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New Tax Season

by Phyllis Wiesenfelder
I hope your 2018 is off to a great start.
 
With a new year comes a new tax season and, this year, a new tax law, which went into effect on January 1. While the tax changes will not affect your 2017 filing, it is advisable to be aware of what is in store for next year.   Hopefully, this letter will help you on that front as it relates to your real estate holdings/investments.
 
The number of income tax brackets remains the same, but they include lower tax rates. The new tax bill also eliminates or reduces several itemized deductions, including moving expenses except with military households, interest on home equity loans unless used for home improvements, and more. 
 
Here are a few important real estate-related results of the new tax bill to keep in mind.
 
Mortgage interest deductions are now limited to a combined $750,000 of debt for both primary residences and second homes for any loans taken out after Dec. 14, 2017. Current homeowners with loans made before that date, however, are grandfathered into the previous deduction, which allowed a combined debt limit up to $1 million.  
 
State and local tax deductions are now capped at a combined $10,000 – this includes state and local property, income and sales taxes. This will largely affect taxpayers in higher-tax states.
 
Capital gains tax exclusions remain the same when you sell your house. Married couples filing jointly can still exclude up to $500,000 when selling their primary home, as long as they’ve lived there two of the past five years.
 
Investment properties were largely unaffected by the new tax bill.  As such, you will continue to enjoy the same financial benefits for any investment property you currently own or those you may buy in the future.
 
While the inventory shortage will likely continue through 2018, this is a great time to invest in real estate. Homes are appreciating, interest rates on mortgage loans are still around historical lows and there are tax advantages for property and business owners. 
 
As always, if you have any real estate-related questions, please feel free to contact me. I look forward to helping you (and anyone you know) with your future real estate needs. 
 
 
 
*The information contained in this letter is not intended to be and does not constitute financial or investment advice.

Our Annual Home Sale Wrap-Up in The Town of Somerset

by Phyllis Wiesenfelder

Dear Neighbors,

It is a privilege to share with you our annual home sale wrap-up.

We experienced a year of impressive home sale prices.  Nearly 80% of the homes sold were over $1 million.

Our community, with its premium close-in location, award–winning schools, diverse architectural styles, proximity to Metro and convenience to fine dining, shopping and entertainment, is the neighborhood of choice for a multitude of buyers.

If you would like complementary information, such as help with a property tax appeal, or if you are thinking about a home sale or purchase, please give us a call.

We are longtime neighborhood residents and at all times put our knowledge and professionalism acquired by three decades of experience to work for you.

We wish you a happy and healthy New Year!

Home Sales in 2017

Town of Somerset

       
       

Address

Style

List Price

Sold Price

4915 Cumberland Avenue                

Colonial

$2,699,900

$2,600,000

5511 Uppingham Street                    

Craftsman

 $2,295,000

  $2,265,000

5415 Surrey Street                             

Contemporary

  $1,895,000

  $1,840,000

5710 Surrey Street                             

Colonial

  $2,049,000

  $1,699,000

4721 Essex Avenue                            

Victorian

  $1,650,000

  $1,550,000

5800 Deal Place                                  

Contemporary

  $1,625,000

  $1,500,000

5813 Surrey Street                             

Colonial

  $1,349,000

  $1,365,000

5502 Greystone Street                      

Split Level

  $1,325,000

 $1,315,000

4807 Grantham Avenue                    

Split Foyer

  $1,225,000

  $1,225,000

5510 Greystone Street                      

Split Level

  $1,109,700

  $1,109,700

4701 Cumberland Avenue                

Victorian

  $1,275,000

  $1,100,000

5415 Trent Street                               

Rambler

  $1,200,000

  $1,100,000

4511 Cumberland Avenue                

Victorian

  $1,095,000

  $1,050,000

4608 Dorset Avenue                          

Rambler

  $1,050,000

  $1,050,000

5522 Greystone Street                      

Contemporary

     $924,900

    $950,000

4509 Cumberland Avenue                

Farm House

     $925,000

     $925,000

 

Chevy Chase West

 

4822 DeRussey Parkway                    

Contemporary

$2,295,000

$2,250,000

4800 Morgan Drive                             

Arts & Crafts

  $1,899,900

  $1,850,000

4816 Drummond Avenue                   

Colonial

  $1,649,000

  $1,625,000

4624 Nottingham Drive                      

Colonial

  $1,489,000

  $1,480,000

4604 Chevy Chase Blvd                       

Colonial

  $1,200,000

  $1,317,000

4600 Chevy Chase Blvd                       

Colonial

  $1,299,000

  $1,270,000

4612 Langdrum Lane                           

Colonial

  $1,249,000

  $1,250,000

4823 Chevy Chase Blvd                       

Colonial

  $1,219,000

  $1,220,000

4832 Langdrum Lane                           

Colonial

  $1,249,000

  $1,203,000

4606 Davidson Drive                           

Cape Cod                              

 $1,175,000

  $1,165,000

4703 Morgan Drive                              

Colonial

 $1,095,000

  $1,150,000

4812 DeRussey Parkway                     

Rambler

     $995,000

  $1,049,000

4611 Davidson Drive                           

Colonial

  $1,000,000

  $1,000,000

4805 Morgan Drive                             

Rambler

     $998,000

     $998,000

4712 DeRussey Parkway                    

Colonial

     $999,999

     $982,000

4826 DeRussey Parkway                     

Rambler

  $1,075,000

    $950,000

6304 Wisconsin Avenue                     

Colonial

     $799,000

     $855,100

6411 Offutt Road                                 

Colonial

     $749,000

     $815,000


The above information is based on data provided by the Metropolitan Regional Information Systems.

If your home is currently listed for sale, this is not intended as a solicitation of that listing.

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Photo of Phyllis Wiesenfelder Real Estate
Phyllis Wiesenfelder
Long & Foster Real Estate, Inc.
4650 East West Highway
Bethesda MD 20814
Direct: (301)215-6915
Mobile: (301)529-3896
Fax: Office: 301-907-7600