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Property Spotlight
1 of 2 photos Placitas For Sale $125,000 0 Beds / 0 Baths
Phenomenal view lot nestled in gated community. Located at end of cul-de-sac for maximum privacy. Overlooks valley, mountains & mesa for a truly unique Land of Enchantment lifestyle...
1 of 8 photos Rio Rancho For Sale $137,000 3 Beds / 2 Baths
Spacious corner lot with home set back on the property gives plenty of room & privacy. Fully landscaped front and back, front yard needs no care as it is beautifully maintained by the HOA...
1 of 0 photos Rio Rancho For Sale $139,900 2 Beds / 1 Baths
You wont find a better buy availabe on the market than this beautiful home in a park-like setting on almost 1/3 acre lot with mountain views and landscaping that will take your breath away!..
1 of 8 photos Albuquerque For Sale $143,900 3 Beds / 2 Baths
Charming and Gracious this Petitte Retreat Offers: Wonderful open floorplan, large living room with cozy fireplace, sunny kitchen with pantry and dining area which opens to rear yard...
1 of 3 photos Placitas For Sale $149,500 0 Beds / 0 Baths
Beautiful views from this Placitas/Sundance Mesa vacant land. Build your dream home. Enjoy sunset, mesa And mountain views. Surrounded by beautiful custom homes...
1 of 6 photos Placitas For Sale $150,000 0 Beds / 0 Baths
Best priced lot in Anasazi Trails and best deal in all of Placitas! Amazing private view lot with mountain and mesa views overlooking the arroyo with EZ access to I-25...
1 of 0 photos Albuquerque For Sale $162,000 3 Beds / 2 Baths
Spacious, light bright two story with master bedroom downstairs for privacy. Large backyard with lovely landscaping. Enjoy this conveniently located terrific neighborhood in a gated community...
1 of 8 photos Rio Rancho For Sale $164,000 3 Beds / 2 Baths
Fantastic 3 BR home on cul de sac lot w/unobstructed views of mnts from living room/front bdrm! Features incl. living area w/vaulted ceilings/frml dining/ceiling fans thruout & ceramic tile/carpet...
1 of 8 photos Albuquerque For Sale $165,000 3 Beds / 2 Baths
Great Sivage single story home on corner cul-de-sac lot in West Pointe Sub at Ventana Ranch. Open, light & bright, versatile floorplan. The dining room could be used as second living area...
1 of 0 photos Albuquerque For Sale $169,900 3 Beds / 2 Baths
Really the best our market has to offer. Priced to sell. True pride of ownership + lots of extras that puts this WAY above the rest. Pitched tile roof, ...
1 of 0 photos Rio Rancho For Sale $169,900 3 Beds / 2 Baths
It doesnt get any better! Incredible curb appeal invites you into this fabulous 3 BR home in Western Hills w/many updates & recent paint. Great kitchen w/breakfast bar & newer appliances...
1 of 8 photos Albuquerque For Sale $175,000 4 Beds / 2 Baths
Wide open spaces! Traditional brick home on 1 acre of property, well situated on a corner lot. Gather at the breakfast bar in your country eat-in kitchen. New countertop in bathroom...
1 of 6 photos Albuquerque For Sale $175,000 3 Beds / 2 Baths
Charming and Gracious this lovely home features: Open spacious rooms, complete kitchen remodel with tons of counter space, gorgeous custom cabinetry and wonderful sunny eating area, large living room, ..
Home Buying Tax Benefits
They say there are only two things you can count on in this world: death and taxes. But when it comes to owning a home, it appears there may be a third. And that is the favorable treatment of ALBUQUERQUE home ownership by the Internal Revenue Service.
1. The purchase
When buying your own home, most of the expenses are not tax deductible. But there is one exception that is worth finding.
The IRS says you can deduct interest in the year that it is paid, and that is usually part of each monthly loan payment. In addition, if the day you purchase is on any day other than the first of the month, you will likely pay a charge for "daily interest" between the day of closing and the end of the month. Look on line 901 of your HUD settlement statement.
Much more importantly, the IRS says that, in most cases, loan discount points and origination fees are tax deductible to the buyer, regardless of who pays them. Look at lines 801 and 802 of your settlement statement and see if you hit the jackpot. This is a particularly unusual deduction because you get the benefit even if the seller paid your closing costs. And because origination fees of 1% and more are common, this can amount to a lot of cash.
2. Mortgage interest
In general, you can deduct interest charged on a loan used to acquire or improve your principal residence in the year that it is paid. In the early years of a loan, most of your monthly payment is interest, so this can really add up. If you are in a 28% federal tax bracket, this can have the effect of lowering your borrowing costs by almost a third, depending on which state you live in. This is truly nothing more than a subsidy to ALBUQUERQUE home owners, and it's a very popular deduction.
In addition, you can always deduct interest on an additional $100,000 of mortgage debt, which can be used for any purpose. This is called the "Home Equity Loan" exception, and it allows you to tap into your ALBUQUERQUE home equity for any purpose. This gives ALBUQUERQUE home owners the ability to do what is called "debt-shifting." For example, if you live in an apartment and have a credit card balance of $10,000 at 18% interest, none of that interest would be deductible. But if you bought a house, obtained a ALBUQUERQUE home equity loan for $10,000 and paid off the credit card, then ALL of the interest expense becomes automatically deductible. Furthermore, the rate on the ALBUQUERQUE home equity loan is likely to be around prime plus one or two, usually much lower than credit card rates. This same technique works with any and all personal debt, from car loans to consolidation loans - with only one hitch. In every ALBUQUERQUE home equity loan, you have pledged your house as collateral for the loan. If you fail to pay the payments as agreed, you could lose your house to foreclosure. So be careful in using this technique.
3. The sale
This is the best. In fact, I can hardly believe this myself. Here's how it works:
If you have owned and occupied your principal residence for at least two of the past five years, you can earn up to $500,000 on the sale of that house and pay no federal income tax whatsoever. That's assuming you are married - singles get up to $250,000 tax free. And here comes the kicker:
You can do this as often as every two years for the rest of your life.
This is as good an excuse for getting married as I have ever heard. Buy a fixer-upper in an up and coming ALBUQUERQUE neighborhood, work on it nights and weekends for two years, then sell it at a nice profit and pocket the cash, totally free of federal taxes. And most states recognize the federal exclusion, so you put the cash away totally tax free. You don't have to re-invest, you don't have to be age 55, and you can do this every two years forever. No, I'm not kidding.
The one restriction is that you MUST own and occupy the house as your principal residence, so don't try this on a rental ALBUQUERQUE home by pretending you live there when you don't. And there are some unclear rules about how you can take a partial exclusion if you live there less than two years, but we don't really know what they mean yet, so I recommend you stay there two years.
Many of these benefits came into being with the 1997 tax law, but lots of folks are just finding out about them now, so buy and sell to your heart's content. Just don't plan on staying forever!
They say there are only two things you can count on in this world: death and taxes. But when it comes to owning a home, it appears there may be a third. And that is the favorable treatment of ALBUQUERQUE home ownership by the Internal Revenue Service.
If you have owned and occupied your principal residence for at least two of the past five years, you can earn up to $500,000 on the sale of that house and pay no federal income tax whatsoever. That's assuming you are married - singles get up to $250,000 tax free. And here comes the kicker:
Equal Housing Opportunity