Happy Holidays from Mynor & Associates!

WE ARE HUMBLED 

 
that our neighbors, clients and friends continue to choose

Mynor & Associates as their preferred real estate team. 

   

THANK YOU

for making 2012 another record year! 

Warmest greetings,

MYNOR & ASSOCIATES
Licensed Realtors® - DC, MD & VA
Top 5%Nationwide

Keller Williams Capital Properties
7801 Woodmont Ave. 2nd Fl.
Bethesda, MD 20814

Mobile: (301) 437-1622
Office:  (240) 383-1350 x 679
e-Fax:  (240) 235-7066

mynor@mynorandassociates.com
www.MynorAndAssociates.com

Maryland Homestead Tax Credit Eligibility application: Deadline is on Dec 31st.

This is an informative article for all the Maryland homeowners who would lie to submit their one-time application to confirm eligibility for the homestead tax credit, deadline is on December 31^st.

These steps will help every residence homeowner to make sure that their property is registered and eligible for the homestead tax credit:

Step 1: CHECK YOUR STATUS

Visit the Maryland State Department of Assessments & Taxation (SDAT) Real Property Data Search page. Select the county and search either by Street Address, Map/Parcel, Property Account Identifier or Property Sales (typically Street Address is the easiest way to search).

Once you have entered the information, the tax record for your property will appear. At the bottom of the record, a separate category appears called Homestead Application Information, and beneath that category is the Homestead Application Status.

There are four status categories: Approved (with date of approval); Application received (but not yet processed); No application; or Application denied.

If your application is listed as approved, you previously filed the homestead and have nothing further to do. If it is "received," you should check back to make sure it is approved. If your status states "no application," continue to Step 2. If the application has been denied and you disagree with the denial, you should contact the Homestead Division to contest the denial:

Homestead Division

Telephone: 410-767-2165

1-866-650-8783

Fax: 410-225-9344

Email:  homestead@dat.state.md.us

Step 2: FILE THE HOMESTEAD ELIGIBILITY APPLICATION

There are three ways to file the Homestead Eligibility Application:

File electronically. To file electronically, you will first have to send an email request to  Hcredit@dat.state.md.us.  In your email, make sure to include the following information: the purpose of the email (to electronically file the Homestead Eligibility Application), your name, property address and county.

You will receive an email response with your real property account number and an access number with a link to file electronically and will need to enter both the account number and the access number in order to use the link. It could take up to a week to receive a response back after you submit your request. Immediately upon filing through the link, you will receive back an automated email confirmation, which you should keep for your records.

File by mail. To file by mail, print and mail the completed application to:

Department of Assessments and Taxation

Homestead Tax Credit Division

301 West Preston Street, 8th Floor

Baltimore, MD 21201

File by fax. You can also print out the application using the above link and fax in the application to 410-225-9344. Make sure you keep a fax confirmation.

Do not print out the application, complete it and email it to SDAT. The only way to file electronically is to follow the above directions – they will not accept a scanned and emailed application.

After submitting your application, keep checking your SDAT records by following Step 1 above to make sure that your application is approved. It can take several weeks from the application submission before the status shows up as approved, so make sure to keep copies of all correspondence.

Source: www.federaltitle.com

Do you want to work with a Realtor who never fails to provide his clients about pertinent Real Estate information, market trends, tips and what-to-dos?  Call me, MynorHerrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.

Tax Break for Struggling Homeowners on a Countdown?

A very informative article about the tax break that saves struggling homeowners from paying thousands of dollars to the IRS set to expire. What does it mean?

If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the end of the year, homeowners will have to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction. 

So if you owe $150,000 on your home and it sells for $100,000 in a foreclosure auction, the IRS could tax you on the remaining $50,000. For someone in the 25% tax bracket, that would mean paying $12,500 in taxes on the foreclosure. Similar taxes would apply for forgiven amounts in short sales and principal reductions.

"People trying to do short sales are freaked out about it," said Elizabeth Weintraub, a real estate agent in Sacramento, Calif. "They're telling me they'll do whatever it takes to close by the end of the year."
Should the tax break expire, a large number of mortgage borrowers could be affected. More than 50,000 homeowners go through foreclosure each month. Meanwhile, the number of short sales has tripled over the past three years to a rate of about half a million a year. And, under the terms of the $25 billion foreclosure abuse settlement, roughly one million borrowers may have their mortgage debt lowered through principal reductions over the next couple of years.

"If there ever was a no-brainer in housing policy, this would be it," said Jaret Seiberg, a policy analyst for Guggenheim Securities.

Yet, Seiberg is skeptical the exemption will get extended. Now that the election is over, he thinks Congress will be heading into a "lame duck" session, with very little legislation moving forward through the end of the year.

In addition, the cost of the exemption could make it a point of contention, he said. The office of Sen. Max Baucus, who heads the finance committee, estimated the cost of a one-year extension at $1.3 billion.
Both parties, both houses of Congress agree it's good policy and it needs to get done," said Jamie Gregory, chief lobbyist for the National Association of Realtors, which supports an extension. "The hold up is the process. I'm confident it will get done. I just don't know how."

Even if Congress allowed the exemption to expire, not all borrowers with forgiven mortgage debt will take a tax hit. If the debt is discharged in a bankruptcy, no tax is due. And anyone who is insolvent -- meaning they have more debt than assets -- at the time the debt was forgiven -- would not have to pay the tax.
Also in some states like California, certain borrowers are protected against paying the tax because of the way the state treats foreclosures.

Do you want to work with a Realtor who never fails to provide his clients about pertinent Real Estate information?  Call me, MynorHerrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.