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Two New Lakeshore Realty Homes for Sale

by Lakeshore Realty

This week we have two new properties. These handsome homes offer different experiences of mountain life in Lake Tahoe.


483 Skylake Court, Incline Village, Nevada 483 Skylake Court, Incline Village, Nevada

Eastern Slope lake view home with 7+ car garage to store all your toys! Situated on a large .782 acre parcel with additional TRPA coverage. Private corner street-to-street lot with nice lake views from all levels. $2,295,000.

Listing Information:

  • MLS: 940868
  • Bedrooms: 4
  • Baths: 3
  • Partial Baths: 1
  • SQ FT: 3664
  • Lot Size: 0.782
  • Garage: 4 Car
  • Heat Source: Gas
  • Taxes: $9,376

 



1066 War Bonnet Way, Incline Village, Nevada 1066 War Bonnet Way, Incline Village, Nevada

Sweet affordable, rustic Tahoe cabin. Quiet low elevation location. Open great room, 3 bdrms & 2 baths. Enclose carport for 1 car garage. Lg deck & peak of the lake. Newer furnace,water heater & roof. Great storage in basement area. Shared driveway. $399,000.

Listing Information:

  • MLS: 940870
  • Bedrooms: 3
  • Baths: 2
  • Partial Baths: 0
  • SQ FT: 1496
  • Lot Size: 0.142
  • Heat Source: Gas
  • Taxes: $2,876

 

10 IRS Tax Rules Every Real Estate Agent Should Know

by Lakeshore Realty

Real estate can be a tricky business, especially when it comes to taxes and following tax law.

Of course, those problems can be avoided if you have a basic understanding of the tax code and how it relates to real estate. Issues can especially arise for people contemplating to sell their home. The gains from that sale, because it's a primary residence, may be fully or partially excluded from your income.

Real estate professionals need to be aware of the following 10 important tips.
 

  1. If, during any five year period, an individual has owned and used their home as a main residence for a period of at least two years, any gain from the sale can be excluded from income. If it has only been a partial residence, it won't qualify.
  2. If a main residence is sold, $250,000 of the individual gain, or $500,000 of the joint gain, may be excluded from income. This of course depends on the other factors covered in this article.
  3. If an individual has sold another home during the two-year period prior to the date of the current home, they will not be eligible for the full tax exclusion. You will be eligible for a partial return, however. One simple rule of thumb: Only sell one home per year if at all possible.
  4. If all of the gain can be legally excluded, it is not necessary to report the sale of the home on a tax return. This is good because it won't raise any red flags with the IRS if you sold it for a lucrative price.
  5. If a gain cannot be excluded, however, it does need to be reported on Form 1040, Schedule D, and taxes will apply to that gain. It's not the best situation, but it's the law. If you ignore it, you're risking being audited by the IRS.
  6. Obviously, a loss from the sale of a main home cannot be used as a deduction. This has been more prevalent of a problem since the 2008 recession, when the housing market crashed.
  7. If you're having a tough time calculating your taxes, there is plenty of tax software and worksheets out there that can help you once your taxes are due. IRS Publication 523 - Selling Your Home, makes these all readily available.
  8. Individuals or couples with two homes can only exclude gains from only one of the residences. Even if both homes are occupied a portion of the year, one must be designated as the main home. Only a gain on the sale of the main home can be excluded from taxes on gains. If the other home is sold and a gain results, then no deductions are allowed. Again, this is the "one house per year" rule of thumb.
  9. If a first-time homebuyer credit has been received, there are special rules concerning the tax implications of gains. Again, IRS Publication 523 addresses these concerns. These credits help young, first-time homebuyers buy a house and were put into place to help stimulate the real estate market.
  10. Anyone who moves must be sure to update their address with the IRS. They should use Form 8822 to do this. If the IRS doesn't have your new address, you might be sent a letter of notice. If you can't receive that letter, you could be in trouble.

Although all information about taxable real estate gains is readily available from the IRS, real estate professionals should frequently update their knowledge about this subject to ensure they are following everything according to the books.


About the Author: Jana Olson, founder of Olson Tax Consulting, LLC, is an experienced attorney in Denver, Colorado who helps businesses and individuals resolve IRS tax problems.

 

Home Prices at June 2004 Levels, 16% Below the Peak

by Lakeshore Realty
The Federal Housing Finance Agency (FHFA) has released its House Price Index (HPI) for August which shows a 0.7 percent increase in prices compared to July. For the 12 months ending in August, U.S. prices rose 4.7 percent. July figures were revised downward in the report from a 0.2 percent increase to 0.1.

