Country Challenge May 10Save the Date: Sat, May 10, 2014 Join us for the first annual gold country Challenge. A ride through the historic gold mining country of western Nevada County. For more information and to register go torotarygoldcountrychallenge.com

Do you know why buying a home is cheaper than renting?

Buying costs less than renting in all 100 large U.S. metros, according to the Rent vs. Buy Report from Trulia (TRLA).
Rising mortgage rates and home prices have narrowed the gap between renting and buying, though rates have recently dropped and price gains are slowing.
Low mortgage rates have kept homeownership from becoming more expensive than renting. In some markets, like San Francisco and Seattle, rents have risen sharply; rising rents hurt affordability relative to incomes, but rising rents make buying look cheaper in comparison.
Trulia says that at a 30-year fixed rate of 4.5%, buying is 38% cheaper than renting nationally, versus being 44% cheaper at the start of 2013.
(While renting is more expensive, only half of potential homebuyers have credit that would get such a rate, and many first-time homebuyers are struggling to form households or get out from under student debt.)
The range of difference, as one expects, varies from market to market – buying is only 5% cheaper than renting in Honolulu, while it is 66% cheaper than renting in Detroit.
Trulia’s interactive Rent vs. Buy Map shows how the math changes under alternative assumptions for the mortgage rate, the income tax bracket for tax deductions, and the number of years that one stays in the home. 
To compare the costs of owning and renting, Trulia’s model assumes buyers get a 4.5% mortgage rate on a 30-year FRM with 20% down payment. Further, it assumes buyers itemize their federal tax deductions and are in the 25% tax bracket; and will stay in their home for seven years.
Under these assumptions, buying is 38% cheaper than renting nationwide, taking into account all of the costs and proceeds from buying or renting over the entire seven-year period.

Wednesday, February 12, 2014

Prices Grow

Prices Grow; Concerns Remain
Most metro areas had strong price growth in Q4 2013. 
However, affordability is now a concern.

Tuesday, February 4, 2014

CONFUSING THESE RULES CAN COST YOU LOTS OF MONEY

CONFUSING THESE RULES CAN COST YOU LOTS OF MONEY
A parent has owned a home for a long time, and their purchase price plus improvements is much less than a current sales price. A broker called me to tell me that they had a problem. "To avoid probate, the mother had put the daughter on title as a joint tenant. Upon death the daughter would inherit the property."
Now, the mother wants to sell and use her $125,000 Exclusion of Capital Gain. However, the daughter now owns half of the property. When the property was gifted, there is another rule. Basis follows a gift. So the daughter's half had the low basis of half of the purchase price. In a sale the daughter cannot claim the Exclusion, so she will pay some tax.
If they transfer the property back to the mother, the mother will only be able to exclude gain on half of her sale. She has not been on title on the daughter's half for the last two years.
Another scenario: Mother and father were going into an assisted living arrangement and put their two children on title. The children get the basis at time of transfer and if they sell, they pay tax with no exclusions.
When does basis go up to fair market value? At time of death, and that is one rule to remember. Real Estate Professionals: When you hear of a client's parent passing away, you might want to send them a CMA as this might illustrate to the IRS the value at time of death.
Conclusion: Before ever gifting any real estate, talk to a Real Estate Tax Professional, not the next door neighbor or work associate or Seminar Speaker who thinks they know tax rules.
 
CONFUSING GIFT TAX LAWS
For 2013 the per-donee exclusion is $14,000 per taxpayer so a couple could give $28,000 gifts to several people and no tax effect on anyone.
If there is any tax involved on gifts, the giver is responsible.
Gifts must be present interests, not future interests.
The gift and estate tax basic exemption is $5,250,000 for 2013 and the top tax rate is 40%.
All gifts to spouses are non-taxable.
If I make the first gift of my life to my son of $200,000 in 2013 will there be any tax. I can eliminate tax even though it is over $14,000 because the liability computed on IRS Form 709 can generally be avoided by applying the lifetime credit. That $5M plus credit can be used for excess gifts during your lifetime, it just lowers your estate tax exemption.
There are unlimited exclusions for payments of another qualified persons (family members) tuition or medical expenses.
Basis follows a gift. Translation: If my basis on a rental property or property I don't live in is $240,000 and the fair market value is $600,000, the gift-getters basis will be $240,000 and if they soon thereafter sell, they will have a gain of... $600,000-$240,000=$360,000 taxed AT 15% FEDERAL PLUS any state capital gain taxes. California is at 10%. That's 25% capital gains to pay on the profit of $360,000 in California. Get your calculator and sit down and take a deep breath. You will not be happy.
BTW, I just purchased my J. K. Lasser's "Your Income Tax 2014". Pick one up as there is a lot of interesting information on your taxes for 2013. Yes, you can search the Internet for answers, but I find this book invaluable.
Conclusion: Before ever gifting any real estate, talk to a Real Estate Tax Professional!

CONTACT

PLEASE CALL GARY AT 1-877-311-GARY or VISIT THE MAIN WEBSITE FOR TONS OF INFO AND HOME SEARCHES AT http://www.callgarytoday.com/




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