City of Tacoma ~
Side Sewer Inspection Requirement Postponed Until October 1, 2010
The City of Tacoma passed an emergency ordinance last night that postpones the effective date of the new side sewer inspection requirement from July 1, 2010 to October 1, 2010. Beginning on October 1, 2010, Tacoma property owners are required to have a certified inspection of their private side sewers prior to the sale or transfer of a home or business, major remodel, or any construction over an existing side sewer. More information about the requirement is available on City of Tacoma’s website.
I’ll be interested to know how they expect things like this to be paid for in short sale and bank owned properties.
Over the past 10 years when the go-go markets of real estate were flying high and lots of people were jumping into the real property investment pool, not too many people worried about the consequences of losses. It was an easy game where everyone was making what they thought was easy money - who cared if the property didn’t cash-flow for a few years, you’d just hold onto it for 2-3 years and then flip it for a much higher appreciated value. Or, if you’d owned the property longer than since 2000 you could pull out equity and utilize it for more investment purchases, buying expensive personal toys like boats, flat-screen TV’s, and more. Well, in mid-2007 those days came to an end.
What we’ve been seeing since then are a lot of investment properties (1-4 units, small multi-family, small and large commercial) coming on market that are in distressed condition, meaning, the owners are in default or they’ve lost so much money over time paying out to subsidize the monthly losses of negative cash-flow that the individual(s) is in their own financial distress having burned through their other assets to maintain this one. In many cases the properties are coming back on market at prices below what the seller purchased them for so usually there is a short sale involved. In these cases, if there is forgiven debt then there are typically tax consequences involved. Some folks who are familiar with what are called tax deferred exchanges may wonder if perhaps using one of these programs might help avert the tax consequence of an investment short sale.
Read this link from OREXCO 1031 Exchange to get the info on whether or not foreclosures, deed-in-lieu, and/or short sales qualify.
Recently we had a situation where a couple client of ours was going through a divorce. We’d been asked at one point to provide a Comparative Market Analysis (CMA) on a rental property (former personal residence) so that it’s value could be considered in part of the splitting of assets. Our analysis looking at current and recent sale data showed the home to be valued in the mid-$200’s. Some time went by and as the timeline for the end of the divorce proceeding loomed, we were asked to update our analysis to confirm the prior value and/or to see if the value had changed at all.
During that time we were still in the declining market for our area so the value stayed in the mid-$200’s. I was surprised to hear that one of the homeowners had been told by one of the attorneys that if a market analysis couldn’t be completed that they’d have to use the Zillow valuation for the home. Yikes! I took a look at it and the “Zestimate” was at $313,000 with a range of $278k - 332k. Not a realistic value for this property at all. Perhaps if the one owner was actually getting something out of the divorce this might be a good thing to hear, but the reality of the divorce was that it was a splitting of debt mostly. Having the value be higher meant she’d be shouldering more debt than would have been appropriate for her.
If you’re going through a divorce and splitting of assets includes real estate, be sure to look at all your options for valuation - including paying an appraiser or a real estate broker to put a market analysis together for you. We do these regularly for estates where the stepped up cost basis needs to be determined and it can be done for divorce cases as well.
Lots of good information comes to us agents via the NWMLS that we belong to and today’s update in their system has alerted us to a new requirement in the City of Tacoma that all of you who own property in Tacoma will want to know about. Read the notice below:
City of Tacoma – Side Sewer Inspection Requirement
Effective July 1, 2010, Tacoma property owners are required to have a certified inspection of their private side sewers prior to the sale or transfer of a home or business, major remodel, or any construction over an existing side sewer. More information about the requirement is available on City of Tacoma’s website. NWMLS has created Form 22 TSA (Tacoma Sewer Addendum) that should be used for the sale of property with a side sewer in the City of Tacoma.
Question: A taxpayer has operating losses and is “under water” on a commercial property that will be going back to the lender resulting in debt relief and, consequently, capital gain. Can the taxpayer offset the gain with the operating losses to mitigate the tax liability?
Answer: No, ordinary losses do not offset capital gain. Capital gains and losses are first netted and the net result added to income in calculating federal income tax. The tax rate applied to the net capital gain is dependent on the amount of ordinary taxable income. For individuals, net capital losses offset ordinary income up to $3,000 per year and excess capital losses are carried forward. Ordinary losses, (usually net operating losses) do not offset net capital gain but may effect the tax rate applied to the net capital gain.
http://www.apiexchange-enewz.com/www/enewz/newsletter.php?id=135&dm=1
Beginning in 2013, the national health care reform legislation that became law in March, 2010, imposes a new 3.8 percent tax on certain investment income. The new tax will apply to single filers with incomes over $200,000 and married taxpayers with incomes over $250,000. Under the law, the investment tax provisions in Chapter 2A of the Internal Revenue Code are placed under the heading “Unearned Income Medicare Contribution.” In general, this new Medicare tax will apply to investment income that is subject to income tax, which includes capital gains. Pursuant to IRC Section 1402 (C)(1)(A)(iii), the investment income to which this new tax applies includes “net gain” (to the extent taken into account in computing taxable income) attributed to the disposition of property that qualifies as a capital asset under Section 1221 (capital gains), as well as gains on other property that are considered part of ordinary income. Also of relevance for rental property owners, this new tax applies to a real estate investor’s rental income if they have income above the $200,000/$250,000 income thresholds.
The net effect of both capital gain tax increases is a new 23.8 percent tax rate for higher earners—the highest rate for long-term capital gains since 1997. The Joint Committee on Taxation estimates the new Medicare tax on investments will cost taxpayers over $30 billion annually. Additionally, the modified adjusted gross income threshold at which this Medicare tax will apply will not be indexed for inflation, which means an increasing number of taxpayers will be snared by this tax provision.
Overall, the economic impact of these tax increases will be felt by the very investors who help promote long-term economic growth. In 2007, taxpayers with incomes greater than $200,000 reported 47 percent of all interest income, 60 percent of all dividends and an amazing 84 percent of all capital gains.
The Coming Tax Increaes - Comparison
| |
Current |
January 2013 |
| Conventional Short-Term |
35.0% |
43.4% |
| Conventional Long-Term |
15.0% |
23.8% |
| AMT Short-Term |
28.0% |
31.8% |
| AMT Long-Term |
15.0% |
23.8% |
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You may have noticed that you received a piece of mail this month from the U.S. Department of Commerce. It has a big, can’t ignore it, sign on the front of the envelope that says “Your response is required by law”. If you’re concerned about privacy issues you can check out their website for more information. www.census.gov/2010census
For the housing industry it helps the government track how many people live in rental housing or owner-occupied housing. These statistics have been followed closely for several decades now because the housing industry impacts so much of our national economy - which has become even more evident as the USA sorts itself out through this recent financial crisis. Property taxes and excise taxes (paid when homes are sold/change hands) having gone down drastically over the past couple of years which has definitely impacted local economies from cities, to counties, and states who rely on those funds to fill the majority of their general funds, paying for all manner of services.
So, do your civic duty and fill out your census!
