Appeals court upholds ‘Save Our Homes’
Appeals court upholds ‘Save Our Homes’
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LOWER YOUR PROPERTY TAXES
LOWER YOUR PROPERTY TAXES
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Last minute tax-filing checklist
Last minute tax-filing checklist
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TAXES
According to the Internal Revenue Service (IRS), listing brokers who pay a cooperative commission over $600 to an individual who isn’t an employee must complete Form 1099-MISC.
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Realtors oppose tax proposal in Obama budget
WASHINGTON – Feb. 27, 2009 – The National Association of Realtors® (NAR), which generally supports the Obama administration’s housing and stimulus plans, announced opposition to one budget proposal that would water down the mortgage interest tax deduction (MID) for thousands of higher-income families.
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Law offers tax relief for small businesses
WASHINGTON – Feb. 26, 2009 – The economic stimulus bill contains several tax provisions that will help small businesses struggling in a tough economy. Here are some of the provisions that might prove especially significant to a real estate-related business.
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Moderate-income taxpayers should consider earned-income tax credit
WASHINGTON – Feb. 3, 2009 – Many moderate-income Floridians will qualify for the IRS’ Earned Income Tax Credit (EITC) for the first time in 2008, including some Realtors who worked through a slow year.
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12 items to consider when filing your 2008 return
NEW YORK – Jan. 29, 2009 – Income taxes this year will be pretty much the same as last year, but with a few exceptions. “If you just ease into the same routine when doing your 2008 taxes, you may miss out on big tax savings that could result from a number of key changes that first apply for the 2008 tax year,” says William E. Massey with Thomson Reuters, who compiled the following 12 tax-saving opportunities:
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Cabinet approves emergency fix for corporate income tax glitch
TALLAHASSEE, Fla. –- Dec. 10, 2008 – The Florida Cabinet yesterday approved an emergency rule to fix a glitch in a 2008 law that prevented businesses from taking the same depreciation and expensing deductions they had in previous years. The rule is in effect for 90 days.
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DOR ISSUES SHORT SALES DOC STAMP RULING
The Florida Department of Revenue (DOR) issued a ruling late yesterday stating that doc stamp taxes owed on a short sale should be based on the sale price paid by the purchaser and not on the sale price PLUS any amount forgiven by the home seller’s lender. DOR’s ruling is effective immediately.
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First-time homebuyer tax credit repaid slowly if at all
WASHINGTON – Sept. 25, 2008 – If a first-time homebuyer purchases a home before the end of 2008, he or she gets a $7,500 tax credit in 2009 when they file their federal income taxes, but it must be paid back over time.
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Florida Supreme Court: Amendment 5 off November ballot
TALLAHASSEE, Fla. – Sept. 3, 2008 – Amendment 5 – the Florida Association of Realtors (FAR)-backed constitutional amendment that would lower property taxes statewide by 25 percent to 40 percent, depending on where you live – could be stricken from the ballot if the Supreme Court decides that the ballot language is not clear or there is a technical problem.
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APPEALING APPEAL
The state has filed an appeal of a lower court decision to remove Amendment 5 – the comprehensive property tax amendment that would reduce tax liabilities by 25 percent up to 40 percent depending on where you live – from the November ballot.
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Amendment 5 still on November ballot
TALLAHASSEE, Fla. – Aug. 20, 2008 – Amendment 5, Florida’s proposed constitutional amendment that would lower property taxes by 25 percent up to 40 percent depending on where you live, will remain on the November ballot pending a decision by the Florida Supreme Court, which is expected in early September.
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Circuit judge bumps Amendment 5 from Florida ballot – appeal certain
TALLAHASSEE, Fla. – Aug. 14, 2008 – Judge John C. Cooper of the 2nd Judicial Circuit Court ruled this afternoon that Amendment 5’s property tax reform initiative be struck from the November ballot, calling the ballot summary misleading to voters. The Florida Association of Realtors (FAR) expressed disappointment, but the association looks forward to a favorable ruling in the District Court of Appeals and the Florida Supreme Court.
