Tag Archives: Real Estate

Home Selling 101: Capital Gains

for sale

For those who sold their home this year, it’s important to understand how selling your home may impact your tax returns, now that tax season is upon us.  The following information explains how capital gains work for those who have recently sold a home.

If you sell your primary residence, you may be able to exclude up to $250,000 of gain – $500,000 for married couples – from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale.

There are a few catches: You also must not have excluded gain on another home sold during the two years before the current sale. However, special rules apply for members of the armed, uniformed and foreign services and their families in calculating the 5-year period.

If you do not meet the ownership and use tests, you may use a reduced maximum exclusion amount. But only if you sold your home due to health, a change in place of employment, or unforeseen circumstances.

An extra perk? If you can exclude all the gain from the sale of your home, you do not report it on your federal tax return. If you cannot exclude all the gain, or you choose not to, you must use Schedule D of Form 1040, Capital Gains or Losses, to report the total gain and claim the exclusion you qualify for.

How about for those with more than one home?

You can exclude the gain only from the sale of your main residence. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most often.

For more information on the home selling process, contact one of our real estate professionals at http://www.calcagni.com

Reprinted with permission from RISMedia. ©2014. All rights reserved.

Calcagni New Agent Spotlight: Donna Myjak

DonnaMyjak, Calcagni Associates Real Estate

DONNA MYJAK, REALTOR

Calcagni Real Estate President Steven Calcagni recently announced the appointment of residential sales agent Donna Myjak to the company’s Southington office.

Donna is a full time REALTOR who specializes in seller and buyer representation, assisting first-time home buyers, new construction, property management and rentals. She is a member of the Midstate Association of Realtors, Connecticut Association of Realtors, and National Association of Realtors.  “Donna is committed to providing professional and personal service to all of her clients. She is a wonderful addition to our growing Southington office,” said Steven Calcagni.

Donna lived in Southington for 13 years prior to moving to Cheshire, where she currently lives. She is very excited to expand her career in real estate, utilizing the tools and the supportive work environment which Calcagni Real Estate offers.  Donna has been involved in many facets of the real estate business, having worked in her family business for over 25 years, dealing with new home construction, property management and rentals.

Donna is available to serve all your real estate needs throughout the Central Connecticut area and beyond and may be reached at Calcagni Real Estate’s office located at 630 Main Street, Plantsville, by calling (860) 860-621-1821 Ext. 523, her cell 860-620-3300 or by visiting:  http://www.calcagni.com/DonnaMyjak

Calcagni Real Estate Announces GNHAR 2013 Q4 Award Winners..

GNHAR Winner Q4 2013

CONGRATULATIONS to our Calcagni REALTORS who were recently awarded with the 2013 4th Quarter Sales Awards by the Greater New Haven Association of Realtors (GNHAR)!! (The award is given to REALTORS who have a minimum of nine completed sales within a quarter of each year)

Join Calcagni Real Estate at SCOW’s “Latino Winemakers” Event!

Calcagni Associates Real Estate is proud to be a “Wine Table Sponsor” at this year’s Spanish Community of Wallingford’s “Latino Winemakers” benefit!

It’s such a fun event & a great opportunity to taste wonderful wines, enjoy great food and meet new people in the local community. Visit www.scowinc.org for more info.

1520604_10151940968337638_2056031059_n

Calcagni New Agent Spotlight: Wanda Palmer

Wanda Palmer  Calcagni Associates Real Estate

Wanda Palmer, REALTOR

Calcagni Real Estate President Steven Calcagni recently announced the appointment of residential sales agent Wanda Palmer to the company’s Wallingford office.

Wanda is a full time REALTOR who specializes in seller and buyer representation, assisting first-time home buyers and relocation. She is a member of the Greater New Haven Association of Realtors, Connecticut Association of Realtors, and National Association of Realtors, and is a licensed notary public.  “Wanda is a great addition to our Wallingford office, and is committed to providing professional and personal service to all of her clients,” said Steven Calcagni.

