The children were so precious.
A future rider.
Gary enjoying the gathering.
I think he's hooked!
Monday, October 17, 2011
Pediatric Brain Tumor Foundation
Our Gold Wing group got togther for a worthy cause - the Pediatric Brain Tumor Foundation. We were able to donate $300.00 on behalf of Chapter P and thank all of those who contributed. Thought we'd send a few pictures of some of the kids that benefited from this foundation. It was a beautiful day and we were truly blessed by being there.
The children were so precious.
A future rider.
Gary enjoying the gathering.
I think he's hooked!
The children were so precious.
A future rider.
Gary enjoying the gathering.
I think he's hooked!
Monday, October 3, 2011
Goldwing Trip to Branson
Hi, all. We just got back from a trip to Branson, MO on the Goldwing. We left Thursday and stayed the first night in Hot Springs, AR, then on to Branson on Friday. It was nice to get in cooler weather. It was between 60 and 70 degrees there. We only got rained on a little on the way there. We saw two shows, Lee Greenwood and Louise Mandrel the first night and Noah, the musical, the second night. We had a great time then we headed back Sunday morning. We went back through Fort Smith where we visited our daughter and grandkids. We rode through some beautiful mountains both ways. It was a long ride back, we left Branson at around 9 a.m. and got back to Granbury at around 9 p.m. That's a long time to be on a bike, even with stops along the way!
Our daughter, Krista, and grandchildren
Gary living on the edge!
Our daughter, Krista, and grandchildren
Gary living on the edge!
Monday, September 26, 2011
Labor Day and a Birthday Party!
We had a great time Labor Day weekend with family. The youngest grandchild, Jonathan, turned 3. As you can see from the pictures, we had a great time!
Nana and the Birthday Boy!
One huge present.
Cowboy Johnny!
My son John and two of our grandsons.
Relaxing in the hot tub.
Nana and the Birthday Boy!
One huge present.
Cowboy Johnny!
My son John and two of our grandsons.
Relaxing in the hot tub.
Sunday, August 28, 2011
Importance of Selecting a Trusted Lender
One of the most important parts of a real estate transaction is selecting the right lender. We recently helped a sweet young couple find a home only to have the entire deal fall through.
They already had a lender when we met and said they were planning to get a US Department of Agriculture (USDA) rural loan. This is a great loan program for rural areas that assists households with an income of less than $83,000. You don't have to put any money down and you can finance the closing costs if the house appraises for the full sales price plus the closing costs.
We put an offer on the home and it was accepted, then it was in the lender's hands to get the loan approved. This is all great, but the loan has to go to USDA for approval after it has been approved by the lender so it takes longer than most loans, at least 45 days. Therefore, it is important for the lender to move quickly in order to get it to USDA and still close on time. Our clients provided all the documentation and we checked with the lender periodically who said everything was going well. However, the lender took 42 days and then sent it to USDA and told us to "just get an extension." The only thing is, the seller received a back-up offer and decided not to extend - our clients were out!
We tell you this so that you will know how important it is to get a proven lender. We have worked with several lenders that have helped prior clients successfully buy homes with USDA rural loans. We will be glad to give you their contact infomation and work with you to buy the home you want.
They already had a lender when we met and said they were planning to get a US Department of Agriculture (USDA) rural loan. This is a great loan program for rural areas that assists households with an income of less than $83,000. You don't have to put any money down and you can finance the closing costs if the house appraises for the full sales price plus the closing costs.
We put an offer on the home and it was accepted, then it was in the lender's hands to get the loan approved. This is all great, but the loan has to go to USDA for approval after it has been approved by the lender so it takes longer than most loans, at least 45 days. Therefore, it is important for the lender to move quickly in order to get it to USDA and still close on time. Our clients provided all the documentation and we checked with the lender periodically who said everything was going well. However, the lender took 42 days and then sent it to USDA and told us to "just get an extension." The only thing is, the seller received a back-up offer and decided not to extend - our clients were out!
We tell you this so that you will know how important it is to get a proven lender. We have worked with several lenders that have helped prior clients successfully buy homes with USDA rural loans. We will be glad to give you their contact infomation and work with you to buy the home you want.
IRS's Top 10 Tax Tips for Home Sellers
Last week the IRS released "Ten Tax Tips for Individuals Selling Their Home," (IRS Summertime Tax Tip 2011-15). We wanted to post this list of IRS tips as it's a good starting place for sellers to begin to understand this often complex area of tax law.
Here are the IRS's top 10 tax tips for home sellers:
1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
6. You cannot deduct a loss from the sale of your main home.
7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
8. If you have more than one home, you can exclude a gain only from the sale of your main home. 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 ordinarily the one you live in most of the time.
9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax return.
10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
Here are the IRS's top 10 tax tips for home sellers:
1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
6. You cannot deduct a loss from the sale of your main home.
7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
8. If you have more than one home, you can exclude a gain only from the sale of your main home. 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 ordinarily the one you live in most of the time.
9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax return.
10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
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