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Amendment 5 to have its day in court
TALLAHASSEE, Fla. – July 17, 2008 – If Florida voters pass Amendment 5 in November, property taxes will drop by 25-40 percent, but the amendment must first face a court challenge. A Tallahassee judge will hear arguments on Aug. 13, and the Florida Association of Realtors (FAR), which supports the amendment, anticipates a favorable ruling.
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Crist announces support for Amendment 5 property tax reform
TALLAHASSEE, Fla. – Aug. 5, 2008 – The property tax reform amendment advocated by FAR has a new backer – Florida Gov. Charlie Crist. Concerned about the Florida economy, Crist offered his first full endorsement yesterday, and says he will stump for passage.
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Judge hears Fla. planning amendment case 080708
WEST PALM BEACH, Fla. (AP) – Aug. 7, 2008 – Supporters of a proposed Florida constitutional amendment requiring voters to approve changes in local growth management plans told a federal judge Wednesday that a host of discrepancies and problems improperly blocked the measure from the November ballot.
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New law gives first-time buyers $7,500 tax credit
WASHINGTON – Aug. 1, 2008 – Tell first-time homebuyers it’s time to commit: A provision of the recently-passed federal housing recovery bill gives first-time buyers an interest-free loan of up to $7,500 in the form of an income tax credit.
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FAR launches ‘Give Me 5 for Florida’s Future’ to support Amendment 5
TALLAHASSEE, Fla. – July 22, 2008 – With the bipartisan support of State Reps. Frank Attkisson (R-Kissimmee) and Darryl Rouson (D-St. Petersburg), the Florida Association of Realtors® (FAR) today launched its “Give Me Five for Florida’s Future” grassroots campaign supporting passage of Amendment 5 in the general election on Nov. 4, 2008.
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PHONE THIS IN
A recent ruling by the U.S. Tax Court has made it unclear whether business cell phone use is tax deductible.
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Are you a real estate professional? Maybe not, says IRS
WASHINGTON – July 18, 2008 – The Internal Revenue Service (IRS) is taking a closer look at income tax statements submitted by individuals claiming to be real estate professionals, given that the agency has released new guidelines regarding this tax status.
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NAR: Homebuyer tax credit will aid housing recovery
WASHINGTON – June 9, 2008 – The National Association of Realtors® testified Thursday that a temporary tax credit would be the best incentive to move hesitant homebuyers into the market. NAR based its support on the success of a 1975 temporary tax credit designed to “clear an over-supply of newly constructed homes during an economic downturn.”
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Florida’s local governments face new requirements if they want to raise taxes
TALLAHASSEE, Fla. – June 9, 2008 – Contrary to popular opinion, city and county governments cannot easily raise tax rates to make up for any income deficit created by January’s passage of Amendment 1. A local tax increase now requires approval by a super-majority of officials, and it must be called a “tax increase” if considered.
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Tax certificate sale fails to attract buyers
ORLANDO, Fla. – June 4, 2008 – For the first time ever, Central Florida governments couldn’t sell tax certificates at auction.
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IRS: 1031 EXCHANGES ON VACATION HOMES
The Internal Revenue Service recently issued Revenue Procedure 2008-16, which spells out how vacation properties can qualify for 1031 exchanges. The guidance aims to clear up the debate over vacation homes, and whether they’re an investment or personal use properties.
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Panel sends competing property tax cut plan to full commission
TALLAHASSEE, Fla. (AP) – March 7, 2008 – A second major property tax-cutting proposal advanced Thursday in a commission that proposes state constitutional amendments, but only one is likely to go on the November ballot.
