Current Affairs

Need something to do in March. Here is a list of events being held in San Diego County .March 2-6, RC44 Championship Tour 2011 The biggest names in the sport of sailing will race against each other in identical 44-foot sailboats, the RC44.  The San Diego event takes place over 6 days and racing will take place directly in front of the Broadway Pier. Time: Refer to website Location: San Diego Bay – Broadway Pier For more information call 858-922-3522 or visit www.rc44.com/en/

March 3-7, Circus Vargas – El Cajon Presenting the highest quality family entertainment, Circus Vargas unites amazingly skilled serious performers with the innocence and silliness of truly comedic circus clowns – the kind that actually make you laugh!  All the excitement of a circus with human and animal stars rendering artistic triumphs and thrilling exploits. Time: Refer to website for showtimes Location: El Cajon – Westfield Parkway, Johnson Ave. Exit from I-8 fwy For more information visit www.circusvargas.com

March 4-6, Spring Home/Garden Show Hundreds of exhibits of home improvement products and remodeling ideas. Time: Fri. 11:00 am – 6:00 pm / Sat. 10:00 am – 6:00 pm / Sun. 10:00 am – 5:00 pm Location: Del Mar Fairgrounds, 2260 Jimmy Durante Blvd., Del Mar For more information visit www.sandiegohomegardenshows.com

March 4-6, Gem Faire A world renowned marketplace for the finest in gemstones, beads, jewelry, minerals, fossils, meteorites, lapidary equipment, metaphysical items and much more at the lowest prices in today’s market.  Workshops and classes are offered.Time: Fri. 12:00 pm – 7:00 pm / Sat. 10:00 am – 6:00 pm / Sun. 10:00 am – 5:00 pm Location: Del Mar Fairgrounds, 2260 Jimmy Durante Blvd., Del Mar For more information visit www.gemfaire.com

March 5, 19th Annual San Diego Brazil Carnaval 2011 San Diego Brazil Carnaval features Carnaval Bands, Capoeira, parades, and Mardi Gras Beads.  The “Best” Carnaval venue on the West Coast.  The Gala signals the start of San Diego’s Carnaval Mardi Gras Celebrations that culminates with the Gaslamp Mardi Gras Parade on Fat Tuesday March 8. Time: 8:00 pm – 2:00 pm Location: Downtown San Diego, 4th & B Showcase Theater, 345 B St. For more information visit www.brazilcarnival.com

March 5, 63rd Annual Ocean Beach Kite Festival & Parade Enjoy a festival that offers a crafts fair, carnival rides, music, snacks, and a kite parade to the beach for kite flying. Create your free kite on-site, or bring your own for judging.  Free event. Time: Festival 9:00 am – 4:00 pm / Kite making and parade 9:00 am – 2:30 pm Location: Ocean Beach Recreation Center, 4726 Santa Monica Blvd., Ocean Beach For more information call 619-225-8705

March 5, SanTree Fest An Earth Day tree planning event in Santee.  Activities include tree planting (50-60 trees), river clean up, crafts for kids, food sampling, live entertainment, and environmental booths. Time: 9:00 am – 12:00 pm Location: Town Center Community Park East, 550 Park Center Dr., Santee For more information 619-258-4100

March 5, Little Italy Carnevale Enjoy a night of music, food, and shopping as you mingle among people dressed in Venetian attire.  Oh, and be sure to ask about the “Passaporto di Carnevale”. Time: 5:00 pm – 9:00 pm Location: Little Italy, Date St. between India St. & Columbia St., Downtown San Diego For more information visit www.littleitalysd.com

March 5, Fallbrook Woman’s Club Annual Attic-Rummage Sale The Fallbrook Woman’s Club is holding their annual Attic-Rummage Sale.  A bake sale is included and all proceeds go to local charities. Time: 8:00 am – 2:00 pm Location: Fallbrook Woman’s Club Clubhouse, 238 West Mission Rd., Fallbrook For more information visit www.fallbrookchamberofcommerce.org

March  8, Mardi Gras in the Gaslamp This Gaslamp Quarter wide outdoor celebration on Fat Tuesday includes two spectacular parades on Fifth Avenue and a fabulous block party featuring many great stages with fun musical acts.  Enjoy tasty treats, cold beverages and beads! Time: Parades at 7:30 pm & 10:00 pm Location: Gaslamp Quarter, 5th Avenue:  K thru E Streets, Downtown San Diego For more information visit www.gaslamp.org

