Alta & Gayle were just at City Hall listening to our Congressman Blake Farenthold talk about the many issues in Wash. D.C. today. Most everyone liked his opinions except the Sea Turtle Patrol. They wanted him to help pass a 15 MPH speed limit on North SPI beach. Farenthold didn’t agree with them because it would take 4 hrs. to get to the Port Mansfield cut instead of 2 hrs. Also, there have only been 2 turtles killed out of thousands. We feel like it really doesn’t matter if it is 15 MPH or 30 MPH or 5 MPH because there is no one there to enforce it and no money to hire security to patrol it either.
Alligator in Port Isabel near Post Office!
The police picked up a 4 ft. alligator near the post office on Maxan St. this week! They said it wasn’t their first either. Can you believe it???!
IRS Top Ten Tax Tips for Home Sellers
Here are the IRS’s top 10 tax tips for home sellers:
1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
6. You cannot deduct a loss from the sale of your main home.
7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.
SPI Working on New Layout for the Island.
In an effort to make SPI a more people friendly layout, the town of SPI is working on passing ordinances that would greatly improve Padre Blvd, walking paths, parking, appearance, etc. It has been two years in the making and they now have a beautiful plan. Go to www.myspi.org to sign up for notices about changes & events in SPI.
Modern Venice TIRZ Takes Off
Our Texas Legislators passed the TIRZ for Port Isabel Modern Venice (Fingers) TIRZ. Then, Port Isabel approved it and appointed directors to the board to manage the zone. The directors are David Woolverton, Gabby Vanounou, Ed Mesa, Albert Welbel & Santiago Cantu. They will develop the two & half Fingers that is in need of seawalls and dredging. Property owners were given the right to opt out if they didn’t want to be part of this zone. If you would like more information, please let us know.
Recent Economic Factors
Economic Factors |
|||
Economic Indicator |
Release Date Time |
Consensus Estimate |
Analysis |
New Home Sales |
Tuesday, Aug. 23, 2011 |
Up 1.9% |
Important. An indication of economic strength and credit demand. Weakness may lead to lower rates. |
2-year Treasury Note Auction |
Tuesday, Aug. 23, 2011 |
None |
Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates. |
Durable Goods Orders |
Wednesday, Aug. 24, 2011 |
Down 0.8% |
Important. An indication of the demand for “big ticket” items. Weakness may lead to lower rates. |
5-year Treasury Note Auction |
Wednesday, Aug. 24, 2011 |
None |
Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates. |
Weekly Jobless Claims |
Thursday, Aug. 25, 2011 |
415k |
Important. An indication of employment. Higher claims may result in lower rates. |
7-year Treasury Note Auction |
Thursday, Aug. 25, 2011 |
None |
Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates. |
Q2 GDP Second Estimate |
Friday, Aug. 26, 2011 |
Up 1.2% |
Very important. The aggregate measure of US economic production. Weakness may lead to lower rates. |
U of Michigan Consumer Sentiment |
Friday, Aug. 26, 2011 |
54.9 |
Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates. |