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Friday, Feb. 29: Deadline to apply for homestead exemption and tax portability
TALLAHASSEE, Fla. – Feb. 26, 2008 – Only three days remain: Friday is the deadline for homeowners to apply for a homestead exemption, and, for 2007 homebuyers, the last day to apply for property tax portability – the right to take tax savings from a home protected by Florida’s Save Our Homes amendment and transfer it to a home purchased last year.
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The U.S. Congress moves to boost housing
WASHINGTON – Feb. 20, 2008 – Congress is eyeing more incentives as ways to address problems in the housing market – a growing issue in this contentious election year.
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Panel stalls sales tax on services
TALLAHASSEE, Fla. (AP) – Feb. 13, 2008 – A threat to tax services in Florida, which could have included Realtors’ commissions, faltered yesterday and could be dead after almost unanimous opposition from businesses, including a call-to-action issued by the Florida Association of Realtors ® (FAR) and an economist’s testimony that it would cost 53,000 Florida jobs. A final decision will be made later this month.
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Voters say ‘Yes on 1’
TALLAHASSEE, Fla. – Jan. 30, 2008 –Realtors around the state expect buyers and sellers’ pent up demand to generate an immediate increase in home sales following passage yesterday of Amendment 1, which allows buyers to take their Save Our Homes tax savings with them when they move.
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Governor to Realtors: You’re about to make history
ORLANDO, Fla. – Jan. 25, 2008 – With green and orange “Vote Yes On 1” signs raised high, Florida Realtors greeted Gov. Charlie Crist this morning with a standing ovation, thanking Crist for his efforts to cut property taxes. The governor addressed Realtors attending the Florida Association of Realtors®’ (FAR) Mid-Winter Business Meetings in Orlando.
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Tax and budget reform panel approves McKay sales tax proposal
TALLAHASSEE, Fla. – Jan. 18, 2008 – A committee of the Florida Taxation and Budget Reform Commission on Thursday gave first approval to a plan (CP 0002) that would mandate taxation of goods and services to buy down school property taxes, despite strong opposition from business groups concerned the measure would jeopardize Florida’s ability to compete for new business and industry.
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Crist continues to advocate passage of Amendment 1
TALLAHASSEE, Fla. – Jan. 14, 2008 – Governor Charlie Crist will spend a lot of time this week advocating passage of Amendment 1, the property tax reform proposal voters will consider on Jan. 29. The governor continues to visit families who will benefit from passage, and plans a promotional bus tour around the state on Wednesday.
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PROPERTY TAX AMENDMENT
“Yes on 1—Save our Homes NOW,” the FAR-supported campaign that advocates passage of the property tax amendment going before voters in January, recently unveiled a new Web commercial highlighting Orlando residents Keith and Elizabeth Markowitz.
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Florida Realtors continue efforts to support ‘Yes on 1’
TALLAHASSEE, Fla. – Dec. 20, 2007 – With the possibility of a tax break for businesses, some of Florida’s top real estate brokers and members of the Florida Association of Realtors (FAR) joined Gov. Charlie Crist in Tallahassee yesterday afternoon as a show of support for the property tax relief constitutional amendment voters will consider during the state’s primary election on January 29.
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Tax tips for real estate developers and investors
CHICAGO – Dec. 6, 2007 – As 2007 comes to an end and planning for 2008 begins, real estate developers and investors should consider some tax tips that could save money for companies in the long run:
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The latest version of property tax reform: How it works
TALLAHASSEE, Fla. – Nov. 1, 2007 – The Florida Legislature, caught in a game of “chicken,” approved a measure that will appear before voters on the Jan. 29, 2008, ballot. With time working against them, lawmakers agreed on a measure that scaled back earlier initiatives, and even current reforms pushed by the House.
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Florida Legislature passes property tax reform in time for January ballot
TALLAHASSEE, Fla. – Oct. 30, 2007 – It’s voters’ turn: The Florida Legislature passed property tax reform and a proposed amendment will appear on the January ballot. The amendment offers moderate relief for homeowners and slight relief for commercial property, but it does not go as far as an earlier House proposal. To become law, the proposal must still receive 60 percent of the votes in the Jan. 29, 2008, election.
