NEW IRS RULING FOR VACATION HOME 1031’s

• 24 month holding period
• for each 12 month period you must have rented vacation home for at least 14 days at fair market rent
• for each 12 month period owner can only use property for the greater of 14 days or 10% of the days rented.
• Days that relatives use the unit will count against you… unless they pay fair market rent
• You are allowed a reasonable number of “maintenance days” to care for the unit (not defined by IRS)

SUGGESTIONS:

· Tighten up record keeping and tax reporting

· Be serious in rental attempts

· Charge family members the going rental rate when they use it

Keep detailed records of dates you used the unit and what you did – and describe maintenance done for “maintenance days”

WHAT IS THE DIFFERENCE BETWEEN MORTGAGE PRE-QUALIFICATION AND MORTGAGE PRE-APPROVAL?

Verification and Documentation explain the difference. Pre-Qualification is based on information provided by the buyer whereas Pre-Approval is given after receipt of copies of bank account statements, income proof (pay stubs) and income tax returns; other information may be requested as well. Neither are considered a mortgage commitment, but the more detailed Pre-Approval is preferred by sellers. Pre-Qualification requires the borrowers name, address, phone number, date of birth and social security number with permission to do a credit check. Questions may be asked about annual income and what down payment the borrower can make. A letter is issued with an estimate of the amount of a mortgage for which the borrower can be approved, based on documentation verification, which may be described in the letter. The letter will also include a disclaimer, e.g., “subject to verification of employment (2 years of work history) / assets / credit review / charge card statements / mortgage underwriting guidelines” and the prevailing interest rate, which can be “locked in.” This serves temporarily as confirmation to a seller that a buyer appears to be able to afford to purchase their property. Underwriting criteria may include credit scores, work history, verification of income, qualifying income ratios, verification of where down payment will come from (e.g., brokerage or bank account or gift), cash reserves after closing. There may be information that has a negative impact on mortgage approval, including a borrowed down payment, inconsistent work history, unreported “cash” income, not enough assets for closing costs, and other issues.

NEW VISTA THEATRE RECEIVES AWARDS FOR TWO 2007 PRODUCTIONS
Now moved to their new location on Palmetto Park Road, a few miles west of 441 in the Shoppes of Logger’s Run, The New Vista Theatre Company in West Boca Raton has been nominated for five Carbonell nominations for two of its 2007 productions, “Funny Girl” and “Jacques Brel”. Performances are held at the West Boca Raton High School Performing Arts Center, 12811 Glades Road. During their Inaugural Season, 2006-2007, “A Funny Thing Happened on the Way to the Forum was nominated for 5 Carbonell Awards. They recently moved to Boca Raton from Davie. Actor Avi Hoffman heads the company. Upcoming productions include “I’m Not Rappaport,” May 1-18, and “The Big Bang,” June 19-July 6. Click here for dates and more information or call 561-482-4144. Group Rates are available, and website sales are 10% off. Show times are Thursday, Friday and Saturday at 8 pm, Saturday and Sunday at 2 pm and Sunday at 7 pm. Since 1976 Carbonell Awards have been given to Regional Theatre Productions. The Awards were created by South Florida’s arts critics and columnists.

LOOKING FOR SOMETHING CULTURAL TO DO THIS WEEK?
Renee Fleming… Kathleen Kennedy Townsend… the Russian National Orchestra… Joyce Carol Oates… The 5 Browns, on 5 pianos playing Home Blues from American in Paris… check out the schedule for the Boca Festival of the Arts this week…

MARCH 9th - ANTIQUE CLOCK EVALUATIONS
Ever wondered about the value of that pretty clock that has been in your shelf for years? Bring your antique clocks to the Cornell Museum, Old School Square, between 1:00 and 4:00 p.m. for an informal evaluation by NAWCC members who are participating in the exhibit, Timekeeping through the Ages. For more information go to www.oldschool.org and see special events.

NEW SPANISH RIVER LIBRARY IN BOCA NOW OPEN… MAKE A VISIT A MUST!

Enter into a huge reading room with volume ceilings and high windows giving off light, and find a serene atmosphere, perfect for enjoying a book or a magazine. The facility is about 40,000 sq feet, a Mizner-inspired design, features decorative arches and faux coral stone columns, a Spanish tile roof, the man-made Blue Lake, coffered ceilings and dark cherry wood trim. Approved by voters, Countess de Hoernle's philanthropic gift greatly reduced our costs. Go visit and be proud to take guests from out-of-town to lunch at the Library Cafe. Check out the thousands of free books, newspapers, magazines, periodicals and more. Wireless computer outlets are available. The upstairs balcony area, as well as the main reading room, is perfect for studying and reading. Ground was broken on April 2, 2004 to start building the Library, and now that construction is complete, the library opened January 26, 2008. There are two Computer Labs each seating a dozen people. There is a Children’s Lab with learning games and application software. A special Teen Room for Tweens and Teens is provided. Rooms and beautiful outdoor areas, some with pretty Blue Lake views, are available for meetings and events. Friends of the Boca Raton Public Library offer a chance to win a $25 gift certificate and other prizes every day you come to one of the libraries from February 1-29. The Library Café fixes fresh salads and foods and has wonderful cookies, cakes and pastries. They can do catering for any kinds of parties. Email torocsikpeter@yahoo.com or call 561-305-8646. You can eat in the café, or go outside to the tables overlooking the pretty lake. Programs are featured and you can join The Friends of the Boca Raton Library for $25 or less. Hours are Monday through Thursday, 9 am to 9 pm. Friday and Saturday, 9 am to 6 pm. Sunday, 12 noon to 8 pm. For more information go to www.bocalibrary.org.

INVESTORS: A GREAT TIME TO BUY!

With condo inventory SOARING here in Florida In the last 20 months, you may be able to buy RIGHT NOW at the lowest price you will see in a long time to come

• $187,000 is median price for a Florida condo (per NAR)
• Median price is down 9% from one year ago
• Number of condos sold down 29% from one year ago
• Florida brings in more than 300,000 new residents per year (2^nd only to Texas)
  Investors have started to GRAB GOOD DEALS while they can in this buyer’s market. The bad news for sellers means good news and opportunity for savvy buyers. Builders are making contributions to sweeten deals in the Florida condo market. LET MARILYN SHOW YOU THE BEST DEALS AROUND. To compare recent sales, amenities, restrictions and size of complexes go to http://www.FLWaterfrontCondos.com.

OFFICE HOURS EXTENDED FOR HOMESTEAD EXEMPTION, PORTABILITY FILINGS

Gary Nikolits, Palm Beach County Property Appraiser, reminds homeowners that there is less than a month left to file for 2008 homestead exemption and portability benefits and has extended office hours for the next three weeks. Extended hours will be available at the service center on the first floor of the Governmental Center at 301 N. Olive Avenue in West Palm Beach, at 3188 PGA Boulevard in Palm Beach Gardens and 501 So. Congress Avenue in Delray Beach, and 200 Civic Center Way in Royal Palm Beach. These offices will be open from 7:30 am to 6 pm weekdays. Filing deadline for exemptions is Monday, March 3^rd. It is suggested to file as early as possible to avoid long lines. You can file online on the Property Appraiser’s website; go to the Exemption E-File link on the home page and follow the prompts. For more information, call 561-355-2866.

BOCA RATON 2008 FESTIVAL OF THE ARTS

Centering in Mizner Park, for a list of cultural events for all ages including concerts, ballet, wine tastings and auctions, lectures, jazz and more, go to http://www.centre4artsboca.com/events.asp