I have tested the new slideshows on a variety of different browsers without issue, but everyone’s setup is a bit different. If you have any problems with this feature not working properly, please let me know. I hope you enjoy the changes.

After years of waiting, the formal groundbreaking is now set for the new Mississippi River Bridge in downtown St. Louis. Meant to create a direct route from Missouri to Illinois along Interstate-70, this $670 million project will be breaking ground Friday, February 26th at 12:30pm.

Come 2014, this project could really bring some major changes to transportation through downtown St. Louis. It’s just too bad we have to wait so long.

They are still interconnected, but as time goes by they might diverge somewhat. I will continue to refine the site over the next few weeks and have a similar makeover coming to the actual blog. These changes have been a long time coming and when the final product is ready it will be better for both you readers and myself alike. I hope you like what I have done so far.

*NOTE – I am still working out a few bugs in the display for Internet Explorer. Should have those worked out in the next day or so. Also, I need to work on fixing all the blog links on the site so bare with me for a few days.

Although the impact of the Interstate 64 closure through St. Louis over the last two years has been less severe than most feared, it still had an impact nonetheless. Since we’ve all be inundated by news on the subject lately I won’t bore you with rehashes of other articles, but I did want to point out a couple of real estate-related affects.

The obvious one is that this closure has had an impact on anyone owning properties along the construction zone. Areas like Maplewood, Richmond Heights and Dogtown were probably the most negatively affected. The number of “For Rent” sings in these areas has been higher since the second phase of the project as would be assumed. Owners selling their homes have also had a harder time (at least at the prices that wanted) since most people would be reluctant to move-into an area in the midst of a traffic inducing construction project. Now that the project is over, and the flow of traffic goes back to normal, these areas can go back to their normal patterns.

Since I don’t do a ton of transactions in the areas listed above, I haven’t really witnessed this impact first hand. The one thing that I have had to deal with over the last two years is the pain in getting to title companies. For whatever reason, most title companies I have to use on all these foreclosure deals are around I-64. First American in Brentwood, Mokan, Investors and Continental in Clayton, and Bankers & Lenders as well as a few others further out. With having to drop off earnest money or show up for closings a couple times each week, the overly-long routes to these places have proven to be a huge pain.

For the time this reopening is going to shave off these trips, I am most thankful. If you are an agent yourself or an investor who buys a lot of properties I’m sure you can relate. It’s nice to be able to get where you are going without going in a circle. It’s good to simply be back to normal.

We ran into a few snags along the way, my contractor bailed on me with two weeks to go, and there was a nice little delay in getting the concrete countertops in, but my rehab project at 3969 Humphrey is finally complete.Its been about four months since the project started in July, but I am really happy with the results. The property is going on the market later tonight for $134,900.

Just about everything was redone on the place. Here is a rundown of what we did:

• Totally redone kitchen including 42″ cabinets, concrete counters, stainless appliances,and unique magnetic-chalkboard backsplash.
• Totally redone bathroom
• Roof
• Flooring including maple hardwoods in living areas, tile in kitchen and bath, and carpets in bedrooms
• Low-E, thermal windows
• Furnace, AC condenser and water heater
• Plumbing including lateral to the yard and half service
• Electric including 200 amp service, 95% interior wiring and all fixtures; siding on rear addition
• Security alarm
• Fresh drywall and paint
• Landscaping

Needless to say, the place is virtually brand new. Take a look at it yourself via the pictures and video below. If you want to compare the final product to what it looked like before, you can see old pics here. I’m sure the place will sell fast, but there is no question that it feels very good to be done. Especially since I will probably try to do another one before the housing credit expires in April. What fun;)

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It’s been a little over two months since I last posted about my ongoing rehab project, but I am happy to say that it will be done in less than two weeks. Trim work is about halfway complete so it will mostly be odds and ends from here on out.

At this point the roof, electric, plumbing, rear siding, HVAC, hardwoods, tile, kitchen cabinets, doors and windows are all complete. Baseboard trim should be finished up by Saturday so that finish caulking and painting can be completed. Other than that, here is the work that remains:

• Carpets
• Appliances
• Concrete counters
• Remaining bathroom fixtures
• Landscaping
• Painting the basement
• All those fun little odds and ends

In addition to the subcontractors, I will be at the house all weekend trying to finish up the outside. We are getting very close though and should be able to start cleaning up by the end of next weekend. Just in time to get the place under contract and close before the $8,000 homebuyer credit potentially expires. Since we upped the scale of the work at the place, and because the market is supporting it, the asking price will be $134,900 when it goes live. If you know anyone looking for a place, be sure to give them a heads up.

