MY TORONTO

There is a little-known provision in the tax code that allows homeowners to rent their principal  residence or second home for up to 14 days a year without having to recognize the income.   In this situation, the taxpayer does not deduct the rental expenses associated with the income. There is no restriction on how much you earn.   If your first or second home is in a desirable area where people are looking for short-term rentals, it could provide a windfall to the homeowner. In cities where any big sports championships are played, there could be a market for a temporary rental of a home.   Events like PGA tournaments, college basketball tournaments, Bowl games, NFL playoffs and others can create a demand for this type of rental. For instance, there are people in Augusta, Georgia who rent their homes during the Master's Golf Tournament each year.   There are not a lot of hotel rooms in the area relative to the number of people who usually attend in non-pan...

  Although it is barely Spring, Summer is right around the corner. And nothing says Summer like better outdoor spaces to play and work in! Now is the time to plan and install outdoor structures so you can spend the hottest days of the year taking advantage of the breeze and shade, while still being able to spend time in the great outdoors. A SHORT LIST OF OUTDOOR STRUCTURES Outdoor structures offer endless possibilities when it comes to sizes, shapes, construction materials, and intended uses. However, there are a few that are hardcore backyard staples, to the point that some might argue a home is completely bare without them. Of course, the outdoor structures you choose will depend greatly on how you use your home, but here is a shortlist to get you started. PATIO COVERS.  Already have a patio, but the sun’s putting the kibosh on your outdoor plans. It is time for a patio cover. These very simple structures are essentially a roof for your patio, designed to seamlessly marry w...

Angus Reid Institute study finds 39 percent of Canadians want housing prices to crash "Canadians are divided over what they want to see with the housing market. The Angus Reid Institute found in a recent survey that 39 percent are hoping for prices to fall over the next few years.  Out of this 39 percent, 17 percent want to see prices tumble around 10 percent."   -  Read The Georgia Straight article: https:// tinyurl.com/3s2ena53 High housing prices spreading outside urban hot zones, hurting Canadians from coast to coast "Home sweet home. Home, where the heart is. Work from home. Homeschooling. If the places where Canadians rest their heads at night weren’t already an outsized part of the national conversation, more than a year of pandemic life has intensified the talk." - Read The Angus Reid report: https:// tinyurl.com/yr8789vc

Before you pay cash for a home, ask yourself if there is a possibility, at some point in the future, you might put a mortgage on the home and would want to deduct the mortgage interest on your federal tax return. Current federal tax law allows homeowners to deduct the interest on up to $750,000 in acquisition debt used to buy, build or improve a property.   When a person pays cash for a home, the acquisition debt is zero.   The only way to increase the acquisition debt is to make and finance the improvements to the home. As with many IRS regulations, there are exceptions to this rule.   If a mortgage is secured on the first or second home within 90 days of the purchase closing, the debt is considered acquisition debt.   The interest on the funds used to purchase the home can be deducted on up to $750,000 of the mortgage balance. Assuming a borrower has good credit, the ability to repay the loan and the home justifies the loan, lenders are willing to make mortga...

Owning a home can have an incredible impact on your quality of life. Let's connect if you're ready to make your dream of homeownership a reality.

  PLEASE FIND ME ON THIS MAPPING APPLICATION:

 

Catch-up on the top news stories about real estate in Toronto and the area from the week past. Never miss an important news story again!   elink.io | See Original

Exclusive: George Strait's Agent—and Daughter-in-Law—Gives Us the Inside Scoop on His Fabulous Custom Home by realtor.com 03/12/2021 We sit down with Tamara Strait, whose dad is George Strait, the "King of Country." She walks us through the amazing handcrafted details in her father's $7.5 million San Antonio home, which epitomizes Southwestern luxury.