Real Estate Information Archive

Blog

Displaying blog entries 1-2 of 2

Holly Huseman Joins DeHanas Real Estate

Friday, December 9, 2016
by Don DeHanas, Broker

DeHanas Real Estate Announces the affiliation of Holly Huseman!

Holly has been a Charles County Native for 32+ years! Seventeen of those years have been in Real Estate exclusively Property Management and as a Realtor with Southern Maryland Association of Realtors (SMAR). Before arriving with the DeHanas Team, she helped expand and grow another Real Estate Company. Now she looks forward to this new adventure approaching! Aside from work, Holly is a mother of two, a fifteen year old daughter and an eleven year old son. "I look forward to helping my County, your families and working with my new family at DeHanas Real Estate!" says Holly.

DeHanas Real Estate is locally owned and operated specializing in all aspects of residential home sales and Property Management. Their office is conveniently located in St Charles Town Plaza in Waldorf. 

Add Comment

Time May Be Running Out

Monday, December 5, 2016
by Don DeHanas, Broker

During the Great Recession, some homeowners elected to rent their home rather than sell it for less than it was worth. IRS tax code allows for a temporary rental of a principal residence without losing the exclusion of capital gain based on some specific time limits. During the five year period ending on the date of the sale, the taxpayer must have:

• Owned the home for at least two years

• Lived in the home as their main home for at least two years

• Ownership and use do not have to be continuous nor occur at the same time If a home has been rented for more than three years, the owner will not have lived in it for two of the last five years.

So the challenge for homeowners with gain in a rented principal residence that they don’t want to have to recognize is to sell and close the transaction prior to the crucial date. Assume a person was selling a property which had been rented for 2 ½ years but had previously been their home for over two years. To qualify for the exclusion of capital gain, the home needs to be ready to sell, priced correctly, sold and closed within six months. All of the gain may not qualify for the exclusion if depreciation has been taken for the period that it was rented. Depreciation is recaptured at a 25% tax rate. A $200,000 gain in a home could have a $30,000 tax liability. Minimizing or eliminating unnecessary taxes is a legitimate concern and timing is important. Selling a home for the most money is one thing; maximizing your proceeds is another. For more information, see IRS publication 523 and an example on the IRS website and consult a tax professional.

Add Comment

Displaying blog entries 1-2 of 2

Syndication

Categories

Archives

Contact Information

Photo of The DeHanas Team Real Estate
The DeHanas Team
DeHanas Real Estate Services
601 Post Office Road, Suite 2D
Waldorf MD 20602
Office: 301-870-1717
1-800-842-0190
Fax: 240-754-7867
Send an Email

Servicing all Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro areas of Maryland, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County real estate advertised in this website are subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, handicap and familial status, or national origin, or any intention to make any such preference, limitation or discrimination. DeHanas Real Estate Services will not knowingly accept any listing agreement for real estate sales in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas which are in violation of the law. Our clients and customers are informed that all dwellings advertised on our website in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas are available on an equal opportunity basis. All prices and finance claims appearing in this site are subject to change without notice.