I recently received this summary from our Association CEO about how the NEW LAW NARROWS SECOND HOME TAX BENEFIT. She quoted a summary that was included in REALTOR Magazine (8/7/08) : "The housing-stimulus package that became law last week took a bite out of the home-sale exclusions for second-home owners. Under both the previous and the current law, most homeowners can sell their primary residence and exclude as much as $250,000 of the gain if they're single or $500,000 if they are married and file jointly. To qualify for the full exclusion, owners typically must have owned the home and used it as their primary residence for at least two of the five years prior to the sale. In the new law, which takes effect Jan. 1 and affects property acquired after 2008, owners can't exclude the gain from the sale of the home allocated to periods of 'nonqualified use.' That refers to any period (after the end of 2008) when the property isn't used by the owner, spouse or former spouse as a principal residence. For example, a married couple buys a home Jan. 1, 2009, for $600,000 to hold as an investment. On Jan. 1, 2012, three years later, they begin using it as their principal residence. They live there for two years and sell the property on Jan. 1, 2014, for $1.1 million for a profit of $500,000. Under the old law, they would have been able to exclude the entire $500,000 gain from their taxable income. But under the new law, they could exclude only two-fifths of the gain, or $200,000, since the other three-fifths would be considered attributable to the three years the home wasn't their principal residence. Source: The Wall Street Journal, Tom Herman (08/06/2008)"
FYI: Nar Provides a chart that summarizes the first-time homebuyer tax credit provisions of the recent economic stimulus bill.
Our Association CEO, Cindy Butts does a great job of keeping us informed! Thank you Cindy!!
Spring time in Maine...... 'gotta love it'!
It's time to 'dig out from under'! (winter photo:GramE's camp on Long Pond)
Mud Season is fast approaching. I wonder where Bob put our LLBean Waders ??.
A local reminded me the other day that we usually have 2 seasons in Maine: Winter and Construction.
This year in Acadia National Park, we had 3 seasons: ..Summer season, Flu season and Mud season.
Most of us are now on the mend , and ready to put on our waders ...It's time for the tourists to arrive !
Just a reminder: When you are in the Bar Harbor area, stop by the Somesville Carriage House to visit. If GramEpat's car is in the yard, the welcome mat is always out! Hope to see you soon.
E.Pat Foster Real Estate is located in the Historic Somesville Village Carriage House (#1099 Main St). Near Bar Harbor & centrally located on Mt.Desert Island, Maine, the home of Acadia National Park.
Welcome to my Active Rain profile page. I am the designated broker and owner of E.Pat Foster Real Estate , located in Somesville Maine. My office is a renovated Carriage House, located on the Main St. in the quaint Historic village of Somesville. The converted barn is located directly across from the entrance to Somes Sound. It is in the middle of Mt.Desert Island, Maine (the home of Bar Harbor and Acadia National Park). The Somesville Carriage House is also known as 'GramEpat's Place'.
It has been my privilege to serve the community as a REALTOR® on this beautiful Island for the past 30 years. My specialty is offering 'Boutique Brokerage" (I work alone) and offer a variety of services to buyer and seller customers and clients.I like helping my friends and neighbors sell their properties and also enjoy assisting buyers who are relocating and want to invest in their 'piece of the rock.'
My husband and I also own several other companies including 'Acadia Pines Rentals', broker owned vacation cottages in various locations on the island. Our cottages are centrally located on Mt.Desert Island, surrounded by Acadia National Park, and are near Bar Harbor.
Photo:Somesville Village Bridge
As an active member of the community, I serve as an officer and/or trustee for various organizations including: President of the Somesville Village Library, Secretary of the Local Literary Club and the Historical Society, Vice President and founding Trustee of the Somes Pond Wildlife Sanctuary, 'Key Keeper' for the local Firemen's Auxilliary, and Educational committee member and past chairman on the Town Warrant committee.
I am actively involved in the REALTORS'® Association on the local, state and national level. (Past President (2007),Life member, 2008 State Realtor of the year, Maine Association of REALTORS® . NAR Director, 2008.
My professional experiences include:
Graduate of University of New York, Student University of Maine
13 years experience as a licensed Dental Hygienist
Past State President (2007) Maine Association of REALTORS®, 2008 State Realtor of the Year
NAR Member of the National Association's Resort and Second Home Committee
30+ years experience as a REALTOR® (Licensed in 1971, owner of Company since 1978)
e-PRO (Technology Graduate)
CRS (Certified Residential Specialist) State Director
Acadia Council past officer, past and current REALTOR® of the Year (2003, 2008)
National (NAR) Director, State (MAR) Director
MREIS Director (MREIS) State Multiple Listing Service
GRI Graduate, REALTOR® Institute
If you need help negotiating, I have plenty of past experiences which include: Born #3 of 6 girls in my family (a middle child :), married to a 'local boy' for 41 years, mother of 2 married sons and fondly known as "GramE Pat" to my 3 terrific grandchildren.
Making vacation plans to come to Maine? I look forward to working with you and sharing the Bar Harbor area and this beautiful Island on the coast of Maine with you, your clients, customers, friends and family. Let me know what I can do to be helpful. With kind regards and best wishes, Pat
PS: Visit me gramEpat's personal blog: http://www.gramEpat.com
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