Year End!!!

December marks the end of the yearly calendar, December is the last month to add to our Gross Annual Income, the month we must calculate our capital gains and losses for the year. December is also the fourth quarter in a fiscal year.

In December we celebrate Christmas and the joyful birth of Jesus Christ. We commemorate this occasion by putting lights around our homes, a Menorah in the window, we sing Christmas Carols, exchange greetings and well wishes to all and most importantly we exchange cards and well wrapped gifts to family, loved ones and friends.

The purchase and exchange of Christmas gifts makes the Christmas season the most expensive time of year for individuals and households, putting a smile of the face of business owners and retail stores.

Like Disney World, Christmas has its own magic.

The magic of Christmas is an International celebration, celebrated in each country around the world on December 25th of each year.

The month of December has its own financial and economical glory.

All businesses nationally and internationally, operates on a 12 month business cycle, which starts January 1st and ends on December 31 of each year.

Christmas Purchases

Christmas Gift

During the Christmas season discounts, sales ads, coupons and half off prices are so compelling irresistible and affordable. It makes our original reason for not purchasing a product, which is normally the high price invalid and obsolete.

The purchase of Clothing, Electronics, Jewelry, Appliances and Vehicles, are all wonderful gift we give to our love ones. Some gifts will tip the scale, being classified as extravagant with an unusually high price tag. After reading this blog, if finances permit we urge you to consider the purchase of an investment property as a true inheritance for a loved one.

According to Kantar Retail forecast, “US retail eCommerce holiday season sales will grow rapidly this year. Online sales will trend upward by nearly 16% while overall retail climbs by less than 4%”. Kantar Retail Report

In the US and around the world, it would be wonderful if the additional Millions spent on Retail goods during the Christmas season; could legitimately be used as a tax shelter or as a tax credit to further stimulate the economy uh…..

A Successful Year

During the course of the year and especially during the last quarter of the year, employees or individuals doing financially well in business or assets, where their gross annual income, or earnings per capital; increased above $38,000 dollars and up, over their last year’s earnings. Will certainly receive a call from their Accountant, reminding and recommending them to increase their deductibles before December 31.

If by chance you have overlooked your earnings, your yearly gross income, your personal gains and your assets has increased by $38,000 in December. You have approximately 15 days left to increase your portfolio and extend your deductibles for the 2016 tax year.

Capital Gain

Wikipedia describes capital gain as “a profit that results from a sale of a capital asset, such as stock, bond or real estate, where the sale price exceeds the purchase price. The gain is the difference between a higher selling price and a lower purchase price”.

Options

We have already established the fact that personal spending is not considered a legal deduction, other legal deductible, options and considerations are:

1. A minimum IRA of $2,500 and up 2. If you have a 2 family home, or rental property; this is a good time to do repairs.

a. The installation of a new boiler b. A water heater c. A roof d. Windows or e. Substantial housing repairs, would increase your deductible.

3. The crown jewel of deductibles, with 15 days left is the purchase of a piece of Real Estate.

The Million Dollar Question?

Can I purchase and close on a piece of Real Estate within 2 weeks?

The answer is YES!!.

In what State?

In all states.

The requirements, terms, description and terminology varies with each state. However, Clear Title of the Deed or Warranty Deed is an instrument of legal requirement to close on a property in each state.

During the Property Examination or Title Search by the Title Company, occasionally unfavorable issues such as outstanding bills, HOA Home Owners Association liens may arise, halting the commitment. Rest assured that the Title Company will work diligently to resolve the matter quickly.

Clean, Clear Title, a Warranty Deed free from all liens, is legally recognize in an All Cash transaction, allowing the individual to proceed immediately with the closing on a property before December 31.

Requirements

1. It must be an all CASH transaction. 2. The title must be without liens or encumbrances.

If one has to acquire a mortgage, understandably the paper work would requires more satisfaction and time.

Affordable Listings

Maletta Realty from Port St. Lucie, Florida, was kind to provide us with actual listing for our blog.

Single Family Home: 3 Bedrooms / 2 Bath starts at $160 To $220,000 In Move in Condition Single Family: 2 Bedrooms / 2 Bath Range from $120,000 to $175,000 in Move in Condition Condos + Co-Ops: 2 & 3 Bedroom /2 Bath Range from $160,000 to $300,000 Ocean Views Town House: 2 & 3 Bedroom / 2 Bath Range from $119,000 to $210,000

Obviously price range varies considerably depending on location, square footage and area of the property.

Property Possession

To achieve the desire of closing on a property by December 31, 2016, requires a precise plan of action; with the determination to find a rental property, to fulfill the desire of having a legitimate tax deduction for 2016.

The representing Broker and the Title Company must be aware of your specific desire.

Ask if the Office has had experience in Year End Purchases before, their guidance and expertise of properties is beneficial in choosing the property most suitable to all your needs.

Get the name of the Title Company, inquire about their services and reputation, and ask to be introduced to a Title Officer.

Knowing that the holiday season is filled with extra fun activities, besides endorsing the necessary paperwork for the transaction. Inquire about previous engagements the Agent may have had, which would be an added distraction, causing conflict in their full committed to your desired closing by December 31, 2016

Being trust worthy with the ability to communicate effectively, upholding to their obligations during the holiday season, is of utmost importance with a delicate purchase; for a successful transaction.

If in the midst of all your good efforts, “You are unable to close before December 31, the firm “Accounting Today” listed Deferring Income as their 4th tax tip of 2017. This benefit will enable you to ”still fulfill your desired goal of purchasing a property by December 31, 2016″.

“Deferring income: If the president-elect does manage to lower and simplify the individual tax brackets per his plan, that means rates next year will be lower, so it might be worth it for individuals to consider deferring some income into 2017. That may mean getting a bonus in January, instead of December, or waiting to redeem a savings bond, or putting off debt forgiveness income.”

This information gives assurance and peace of mind. End

P.S.The blog December Year End Tax Tips, was written revealing how significance the month of December is to us in the USA and around the world. Globally and culturally we singing Christmas Carols, exchange gifts and light up our homes. As humans our biological clock functions on a yearly calendar. Business and Economics function on a yearly calendar which ends December 31. In the USA the cycle of our Personal Annual Income Tax, earnings or losses is tallied yearly in December.

Real Estate Online Advertising Services, wish all readers a Merry Christmas. We advise all users to contact a Title Company and a Realtor in the State of your desired purchasing property for legal accuracy.

Best Regards,

Donna Richards

Re-ads-exposure was most fortunate to have the assistance of 7 listed Realtors and Title Companies to verify the facts in this blog. We are confident that after reading this blog, users seeking property in the various locations would be in capable hands with these professionals in the respected field.

Just mention you were referred to them by Donna from re-ads-exposure. Realtor