I plan on having an open house when the project is complete so expect details on that and final pics and a walkthrough video very soon. In the meantime, check out the current pics.

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It’s been nearly a year since I moved my company, Threshold Investment Properties, into my current building at 2654 Gravois and I haven’t stopped working on it for one minute. The building has quite a ways to go before its done, but the office itself is nearing completion. The best example of this transformation is the nearly complete storefront.

Originally a hideously painted, paneled monstrosity, after months of planning and work, the structure is up, patched, primed, painted and now clean. I’m still working on the stained glass, doors and signage, but the bulk of the work is done.

The new section of the storefront is composed of 3″ x 8″ Douglas Fir boards, which I had to have custom milled. There are 23 panels of double paned glass, which do a good job of keeping out the noise and extreme temperatures. I tried to do something a little different to give the place some character and I have been very happy with the results thus far.

I’m still kicking around ideas for the doors and sign, but I hope to have that figured out and have the money to do the work by November. I hope to have the entire office finished by that point too. When I am done, I will be sure to post pics and a video of the whole project as this place has been my love-hate obessesion for over a year. In the meantime, check out the storefront progress pics.

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Last night at 2am I got a surprising wake-up call: the alarm was going off at my rehab project in Tower Grove South. The police were already there and requesting a key-holder to come over. Upon arriving on the scene I witnessed the sobering site of a backdoor kicked in.

Thankfully, my alarm system did its job. Not only did it run off the assailant without any theft or vandalism (other than the door), it also alerted me to the issue and brought the police on site. I know a lot of rehabbers skimp on installing alarms, and even more skip out on having them monitored, but this is proof positive why you should protect yourself.

Another thing this incident reinforces in my mind is that a hand-lock on a door is very easy to break. On the back door of the property in question, that is all that was in place when we bought the place and I was too lazy to install anything more. It looks like a couple of kicks is all it took to break it. Lesson learned. All access points to any property should be secured with a properly installed deadbolt in addition to a standard lock set. Especially on a vacant property.

If you properly secure your properties upon each visit and make sure there is an alarm system and proper lighting (another thing I didn’t have), the odds of a successful break-in are small. I only had one of the three and I managed to get away with only a busted door, which I was going to replace anyway. Still, its better to be safe than sorry as the financial loss and frustration of a successful burglary could have been a lot worse.

Although my rehab project last summer was nearly the death of me (at least in terms of my social life), I am now underway on my next project. Thankfully, this time all the work is being subbed out.Located in the the South Saint Louis neighborhood of Tower Grove South at 3969 Humphrey, this 1,000 sq ft bungalow is getting the works. The following is a breakdown of the work going into the building:

• Electric overhaul including everything from the service coming into the house, the panel, internal wiring and fixtures.
• Plumbing overhaul including a new stack and lateral underneath the basement floor, half-service, as well as all new internal copper and PVC.
• Kitchen including shaker cabinets, 2″ concrete counter tops, and stainless steel appliances.
• Bathroom including fairly fancy contemporary fixtures
• Flooring throughout the building including maple hardwoods in the dining and kitchen, tile in the bath and kitchen, and carpet in the bedrooms.
• Roof
• Windows
• HVAC system
• Tons of other updates such as drywall, paint, trim, doors and landscaping throughout the property.

In short, everything is getting redone. This place isn’t going to be huge, but it will be a quality product for a good price. And since the targeted completion date is the first week of September, there is plenty of time for buyers to take advantage of the $8,000 first-time homebuyer credit before it expires on December 1st (something to keep in mind if you are in the middle or contemplating a rehab yourself).

Check out the “before” pics below. I’ll have updated pictures when the electric and plumbing are finished at the end of next week.

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In the meantime, please feel free to browse through all the listings in the St. Louis area via this already excellent feature on the site. Best of all, you don’t have to register to use the feature. However, if you do, you will be able to save listings to your own cart and have email updates sent to you when any prices changes pop up on the property. It’s a great little system. You can perform this search anytime via the  MLS Search tab (the For Rent and For Sale tabs as well) on the main menu or you can just click here to perform a search now.

