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New Federal Measure Would Offer Tax Deductions to Millions of Homeowners

New Federal Measure Would Offer Tax Deductions to Millions of Homeowners

U.S. Representatives Anna G. Eshoo (D-CA) and Mike Thompson (D-CA) have introduced a measure that would allow homeowners in community associations who earn $115,000 or less in annual income to deduct up to $5,000 of their community association fees and assessments from their federal tax liability.

Expressing support for the bill, Community Associations Institute (CAI) says the legislation will benefit many of the more than 66 million Americans who live in homeowners associations, condominium communities, cooperatives and other planned communities.

The bill—Helping our Middle-Income Earners (HOME) Act—”recognizes that millions of middle class homeowners are struggling to keep up with rising household expenses like child care, college tuition, health care, mortgage and community assessments,” Eshoo says. “The Home Act can go a long way by providing relief from this tax burden on millions of middle class families.”

This bill recognizes the financial unfairness facing homeowners in community associations, as they pay their fair share of local property taxes along with their community assessments, and receive many municipal services from their community association, such as street and sidewalk cleaning, trash removal, snow removal and other services.

“CAI applauds Rep. Eshoo and Rep. Thompson for their efforts to make homeownership more affordable and for recognizing the inequity of double-taxation faced by homeowners in America’s community associations,” says CAI Chief Executive Officer Thomas M. Skiba, CAE.

“We look forward to working with Eshoo and Thompson to ensure this legislation is a net gain for millions of Americans who live in community associations,” Skiba adds.

While there hasn’t been a Senate companion bill introduced, CAI expects members of the House of Representatives in states with a large number of community associations—such as Florida, California, Texas, Illinois, North Carolina, New York and Massachusetts—to support the legislation and continue a dialogue that leads to inclusion of the tax deduction in comprehensive tax reform legislation.

For more information, visit www.caionline.org.

This post was originally published on RISMedia’s blog, Housecall. Check the blog daily for top real estate tips and trends.

For more real estate information, including a FREE Home Market Analysis and Market Area Statistics, please contact me at Kim@KimKroner.com or on my mobile phone at (703) 946-2526.

Reprinted with permission from RISMedia. ©2016. All rights reserved.

Just Listed : For Sale, To be built home, 6416 COLUMBIA PIKE, ANNANDALE, VA 22003 MLS# FX9603035

Just Listed : 6416 COLUMBIA PIKE, ANNANDALE, VA 22003 MLS# FX9603035

Beautiful, Cleared. Minutes from DC, Pentagon, Reagan Natl airport. Lot has driveway already – Permits & Site plan is approved. Builder to build 3-level home with 2600 sqft. on first two levels, 2-car garage and basement. Email agent for plat, floor plan.

Immaculate 3 Level Townhome For Sale in south Riding

Immaculate 3 Level Townhome For Sale in south Riding

Townhouse, Colonial – CHANTILLY, VA

OPEN HOUSE INFORMATION:   Date:  20-Mar-2016  Start/Ends: 01:00 PM - 03:00 PM Type:   Public  Access Type: Agent Access Info:   Remarks:   beautiful townhome features 3 bedrooms 2.5 baths on 3 finished levels. The living level with 9foot ceilings opens to the inviting great room, adjacent formal dining room and well-appointed kitchen with sunny breakfast area. Upstairs, dramatic vaulted Directions:  TAKE 50 WEST. LEFT ON LOUDOUN CTY PKWY. RIGHT ON CENTER. RIGHT ON CROSSFIELD. LEFT ON SYKES