Home prices nationally are now at approximately the same level as in June 2004 and are 15.9 percent below the peak in prices reached in April 2007. FHFA's bases its index on the purchase price of houses with mortgages owned or guaranteed by Fannie Mae or Freddie Mac.

For the nine census divisions, seasonally adjusted monthly price changes from July to August ranged from -0.5 percent in the East South Central division (Kentucky, Tennessee, Mississippi, Alabama) to +3.0 percent in the Pacific division (Hawaii, Alaska, Washington, Oregon, California while the 12-month changes ranged from 0.4 percent in the Middle Atlantic division (New York, New Jersey, Pennsylvania) to +11.4 percent in the Mountain division (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico.

 

Lakeshore Realty Homes Currently in Escrow

by Lakeshore Realty

Here are six Lakeshore Realty homes currently in escrow. Our properties range from warm and inviting condominiums to spacious homes with vaulted ceilings and state-of-the-art kitchens. We are continuing to sell property in our rapidly improving market.

338 2ND CREEK

338 2ND CREEK

$575,000

PropertyType:   Residential

Area:                  POND

ML#:                   940251


941 DIVOT DR Unit # 3

941 DIVOT DR Unit # 3

$385,000

PropertyType:   Condominium

Area:                  GLFE

ML#:                   940730


979 DORCEY DR

979 DORCEY DR

$525,000

PropertyType:   Residential

Area:                  TYNU

ML#:                   940656


908 HAROLD Unit # 23

908 HAROLD Unit # 23

$245,000

PropertyType:   Condominium

Area:                  WOOD

ML#:                   940266


830 ORIOLE WAY Unit # 33

830 ORIOLE WAY Unit # 33

$329,000

PropertyType:   Condominium

Area:                  CENT

ML#:                   940401


581 TYNER WAY

581 TYNER WAY

$979,000

PropertyType:   Residential

Area:                  TYNL

ML#:                   940453


 

Red Flags That Should Raise Concern When Buying a House in Lake Tahoe

by Lakeshore Realty

Indeed, more than 40 percent of the previously owned homes on the market have at least one serious defect, according to HouseMaster, a major home inspection company with offices in more than 390 cities in the United States and Canada.

Drawing from their own findings from more than one million home inspections, HouseMaster says the most serious home defects to be on the lookout for are:
  1. Cracked heater exchange
  2. Failing air-conditioning compressor
  3. Environmental hazards including radon, water contamination, asbestos, lead paint.
  4. Moisture in the basement
  5. Defective roofing and/or flashings
  6. Insect infestation -- termites or carpenter ants
  7. Mixed plumbing
  8. Aluminum wiring
  9. Horizontal foundation cracks
  10. Major house settlement
  11. Undersized electrical system
  12. Chimney settling or separation
Kuhn says most of these problems can be repaired. However, depending on the specific problem, the cost can be substantial, particularly if the defect involves one of the major systems. The cost could become a factor in whether you ultimately buy the house.
 
If repairs are needed, there are several ways to proceed if you still want to buy the house, the Dummies book advises.
  • The sellers can leave enough money in escrow to cover the cost of repairs, with instructions for the escrow officer to pay the contractors as the work is completed.
  • The lender can withhold part of the full loan amount in a passbook savings account until the work has been done.
  • The sellers may give a credit for the work. Lenders may disapprove of this last alternative because there aren't assurances that the repairs will be made.
A home inspection usually costs between $250 and $400. Hire a qualified inspector. Try to get referrals from friends or anyone you know who has had a satisfactory experience with a home inspector. Also, look for affiliations with organizations like the American Society of Home Inspectors or the American Association of Home Inspectors. Both groups require its members to be certified, meet professional qualifications, and adhere to specific business ethics.
 
Once you make an appointment with a home inspector, it's important to be there. "A pre-purchase inspection is your best protection against buying a home based more on emotions, rather than as a sound investment."

 

New Listing! 1072 Sawmill Road, Incline Village, Nevada

by Lakeshore Realty

Beautifully maintained single level home in Millcreek. Recent new roof and siding, kitchen cabinets & paint. Really cute home! 3 bedroom & 2 bath.....sunny lot. Easy to show.


