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Patty Clark
Patty Clark

Morningside Homes, LLC
720-231-5200
Contact Me

My Blog


Temporarily Renting a Home

6/5/2019 IRS has provisions for homeowners regarding the sale of a principal residence that allows for temporarily renting the home without losing the ability to exclude the gain if the home is sold under the correct conditions. The rules for the exclusion of gain on the sale of a principal residence are:Up to $250,000 of gain may be excluded for single taxpayers and up to $500,000 for married taxpayers filing jointly. Ownership and Use must have been a principal residence for two of the five years preceding the date of sale (closing date).  This allows for a temporary rental for up to three years maximum. Either spouse may meet the ownership test. Both spouses must meet the use test. No exclusion has been used in the previous 24-month period.Let's pretend that a person had owned a home from more than two years.  This person married and moved into their new spouse's home two years, six months ago.  That person decided to sell the home and would have approximately $200,000 of gain in the sale. If the property is put on the market, sold and closed prior to the three-years that they moved out, the home would still be eligible for the section 121 exclusion on the sale of a principal residence.  If the sales closes after that three-year period, the owner would owe tax on the gain.  If the long-term capital gains rate for the owner was 15%, they would owe approximately $30,000 in taxes. If you or a person you know is in a situation like this, they should certainly seek professional tax advice as well as discussing the marketing and value of the property with their real estate professional.  This is something that I have experience with; call me at (720) 231-5200.  The timing is very important and critical to a favorable outcome. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas Helping Families Move with Care If you would like to be sent properties on a daily or weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time                       home buyers and sellers who are ready to make a move. Morningside Homes, LLCpatty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

Is it Time to Buy Again?

Time to Buy Again5/29/2019 For people who have experienced a distressed sale of a home and gotten their finances and credit back in shape, there can still be an unanswered question of "How long do we have to wait to qualify for another mortgage."  The loan types for the new loan will differ in amounts of time based on the event. The different lending authorities, VA, FHA, Fannie Mae (FNMA) and Freddie Mac (FHLMC), establish their own waiting periods.  A borrower may be eligible to qualify for one type of mortgage before another type, even though during this waiting period, that the person was current on all payments and maintained a history of good credit. The following chart indicates how long a person might have to wait. A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage.  This process should be started before looking at homes because of the time constraints listed here can vary based on current requirements and possible extenuating circumstances of your case. We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between.  Call us at (720) 231-5200 for lender recommendations. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas Helping Families Move with Care If you would like to be sent properties on a daily or weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time                       home buyers and sellers who are ready to make a move. Morningside Homes, LLCpatty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

Comfort Systems

Heating and air-conditioning are frequently referred to as the "comfort systems."  If one has gone out in the dead of winter or the heat of summer, lack of comfort becomes a primary concern.  Regular maintenance with a HVAC checklist is something that homeowners can do themselves to ensure that the units operate properly. PeriodicallyChange your filter every 90 days; every 30 days if you have shedding pets. Maintain at least two feet of clearance around outdoor air conditioning units and heat pumps. Don't allow leaves, grass clippings, lint or other things to block circulation of coils. Inspect insulation on refrigerant lines leading into house monthly and replace if missing or damaged.Annually, in springConfirm that outdoor air conditioning units and heat pumps are on level pads. Pour bleach in the air conditioner's condensation drain to clear mold and algae which can cause a clog. Avoid closing more than 20% of a home's registers to keep from overworking the system. Replace the battery in the home's carbon monoxide detector.While using this list will prevent some things that may impede the comfort system's proper performance, it is recommended that you have your units serviced annually by a licensed contractor.  Furnaces should also be inspected for carbon monoxide leaks. Preventative maintenance may help avoid costly repairs. Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas Helping Families Move with Care If you would like to be sent properties on a daily or weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time                       home buyers and sellers who are ready to make a move. Morningside Homes, LLCpatty@morningsidehomes.com www.morningsidehomes.comCell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE


Patty Clark | Broker/Owner | 720-231-5200 | Contact Me

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