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Tax Information for New Home Owners

Categories: Home Owner Tips | Posted: January 17, 2013

Tax season is upon us!  While this understandably is one of the least exciting parts of our year, it’s one that we cannot afford to ignore.  Home owners in particular may be especially anxious during this time of year, but they don’t have to be!  While we heartily encourage Royal Oaks Building Group new home owning families to seek the guidance of a financial professional when handling their taxes this year, we feel confident in sharing that things are actually continuing to look up for home owners.  Congressional negotiations with the so-called Fiscal Cliff crisis were largely advantageous for home owners; the housing market remains worth the investment (and is steadily improving), and the mortgage tax deductions that remain ensure the ongoing benefits of home-owning over renting, according to Jann Swanson.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation‘s purpose was to offset the foreclosure rates and repossessions of the housing crisis of 2007.  While the intent of its legislative supporters was an immediate, albeit temporary, solution, it managed to survive its December 31, 2012 due date and is still in effect.  This primarily affects homeowners who have defaulted on mortgage payments and whose commercial lenders have forgiven or cancelled the debt.  What remains of the debt is considered taxable income in the eyes of the IRS.  While not always applicable, this is definitely one of the options home owners should consider discussing or further inquiring about with their lenders and other advisors.

Another home owning-related tax break is what’s known as the Mortgage Interest Deduction.  This measure allows the inclusion of additional residences (such as a vacation house or possibly even a boat) as well as the primary home when homeowners are deducting the cost of interest on said properties.  One of the most common deductions of this kind involves Home Equity Loan interest.  When a second mortgage is taken out on a home, the associated funds frequently go towards offsetting other large purchases, such as college tuition or personal vehicles.  Homeowners can also generally count on private mortgage insurance premiums (PMI) to fall under this category of tax deduction.  If you’re unfamiliar with the term, PMI is often utilized by lenders when a prospective homebuyer is unable to supply a specific cash amount in order to meet the loan; it protects the lenders from buyer default.

Naturally, these home-owning tax deductions are capped at a certain amount by the IRS.  For example, $50,000 or $100,000 loans claimed by single or joint tax filers only meet home equity interest deductions.  If you’ve agreed to a PMI, then its interest deductions only apply to good-standing tax payers who earn no more than $100,000 per year in adjusted gross income.  While these are not your only options, we at Royal Oaks highly encourage new homebuyers to optimize on potential tax deductions by keeping an itemized record; this may come in handy when you do want to submit a return or claim to the IRS.  Oftentimes homeowners do not take advantage of these tax breaks because of poor planning or otherwise are unable to provide these details.

The benefits of owning a home far exceed those of renting, especially when considering taxes.  There’s no doubt about it!

New Homes at The Colony at Lexington

Categories: Royal Oaks Communities | Posted: January 10, 2013

If you’re planning to make a move into the Fayetteville area of North Carolina, look no further than this lovely community at The Colony At Lexington Plantation!  Located in Cameron, you’ll find nothing less than the finest features and amenities available to you and your family in every single one of our homes.  Residents of this community have constant access to the local pool and lake in addition to opportunities to nab waterfront lots upon which to build your brand new dream home.  Families love wandering up and down the neighborhood trails and admiring the lush wooded areas that the greenbelt provides.

Homes in this area start in the $150,000s, and offer ceramic tiled floors and kitchen backsplash, 3 car garages, stainless steel appliances, granite counter tops, and much more.  With our Design Center, you have the capability of customizing individual features to your family’s preferences and personal lifestyle.  Have any questions or ideas regarding your flooring, faucets, or lighting?  Schedule an appointment with us and we’ll see what we can do.  We have 15 differently styled floor plans to choose from, and we invite you to check them out, and add the ones you like best to your Favorites Folder!

We have 4 different homes currently available or soon to be finished.  One of these is 108 Samuel Nichols, a beautiful 4 bedroom, 4.5 bathroom home just waiting for you.  With “tons of space,” a 2 car garage and 9 foot ceilings, you’ll have plenty of room to make yourself comfortable.  Your family will thoroughly love the finished 3rd floor for a game room or den.  Can you picture waking up every morning with the sun shining through your bay windows while seated at your breakfast bar?  Not a bad way to start your day!

Cameron is ideally located with a quick and simple commute to any of the larger cities in the area, such as Fort Bragg, Fayetteville, and the Triangle for any shopping, entertainment, or dining desires.  If you’re coming to visit The Colony at Lexington from Fayetteville on 14 Expedition Way, be sure to follow Highway 87 North through Fort Bragg to Spring Lake.  On Centennial Parkway, make a right-hand turn into the Lexington Plantation community.

On the other hand, if you’ll be traveling from the Triangle, you’d better follow along 401 South to Highway 210.  From there, you’ll turn right onto Highway 210 South and make a right again on Overhills Road.  Overhills Road will take you to Nursery Road, giving you access to turn right onto Highway 87 North.  Centennial Parkway will be on your right-hand side, and you’ll see Lexington Plantation just beyond that.

We invite you to stop by.  Give us a call at (910) 210-0091 anytime to set up an appointment for us to show you around!  We’re sure you’ll love it just as much as we do.

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