910 Tyner Way, Incline Village, Nevada

1072 Sawmill Road
Incline Village, Nevada
Offered for $529,000

Carole Madrid
775-831-7000
775-848-6242 (Direct)
carole@inclinevillagenow.com

View this listing

 

2012 America Recycles Day! Tomorrow Saturday, November 17th

by Lakeshore Realty

The Household Hazardous Waste and Electronic Waste Roundup will be held tomorrow, Saturday, November 17 from 10 AM – 2 PM in Incline Village.


910 Tyner Way, Incline Village, Nevada

Saturday, November 17, 2012
10 AM – 2 PM

IVGID Public Works
1220 Sweetwater Road

for more info:
775-832-1284
rms@ivgid.org

 

Open House this Saturday, November 17th!

by Lakeshore Realty

Enjoy beautiful forest views from the sunny walk-out deck of this lovely McCloud townhouse. Wonderful 3 bedroom and 2.5 baths unit. Turn-key furnished! River rock fireplace, neutral carpet, wine bar and tastefully decorated.


910 Tyner Way, Incline Village, Nevada

947 Incline Way #172
Saturday, November 17, 2012
10 AM – 3 PM
Offered for $619,000

Nevada Metherd
775-831-7000
775-771-6109 (Direct)
nevadam@gbis.com

View this listing
View Map

 

Room with a View

by Lakeshore Realty

Shahri Masters took these lovely photos from her deck. Let it snow!

Let it Snow! The view from Shahri Masters' desk, November 10, 2012

Let it Snow! The view from Shahri Masters' desk, November 10, 2012

  • Sold Properties by Lakeshore Realty Agents and Sold Lakeshore Realty Listings

Below we have a list of properties that were sold by Lakeshore Realty Real Estate Agents and properties that were listed by Lakeshore Realty agents and were sold in the past month.

910 Harrold Dr.

Bed: 3
Bath: 2
Year Built: 1979
Sq. Ft.: 1631

Days on Market: 46
Sold Date: 10/25/2012
Sold Price: $416,000

Selling Agent:
Tony Tuoto 

 

753 Randall St.

Bed: 3
Bath: 2
Year Built: 1981
Sq. Ft.: 2843

Days on Market: 89
Sold Date: 10/12/2012
Sold Price: $528,500

Selling Agent:
Peg Augustus

 

944 Garren

Bed: 3
Bath: 1.5
Year Built: 1972
Sq. Ft.: 1440

Days on Market: 92
Sold Date: 10/19/2012
Sold Price: $328,000

Selling Agent:
Carole Madrid

594 Douglas Ct.

Bed: 3
Bath: 3
Year Built: 1980
Sq. Ft.: 3149

Days on Market: 1006
Sold Date: 9/28/2012
Sold Price: $782,500

Listing Agent:
Pam Fernandez

 

285 Deer Ct.

Bed: 3
Bath: 3.5
Year Built: 1999
Sq. Ft.: 2752

Days on Market: 130
Sold Date: 10/11/2012
Sold Price: $1,000,000

Selling Agent:
Carole Madrid

 

978 Glenrock

Bed: 4
Bath: 3.5
Year Built: 1968
Sq. Ft.: 1976

Days on Market: 382
Sold Date: 10/22/2012
Sold Price: $355,000

Listing Agent:
Pam Fernandez

 

853 Mc Courry Blvd.

Bed: 3
Bath: 3.5
Year Built: 1987
Sq. Ft.: 1951

Days on Market: 50
Sold Date: 10/10/2012
Sold Price: $440,000

Selling Agent:
Chris & Patti Plastiras

 

947 Incline Way

Bed: 2
Bath: 2
Year Built: 1991
Sq. Ft.: 1111

Days on Market: 182
Sold Date: 10/02/2012
Sold Price: $389,000

Selling Agent:
Lana Nelson 

 

861 Southwood Blvd.

Bed: 3
Bath: 2.5
Year Built: 1972
Sq. Ft.: 1368

Days on Market: 31
Sold Date: 10/19/2012
Sold Price: $230,000

Selling Agent:
Kristi & Jamie

 

123 Juanita Dr.

Bed: 3
Bath: 2
Year Built: 1971
Sq. Ft.: 1168

Days on Market: 204
Sold Date: 10/29/2012
Sold Price: $455,000

Selling Agent:
Carole Madrid

 

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

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LakeshoreRealty.com
Lakeshore Realty
954 Lakeshore Blvd.
Incline Village NV 89451
775-831-7000
800-954-9554
Fax: 775-831-6777

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