March 8, Hillcrest Mardi Gras Street Party 2011 Mardi Gras Street Party for adults 21+ celebrating “Fat Tuesday”.  This is a benefit party near the center of Hillcrest in Uptown San Diego, to support youth scholarships and community improvements.  Food, beer, entertainment.  Mardi Gras masks and costumes encouraged.  Ticketed event. Time: 6:00 pm – 11:00 pm Location: 4th & University, Hillcrest For more information visit www.hillcrestmardigras.com

March 10-20, 18th Annual San Diego Latino Film Festival Short and feature length films by Latinos and/or about the Latino experience will be shown. Films are from Latin America and the US. Time: Refer to website for showtimes Location: UltraStar Mission Valley Cinemas, 7510 Hazard Center Dr. For more information visit www.sdlatinofilm.com

March 12, 31st Annual St. Patrick’s Day Festival Wear something green when you come to enjoy the festivities in a Celtic Village filled with Irish culture, music, dancing, food and beer; plus a children’s play area with rides.  This event is in conjunction with the St. Patrick’s Day Parade.  A free event. Time: 9:00 am – 6:30 pm Location: Balboa Park, West side of park along 6th Ave. between Laurel & Quince For more information visit www.stpatsparade.org

March 12, St. Patrick’s Day Parade Come watch the St. Patrick’s Day Parade with marching bands, floats, police and fire department units, the Emerald Societies, Scout Troops, clowns, equestrian entries, bagpipe contingents, antique cars and much more! Time: 10:30 am Location: Balboa Park, Fifth Ave. & Juniper St. For more information visit www.stpatsparade.org

March 12 & 13, Tall Ship Cannon Battles Experience and participate in the thrill of tall ship maneuvers and tactical combat at sea aboard one of two tall ships where you’ll battle the other tall ship with black powder cannons.  The best free viewing areas are from the Broadway Pier, Embarcadero Park, Cabrillo National Monument and Coronado Landing. Time: 12:30 pm – 4:00 pm Location: Embarcadero, 1492 North Harbor Dr. For more information visit www.sdmaritime.org

March 19, Colon Cancer Alliance Undy 5000 5K Run/Walk This is a timed 5K run/walk where participants are encouraged to wear undies over their running attire.  Dress appropriately and be as creative as you want. Time: 7:00 am – 9:30 am Location: East Mission Bay – De Anza Cove For more information visit www.undy5000.org

March 27, La Mesa Village Antique Street Faire Once a year, La Mesa Boulevard is closed and Antique dealers from far and wide set out their wares. The event generally features more than 125 booths with genuine antiques and collectibles, plus appraisal and restoration booths. Reminiscent of an old fashioned Midwest flea market, there’s live music and entertainment. Time: 9:00 am – 4:00 pm Location: La Mesa Village, 8200-8300 block La Mesa Blvd. For more information visit www.Lmvma.com

More questions we can help you, at County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau!

Want to know what your home is worth? Click here for a free market evaluation !

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

Sellers of real property are required to report to the I.R.S. Required due to the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance with the Internal Revenue Code and aid in audit and enforcement efforts by the I.R.S. Sellers are required to have the dollar amount of their gross proceeds from the sale reported on a Form 1099S.  When a settlement agent is used, the I.R.S. makes the settlement agent responsible for the delivery of the seller’s gross proceeds information on the Form 1099S.

The settlement agent generally will be the escrow agent or title company; however, it may be an attorney, real estate broker or other person providing settlement services.

What is an I.R.S. Form 1099S; and what will be reported?

Form 1099S is used to submit the seller’s gross proceeds information and is required by law.

The information is transferred onto magnetic media by the settlement agent who will make the required report to the I.R.S.  The settlement agent is also required to keep a master copy of all transactions reported for a length of four years from the date of transaction.

Information required by the I.R.S. falls into the following categories:

1. The name, address and taxpayer ID number (social security or tax identification number, often called the (“TIN”) of the seller(s))
2. A general description of the property (in most cases an address)
3. The closing date of the transaction
4. The gross proceeds of the transaction (even though gross proceeds do not correspond to taxable income)
5. Any property involved as part of the transaction other than cash or cash equivalent
6. The name, address and taxpayer identification number of the settlement agent
7. Real estate tax paid in advance that is allocable to the buyer.

On what type of transactions is a Form 1099S required?