Wanda currently lives in Meriden and is very excited to expand her real estate business, utilizing the tools and the supportive work environment which Calcagni Real Estate offers.  She is available to serve all your real estate needs throughout the Central Connecticut area and beyond, and may be reached at Calcagni Real Estate’s office located at 924 North Main Street Extension, Wallingford, by calling (203) 265-1821 Ext. 218, her cell 203-623-3923, or by visiting:  http://www.calcagni.com/WandaPalmer

It’s 2014 – What’s Your Real Estate Resolution?

New Year

Everyone makes resolutions around this time every year – from taking up a long-delayed painting project, to finally remodeling that kitchen, or finally making up your mind about packing up and selling the place.

The web is full of real estate resolutions, so as we ease into the New Year, we’ll present a punch list of the best of these 2014 pledges:

Purge – Get rid of stuff you don’t want buyers to see and stuff you don’t want to move to your new home. It’s probably too cold, wet or snowy to hold a garage sale right now, but you can donate items for a tax deduction.

Just buy – You will never get there until you take that first step. Assuming that you have the capital to work with, now is the time to buy! Choose a property that you know will profit you one way or the other. It can be through rental or equity buildup or renovation for flipping – whatever it is, take that first step.

Remodeling? – Determining your return on investment should be one of the first things you research before starting any remodeling project. If you plan on selling your home someday, keep in mind that 80 percent is the ideal return on a remodeling investment. A few suggested improvements that can bring the greatest return on investment include kitchen improvements, new siding, a bathroom addition, and replacing windows.

Refinancing?
– Taking advantage of the current low interest rates might make refinancing a good option for you. A recent study indicates that more homeowners are switching from a 30-year fixed rate mortgage to 15-year fixed rate mortgage and bringing additional funds to closing to reduce their mortgage amount.

Finally – Potential homebuyers should resolve to shop around when looking for a home loan. They say lenders vary, often significantly, in the fees they charge and the interest rates they levy so keep searching until you find a lender that offers both good service and good rates.

To put your home buying or selling plans into action, contact one of our local REALTORS today- www.calcagni.com 

Reprinted with permission from RISMedia. ©2014. All rights reserved.

Tips for Keeping your House Warm without Burning a Hole in Your Pocket

Winter

BPT—The winter months mean celebrating the holidays, reconnecting with family and friends and planning your resolutions for the New Year. They can also mean a sharp increase to your monthly heating bill in order to stay warm and comfortable. If you’re interested in controlling your energy expenses while maintaining comfort, the tips below will help you make sure more of your money is put towards presents than power.

* Close the doors to rooms that are not in use. Most of us remember to turn off the lights in a room we’re not using but we rarely shut the door. And we end up wasting energy because of it. Don’t waste heat on rooms that aren’t in use. Instead, close those doors and allow the heat to circulate within a smaller area. Your furnace will have an easier time maintaining the temperature and you’ll notice the benefit on your energy bill.

* Invest in a heat pump. Some rooms are simply too important to keep the door closed all of the time. If it’s a child’s play area or your office, then chances are you’re looking for a way to add a little more heat. Investing in a duct-free heat pump system is the perfect solution.

* Check for cracks and gaps around windows and doors. Today’s homes are more airtight than ever before but there is still the potential for cold air to enter your home via your doors and windows. Inspect each of these openings and seal or insulate any gaps you find to prevent the loss of warm air. You should also check for cracks and gaps around the door to the attic and at any locations where outside pipes or cords enter your home.

* Cover your windows. Small cracks or gaps in your windows can create drafts and cold air hits your windows and leaves them cold to the touch, transferring those frigid temperatures inside. Prevent that cold from coming into your home by sealing your windows. This simple procedure takes only minutes and will have a dramatic effect on your heating bill. And don’t forget that heavy weight curtains can also help keep drafts out.

* Check your insulation. Many homes, especially older homes, are vulnerable to cold temperatures because they lack sufficient insulation. Insulation is commonly found in the attic but it also exists in any outer wall. If you are concerned your home may be poorly insulated, you can check the insulation levels yourself or you can hire a qualified home energy auditor who will check your insulation as part of his overall energy assessment.

The colder months are here but that doesn’t mean you have to feel it inside your own home. Prepare for winter with the tips included here and you’ll be ready to enjoy a warm and festive winter holiday season and winter.

Reprinted with permission from RISMedia. ©2014. All rights reserved.