Sharon Lanen Coskren - Leading Edge Real Estate Sharon Lanen Coskren



Posted by Sharon Lanen Coskren on 4/3/2020

If you work from home either full or part-time, you may want to give the home office deduction a go on your taxes. The problem with this deduction is that it can be tricky. 


Are You Eligible?


Your workspace needs to meet the criteria for business use. You need to use your work space regularly and as your principal place of business. If you don’t work from home as a self-employed individual, your employer must require you to work from home due to a lack of office space or other circumstances. The keywords in this part of the clause are “exclusively, regularly, and must.”


First, you’ll need to calculate the percentage of your home that’s used for business. This means that if your office is 100 square feet and your home is 1,000 square feet, you use 10% of your home for business. If you own the space you’re living in, you can deduct 10% of the mortgage interest that you pay each month. Keep in mind that you can’t double dip either. This means the amount of mortgage interest that you deduct on other parts of your taxes is reduced. If you rent your home, you’d deduct the percentage off of your monthly rental payments. 


Home Office Maintenance


If you own your home, you are able to deduct a portion of your property taxes, insurance, utilities, maintenance, and other expenses that are associated with your home office space. These expenses vary because some are direct such as the expense of you painting your office. Others are indirect. Home insurance applies to your entire home, so you would only apply a portion of that to a deduction. For the direct expenses, you are able to deduct the entire cost. 


For the indirect expenses, you’ll go back to applying the percentage of your home that is used for work. This means if we’re working with a 10% figure, you are able to deduct 10% of your utilities, 10% of your home insurance premiums, and so on.


If you rent, you can still deduct many of the same things that homeowners can from your taxes for a home office expenditure. The only thing that you’ll lack as a renter is the ability to write off things like mortgage interest, property taxes, and homeowner’s insurance. Know that you’ll be able to write off a portion of your renter’s insurance. 


The Complicated Stuff: Depreciation


You are able to depreciate the value of a home office as your home ages. It’s not always necessary to do this, so you should consult your tax professional before you decide to make this type of deduction. Equipment in your office, such as your computer, can be claimed as a depreciation over time as well. 


The important thing when it comes to your home office tax deduction is to do your homework. You don’t want to miss out on important savings!




Categories: Uncategorized  


Posted by Sharon Lanen Coskren on 3/31/2020

This Single-Family in North Andover, MA recently sold for $535,000. This Raised Ranch style home was sold by Sharon Lanen Coskren - Leading Edge Real Estate.


140 Appleton St, North Andover, MA 01845

Single-Family

$550,000
Price
$535,000
Sale Price

7
Rooms
4
Beds
2
Baths
Are you looking for something different? This is not your cookie cutter home! Unique raised ranch in coveted Bear Hill neighborhood provides many possibilities. Look inside this incomparable home to find brand new kitchen and baths with quartz countertops, stainless steel appliances, hardwood floors and white cabinets. Beautiful flat almost 1.5 acre private yard with cobblestone driveway and bluestone patio offers plenty of room for summer games and barbecues. Newly added family room on first floor is a great space to relax and spend cozy winter nights. All of this plus town water and sewer. Be a part of all of the activities this neighborhood offers plus walk to Smolak Farms, youth center and town common.

Similar Properties





Categories: Sold Homes  


Posted by Sharon Lanen Coskren on 3/27/2020

Spectacular open concept colonial on a very special cul de sac close to just about everything! This is the one you have been waiting for. The owners have thoughtfully updated this meticulous space so you can walk right in and make yourself at home. The oversized front porch is a great spot to socialize with your neighbors and watch the world go by. Fabulous two story foyer welcomes you to the open kitchen/dining/family room areas with fireplace perfect for entertaining. One of the second floor bedrooms has been converted into an office if you want a quiet place to work and you have a first floor office/playroom option as well. Nice touches such as bamboo floors, new deck, refaced cabinets, generator, shiplap in entryway, stainless appliances, transom windows and oversized island. With over 1200 square feet in the lower level, you have separate workout, play area, tv room, pool table and anything else you need. Village green with block parties, basketball court, playground and soccer.

More Info on this Property | New Listing Alerts





Posted by Sharon Lanen Coskren on 3/27/2020


176 Carter Field Rd, North Andover, MA 01845

Barker

Single-Family

$875,000
Price

10
Rooms
5
Beds
3/1
Full/Half Baths
Spectacular open concept colonial on a very special cul de sac close to just about everything! This is the one you have been waiting for. The owners have thoughtfully updated this meticulous space so you can walk right in and make yourself at home. The oversized front porch is a great spot to socialize with your neighbors and watch the world go by. Fabulous two story foyer welcomes you to the open kitchen/dining/family room areas with fireplace perfect for entertaining. One of the second floor bedrooms has been converted into an office if you want a quiet place to work and you have a first floor office/playroom option as well. Nice touches such as bamboo floors, new deck, refaced cabinets, generator, shiplap in entryway, stainless appliances, transom windows and oversized island. With over 1200 square feet in the lower level, you have separate workout, play area, tv room, pool table and anything else you need. Village green with block parties, basketball court, playground and soccer.
Open House
No scheduled Open Houses

Similar Properties





Categories: New Homes  


Posted by Sharon Lanen Coskren on 3/27/2020

Buying a home is a big financial endeavor that takes planning and saving. Aside from a down payment, hopeful homeowners will also need to save for closing costs and moving expenses.

When it comes to the down payment amount you’ll need to save, many of us have often heard 20%, the magic number. However, there are a number of different types of mortgages that have different down payment requirements.

To complicate matters, mortgages vary somewhat between lenders and can change over time, with the ebb and flow of the housing market.

So, the best way to approach the process of saving for a down payment is to think about your needs in a home, and reach out to lenders to start comparing rates.

However, there are a few constants when it comes to down payments that are worth considering when shopping for a mortgage.

In today’s post, we’re going to talk about some characteristics of down payments, discuss where the 20% number comes from, and give you some tips on finding the best mortgage for you.

Do I need 20% saved for a down payment?

With the median home prices in America sitting around $200,000 and many areas averaging much higher, it may seem like 20% is an unattainable savings goal.

The good news is that many Americans hoping to buy their first home have several options that don’t involve savings $40,000 or more.

So, where does that number come from?

Most mortgage lenders will want to be sure that lending to would be a smart investment. In other words, they want to know that they’ll earn back the amount they lend you plus interest. They determine how risky it is to lend to you by considering a number of factors.

First and foremost is your credit score. Lenders want to see that you’re paying your bills on time and aren’t overwhelmed by debt. Second, they will ask you for verification of your income to determine how much you can realistically hope to pay each month. And, finally, they’ll consider the amount you’re putting down.

If you have less than 20% of the mortgage amount saved for your down payment, you’ll have to pay for private mortgage insurance (PMI). This is an extra fee must be paid in addition to your interest each month.

First-time buyers rarely put 20% or more down

Thanks to FHA loans guaranteed by the federal government, as well as other loan assistance programs like USDA loans and mortgages insured by the Department of Veterans Affairs, buying a home is usually within reach even if you don’t have several thousands saved.

On average, first-time buyers put closer to 6% down on their mortgage. However, they will have to pay PMI until they’ve paid off 20% of their home.


So, if you’re hoping to buy a home in the near future, saving should be a priority. But, don’t worry too much if you don’t think you can save the full 20% in advance.




Categories: Uncategorized  




Sharon Lanen Coskren