OPEN HOUSE INFORMATION:   Date:  20-Mar-2016  Start/Ends: 01:00 PM - 03:00 PM Type:   Public  Access Type: Agent Access Info:   Remarks:   beautiful townhome features 3 bedrooms 2.5 baths on 3 finished levels. The living level with 9foot ceilings opens to the inviting great room, adjacent formal dining room and well-appointed kitchen with sunny breakfast area. Upstairs, dramatic vaulted Directions:  TAKE 50 WEST. LEFT ON LOUDOUN CTY PKWY. RIGHT ON CENTER. RIGHT ON CROSSFIELD. LEFT ON SYKES                                     OPEN HOUSE INFORMATION:   Date:  20-Mar-2016  Start/Ends: 01:00 PM - 03:00 PM Type:   Public  Access Type: Agent Access Info:   Remarks:   beautiful townhome features 3 bedrooms 2.5 baths on 3 finished levels. The living level with 9foot ceilings opens to the inviting great room, adjacent formal dining room and well-appointed kitchen with sunny breakfast area. Upstairs, dramatic vaulted Directions:  TAKE 50 WEST. LEFT ON LOUDOUN CTY PKWY. RIGHT ON CENTER. RIGHT ON CROSSFIELD. LEFT ON SYKES                                     OPEN HOUSE INFORMATION:   Date:  20-Mar-2016  Start/Ends: 01:00 PM - 03:00 PM Type:   Public  Access Type: Agent Access Info:   Remarks:   beautiful townhome features 3 bedrooms 2.5 baths on 3 finished levels. The living level with 9foot ceilings opens to the inviting great room, adjacent formal dining room and well-appointed kitchen with sunny breakfast area. Upstairs, dramatic vaulted Directions:  TAKE 50 WEST. LEFT ON LOUDOUN CTY PKWY. RIGHT ON CENTER. RIGHT ON CROSSFIELD. LEFT ON SYKES , South Riding, Amberlea, Townhouse for sale in South Riding, Toll Brothers, Chantilly This beautiful townhome features 3 bedrooms 2.5 baths on 3 finished levels. The living level with 9foot ceilings opens to the inviting great room, adjacent formal dining room and well-appointed kitchen with sunny breakfast area. Upstairs, dramatic vaulted ceilings enhance the master suite and 2additional bedrooms. Hardwood floors on all 3levels, Granite Counter tops & Stainless Steel Appliances

View FULL DETAILS and additional PHOTOS here:

See Property Details
Search the MLS like a Realtor and never miss the newest listings or the latest price changes. Search using criteria used by Realtors and brokers with multiple photos, satellite images, FULL MLS Descriptions and more. Easier than the MLS. Search Chantilly and the surrounding areas.

Kim Kroner,
Associate Broker
Long & Foster Real Estate, 42833 Sykes Terrace, Chantilly, VA 20152, 703-946-2526
Licensed In: VA

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5 Tips for Tackling a Home Improvement List

5 Tips for Tackling a Home Improvement List

(Family Features) From aesthetic upgrades to practical necessities, there is no shortage of projects for homeowners to tackle. To take the stress out of home improvement, blogger and author Justina Blakeney and YP.com serve up the following tips:

  • Prioritize projects by needs, not wants. Blakeney advises making sure important projects (functioning air conditioning, for example) are set before tackling less crucial ones, like popcorn ceilings. Be realistic with your goals and always factor in 20 percent more money and time than you think the project will take.
  • Some projects are simple enough to DIY, but other projects may be better handled by experts. Honestly assess your own level of expertise, permit requirements and local regulations, your budget, your timeline and ultimate goals before deciding whether to DIY or hire an expert. Whether you need a personal organizer or a painter, a foundation specialist or a handyman, ask friends for referrals and then head online to dig a little deeper before getting a project bid.
  • Create a collection of professionals you will be working with and all the stores you will source materials from. You’ll have all of the info in one place for follow-ups, and it’s easy to share the info with friends once they start asking for recommendations. Also get a clear breakdown of all elements involved in each project, how much each step will cost and deadlines for each step along the way. A clear plan of action will help keep the budget and timeline in check. 
  • One of the best ways to save time and money is to find things second-hand. Thrift shops, salvage shops and flea markets are great places to find furniture, appliances and hardware on the cheap. Or, repurpose items you already own by moving them to a different room or by painting them different colors. Explore all of your options and resources before going out and spending that hard-earned cash. 
  • It’s okay to start small. Swap out the old hardware on your kitchen cabinets or fix the broken brick on your patio. Just start somewhere and build your way up to the larger stuff. If you’re feeling overwhelmed, try setting and accomplishing one small home improvement goal every week. 

Source: YP.com
This post was originally published on RISMedia’s blog, Housecall. Check the blog daily for top real estate tips and trends.

For more real estate information, including a FREE Home Market Analysis and Market Area Statistics, please contact me at Kim@KimKroner.com or on my mobile phone at (703) 946-2526.

Reprinted with permission from RISMedia. ©2016. All rights reserved.
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