If the furnishings aren’t necessary for your firm or are purely personal in nature, don’t deduct them. Your own office equipment is not tax deductible. If you try to deduct these non-deductible costs, you risk an IRS audit. The IRS will not let you use your personal deductions, so you will have to pay less tax than you should. This unpaid amount will be subject to interest charges as well as a penalty. If you just started a business and buying office furniture is a capitalization cost, you can’t deduct more than $5,000 of that cost.
The list price is based on how much your home is thought to be worth. As soon as you put your house on the market, you need to make sure the price is right. Megan Toll is a top-performing agent in Philadelphia, Pennsylvania. In her neighborhood, she works with 67% more single-family homes than the average agent. The goal, she says, is to “get the maximum visibility to the right purchasers the first time around” in order to correctly determine the list price.
HomeLight’s Home Value Estimator is a great place to start if you want to find out how much your house is worth. This online tool gives a real-time estimate of a home’s value based on information from many sources and recent changes in the market. It can give you a general idea of how much your property’s value has gone up since you bought it, but to get the full picture, you should talk to a top realtor with a lot of experience.
Toll warns sellers not to trust the price that is listed on a website. “They can say your house is worth $500,000 because it is in a nice area.” They don’t know, though, that your kitchen was built in the 1970s, that you have two old bathrooms, and that your furnace is old. These are all things that the listing agent will think about when setting the price of a house. Online tools that figure out how much a house is worth don’t take into account things like a view of the ocean.
The report is due this morning, and the dog across the street needs to talk to you after naptime, so grab a cup of coffee to go. With the Fisher-Price My Home Office set, your preschooler can run their own office at home, at the coffee shop down the street, or even on the moon.
When you try to sell your home can affect how much you get for it or how long it takes to get the price you want. Studies show that early spring is the best time to put a house on the market. Most big cities in the U.S. have found that homes listed around that time sell faster and for more money.