1. sales and exchanges of 1-4 family residential properties (houses and condominiums)
2. improved or unimproved land
3. commercial or industrial buildings
4. stock in a cooperative housing corporation
5. mobile homes (manufactured homes) affixed to real property.

Excluded from reporting:

1. Foreclosures
2. Abandonment of real property
3. Financing or refinancing of properties,
4. the sale or exchange of a principal residence with gross proceeds of $250,000 or less ($500,000 or less for married filing jointly) if an acceptable written assurance (certification)

What happens if the seller(s) refuses to provide the taxpayer identification number for the Form 1099S?

The settlement agent is required to request the transferor’s taxpayer identification number(s) (TIN(s)) before the time of closing.  You may request a TIN on Form W-9 or use an alternative written request.  The IRS has included sample wording of an alternative written request in the instructions for preparation of Form 1099S.

Should the seller fail to provide the identification number and certify its correctness, the settlement agent may choose to:

1. Delay the closing of the transactions until the information is furnished, or
2. Complete the transaction and report to the I.R.S. that an attempt was made to obtain the information from the seller.

How is the sale reported when there is more than one seller involved or when multiple sellers do not own equal interests in the property?

Multiple sellers may allocate the gross proceeds among themselves for purposes of reporting.  If there is no allocation, an incomplete allocation or conflicting allocations, then the entire gross proceeds will be reported for each seller.

Where can I go for further information on taxation of real property?

The I.R.S. provides free publications that explain the tax aspects of real estate transactions.  You may wish to order:

• Publication #523: Selling Your Home
• Publication #530: Tax Information for First-Time Homeowners
• Publication #544: Sales and Other Dispositions of Assets
• Publication #551: Basis of Assets

To place your order, phone toll-free 1-800-829-3676

Source: www.clta.org

More questions we can help you, at County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau!

Want to know what your home is worth? Click here for a free market evaluation !

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

What is The Scoop?

• Monthly 3 to 5 minute video
• Snapshot of the latest sales statistics
• Overview of recent market trends

Don’t miss out on this month’s video. Click below for important housing market data and trends

More questions we can help you, at County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

The Federal Housing Administration (FHA) has extended its 90-day “no flip” rule on recently rehabbed properties for another year.

The ruling, which allows investors who acquire foreclosed properties at below-market value to be exempt from waiting the customary 90 days before reselling them, was set to expire at the end of January 2011.

Vicki Bott, deputy assistant secretary for single-family housing at the FHA, said that first-time buyers have responded overwhelmingly to the opportunity to buy “turnkey” renovated homes with low down payments and they have performed well on their mortgage obligations.

The 90-day waiting period originally was put in place to protect FHA borrowers against predatory practices of flipping where properties were quickly resold at inflated prices to unsuspecting borrowers.  Bott said that while the FHA is concerned about flipping in general, they have not seen any of the fraud problems, defaults and re-foreclosures that cost the agency millions in insurance payouts in earlier years.

More questions we can help you, at County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth?

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

President Franklin Roosevelt’s New Deal established the Federal National Mortgage Association (Fannie Mae) in 1938 as a federal agency in the wake of the Great Depression. Its purpose was to bring liquidity, stability and affordability to the U.S. housing and mortgage markets. Congress converted Fannie in 1968 to a publicly held corporation to help balance the federal budget.

To compete against Fannie Mae’s domination of the secondary market and further lower housing costs, Congress chartered the Federal Home Loan Mortgage Corporation (Freddie Mac) as a public corporation in 1970.

Freddie and Fannie have similar Congressional mandates, charters and regulatory structures. Both entities buy mortgages from lenders and package them into mortgage-backed securities that are sold to investors with a guarantee against default. This creates a secondary market, allowing mortgage lenders to use the freed-up funds to make more home loans.

The Government National Mortgage Association (Ginnie Mae) was established by Congress in 1968. Unlike its GSE siblings, Ginnie does not purchase loans, but guarantees investors the timely payment of principal and interest on mortgage-backed securities containing federally insured loans — mainly FHA and VA loans.

In September 2008, the U.S. government rescued Fannie Mae and Freddie Mac from the brink of economic failure and placed them into conservatorship with the Federal Housing Finance Agency (FHFA). Some members of Congress have called for the gradual elimination of Fannie and Freddie to leave mortgage finance completely in the private sector.

A Treasury Department report on the future of Fannie and Freddie will be delivered to Congress in the first half of February 2011.

More questions we can help you, at County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!