Hi all, hope all is well and that you’ve been having a nice August! We just wanted to share some information that we think you may find useful, especially if you’re a local NYC Homeowner. Take a look when you have a chance and Contact Us questions 😀
Our Favorite Flooring Resource
If you’re like us, then you probably have had some flooring issues in your home, or you know someone who is in dire need of new floors 🙂 We recently needed to replace hardwood floors in a property and we used a company called Exquisite Flooring. Our main point of contact was Devon, he was very professional, reliable, did good work, and charged a reasonable rate. His company specializes in wood, parquet, engineered, and laminate floors. They do installation, sanding, staining, and refinishing. It’s hard to find good people, so if you need some flooring work done, we would recommend giving Devon a call. His contact info is below for your reference. Don’t forget to tell him that Queens Home Team sent you 😉
Emergency Rental Assistance Program
If you have tenants with who have not paid some or all of their rent due to the COVID-19 Pandemic, the New York State Emergency Rental Assistance Program (ERAP) may be able to help.
Under this new program, you or your tenants may be eligible to apply for help from the New York State Emergency Rental Assistance Program (ERAP). If you apply on behalf of your tenants, your tenants will be notified and must complete documentation.
All payments will be made directly to you on behalf of your tenants. Tenants will be notified of any amounts paid on their behalf. Unpaid utility bills may also be assisted. To learn more about the program, Visit:
How to get the Primary Residence Capital Gains Tax Exemption
We recently read a pretty straight forward article on how to get the primary residence capital gains tax exemption. In short, the primary residence exclusion allows you to exclude a certain portion of your capital gains when you sell your property. In order to qualify, you must live in the home for 2 of the last 5 years. Qualifying Individuals and married couples who file separate returns can exclude up to $250,000 of capital gains and married couples can exclude up to $500,000 of capital gains.
Some key things to note: You don’t have to use the proceeds to buy another home, you can use the exclusion once every 2 years, the exclusion only applies to primary homes, and, extra calculations are needed if you convert a rental property into a primary residence. Check out the link below for more details. If you have any questions, feel free to reach out anytime.
Well, that’s it for this month. Hopefully you find this information helpful. As always, if you have any real estate questions, or if you need any referrals, feel free to contact me anytime.
Have a great end of Summer!