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Florida House passes property tax reform legislation
TALLAHASSEE, Fla. – Oct. 23, 2007 – The Florida House passed a bipartisan property tax reform package yesterday by a 108-2 vote that addresses many issues important to Florida Realtors. House leaders consider the almost-unanimous vote an indication of that legislative body’s dedication to the plan. It now goes to the Senate for consideration.
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FAR issues Call-to-Action for property tax reform
TALLAHASSEE, Fla. – Oct. 17, 2007 – A Florida House committee approved significant property tax relief yesterday afternoon that creates a 3 percent assessment cap on non-homestead and commercial properties that the state currently offers only to homestead properties.
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U.S. House panel OKs debt forgiveness in foreclosures
WASHINGTON – Sept. 27, 2007 – Foreclosed homeowners won’t have to pay income tax on debt forgiven by a lender under a bill that passed a U.S. House panel yesterday. Should the bill become law, the bill would also extend the tax deduction for PMI and change slightly the rules for shielding $250,000 in capital gains from the sale of a second home.
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FAR backs tax amendment and remains committed to quick relief for homeowners
TALLAHASSEE, Fla. – Sept. 26, 2007 – For the leadership of the Florida Association of Realtors® (FAR) and Tallahassee staff, it’s steady as she goes in the fight for a property tax amendment on the January ballot – but there could be rough waters ahead.
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GIVE ‘EM A BREAK
The U.S. House Ways and Means Committee is considering legislation that would end the IRS practice of classifying mortgage debt forgiven in a foreclosure as taxable income. Panel Chairman Charles Rangel scheduled a committee vote on the legislation for tomorrow and spokesman Matthew Beck says the New York Democrat hopes to win broad bipartisan support for the bill.
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Judge removes property tax amendment from January ballot
TALLAHASSEE, Fla. – Sept. 25, 2007 – A Leon County circuit judge ruled yesterday that the Florida Legislature’s proposed property tax constitutional amendment is misleading, and he removed it from the Jan. 29 ballot. Weston Mayor Eric Hersh had challenged the amendment.
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The taxman cometh: Are you really ready?
WASHINGTON – Sept. 19, 2007 – There are just three months left for self-employed real estate professionals to make the right moves to cut taxes without provoking the Internal Revenue Service.
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Vote ‘Yes on 1’: FAR, Gov. Crist launch group supporting property tax amendment
TAMPA, Fla. – Sept. 18, 2007 – Standing shoulder-to-shoulder with Gov. Charlie Crist, Florida Association of Realtors® (FAR) President Nancy Riley joined forces with other supporters Monday to launch a bi-partisan group, “Yes on 1 – Save our Homes NOW,” urging Floridians to vote for the largest tax cut in the state’s history on Jan. 29, 2008.
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Trim Down
Check it out – your property taxes probably went down. State residents will soon receive their “truth in millage” statements, or TRIM, that give property owners information on next year’s property taxes.
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Governor Crist to Realtors: ‘Get ready, Florida is on the move’
LAKE BUENA VISTA, Fla. – Aug. 23, 2007 – Gov. Charlie Crist spoke to more than 800 Florida Realtors this morning at the 2007 Florida Association of Realtors (FAR) Convention & Trade Expo, thanking them for their leadership in supporting property tax reform efforts and urging them to spread the word to family, friends, neighbors, clients and throughout their communities to vote “Yes” on Jan. 29 for the proposed constitutional amendment.
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UF survey: Floridians not entirely sold on new property tax measure
GAINESVILLE, Fla. – Aug. 22, 2007 – In January, Florida voters will consider amending the Florida Constitution to correct existing problems in the collection of property taxes – a change advocated by the Florida Association of Realtors®. According to the study, the amendment’s fate is “too close to call.” |
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