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real estate in WNY

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New listing: 12420 Barone Dr, Silver Creek | $199,900

barone This great cape has it all!  Scenic, comfortable cape without rear neighbors and close to all amenities.  Walk among the fruit trees in the backyard or enjoy quiet nights on the back deck or enclosed porch. Ceiling fans in each room, incredible use of space throughout home and 8' ceilings in finished basement. Get into Silver Creek without the Village taxes. All appliances stay.

To view the full listing on 12420 Barone, click here.

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Don't lose your STAR tax savings!

STARDo you already save hundreds of dollars in savings on your yearly taxes thanks for the STAR discount? You probably haven't thought about it in years. Problem is, so many people were taking advantage of the program by claiming it on secondary residences or investment properties that the State is making us all re-apply. Rockland County District Attorney Thomas Zugibe recently reported that his detectives found $679,000 of fraud or incorrect filing in just five towns. You will now have until December 31, 2013 to re-apply. Fortunately, you can do so online via the NYS Taxation and Finance Department.

New York homeowners who make less than $500,000 and live in their property are usually eligible. STAR exempts the first $30,000 of the full value of a home from school taxes. New Yorkers 65 and older may also qualify for the enhanced STAR program.

Find out more about these savings here and learn how to re-apply here.

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Will Obamacare impose a 3.8% tax on the sale of my home next year?

With the election approaching, many of you are asking again about a 3.8% tax on the sale of your home as part of Obamacare. Truth is, most of the info you hear is exaggerated and alarmist. Here is the original post from October 2010:  

One of our clients was recently alarmed to hear on a radio talk show that he would owe an additional 3.8% sales tax on profits from selling his home in connection with the new Affordable Care Act (Obamacare) health-care law.

We can put your mind at ease that most sellers will not have to pay this tax. In truth, only a small percentage of home sellers will.

Sellers with incomes over $200,000/year ($250,000 for a married couple filing joint returns), will be affected by the tax. Even then, the tax won’t apply to the first $250,000 on profits received in the sale of a personal residence. In the case of married couples, you are not taxed on the first $500,000 of profit.

Besides understanding the above limits for hitting the tax bracket, further confusion has arisen around the amount to be taxed. It is ONLY the profit over the $250k or $500k limit made on the home that is taxed -- not the entire sale price. Therefore, if a single person makes $210,000 a year and sells his $300,000 home for a $50,000 profit, the tax is only applied to the $50,000 profit. This would result in a tax of $1,900 -- not the $11,400 if it was applied to the sale price.

It is safe to say, the new 3.8% Medicare surtax won’t affect very many Western New York sellers.

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