In the next few weeks, a full redesign of the entire Threshold Investment Properties site is coming, along with a redesign and reactivation of the semi-dormant blog. I think it will have been worth the wait. This will also feature a variety of custom MLS searches, which will allow you to search for specific types of properties (ie. 4-family) and/or specific areas (ie. Shaw). I’ll be sure to alert all you readers when those features are active.

The old URL will continue to link to the blog, but I am in the process of remaking my company website to include dynamic property searches and this is one of the changes I needed to make for this to work. Expect postings to continue at a sporatic pace for a few more weeks while I finish these improvements to the site (and finish rehabbing my office). If you notice anything out of the ordinary with the with the site in the next week or so, please give me a heads up. Thanks for your patience.

If you own rental units, you know how tedious it can be filling your vacant units. In order to compete with all the other landlords out there, you have to be persistent, creative and ready to meet prospective tenants at the drop of a hat. Thankfully, Threshold Investment Properties is now offering a leasing service to help you fill your units quickly and with no hassle.

Take a look at what we offer with our  service:

• Professional signage and flyers
• Consultation to determine market rent value on apartments and what improvements might be cost effective prior to renting.
• Custom website specific to each apartment
• Video walkthrough of your apartment – VERY EFFECTIVE
• Custom craigslist and backpage ads updated 3 times a week (2 for backpage)
• We handle all the showing and phone calls. At a minimum, we’re always available Monday through Friday from 10am to 6pm, and Saturdays from 10am to 2pm to make sure your prospective tenants get prompt attention.
• We screen the tenants ($40 charged to tenant, which is also available a-la-carte). Screening always includes credit, state criminal, eviction report, employment and rental history checks. And we do all we can to turn these around within 24 hours.
• Facilitate the lease signing. At no additional charge we can help you put together a lease and coordinate the lease signing with you and the tenant at our office or the property. This includes making copies of leases for you and any other advice you may need.

The best part is that there is no setup fee, and the service only costs $500 per apartment. You don’t owe us anything until the lease is signed, and the rent and security deposit are in hand. Compare that to the 75% to 100% charged by other leasing companies who do half the work.

Currently, our rental website is being updated, but even in it’s current state its proven to be a big success. Check it out this example for yourself. If you currently have any vacant apartments in South St. Louis or the inner suburbs, and are interested in learning more about our service, feel free to contact me anytime at mkastner@thresholdstl.com or 314-452-3924.

Despite the sluggish economy, I find myself in a position where I can’t seem to shoulder my current workload all by lonesome. As such, I’m looking for some help. Specifically, I am looking for someone to handle leasing apartments and residential sales for me.I work with a lot of real estate investors who are fixing up buildings both for sale and for lease and the position  would involve taking care of that angle of the business as well as bringing in business of your own. I am not a residential agent or leasing specialist and I need someone with the patience, tact and sales experience to do the best job possible.

Just about all this work will be in South St. Louis and the surrounding area’s so I prefer someone with an established knowledge of the area, who doesn’t live an hour a way. Experience in residential sales is a must (and a RE License too) and leasing experience is a bonus but not required. Compensation will be primarily a commission-based system, but with apartments already lined up to rent and houses in the pipeline, pay should be steady, respectable and start flowing in almost immediately.

If you are on this site, you know the kind of tools I use in my practice and the new stuff in the pipeline is even better. If you’re looking for a change of scenery, and this sounds like something you might be interested in, give me a call and 314-452-3924.

Ever since the “American Recovery and Reinvestment Act of 2009 (aka The Stimulus Bill) was passed in February, many homebuyers have been trying to figure out what this means for them. Sure an $8,000 tax credit is great, but how do you get and how do you qualify?Here is a brief rundown of the main points of interest:

• Repayment – This tax credit does not have to be repaid. However, if the qualifying home is sold within three years of purchase, the entire amount of the credit must be repaid.
• Credit Amount – Credit will be for 10% of the purchase price of the property up to $8,000.
• Property Eligibility – All primary residences including single-family homes, condos, townhomes, mobile homes and even houseboats (not that that matters much in Missouri). Duplexes do qualify, but generally, only 50% of the property is considered your primary residence so you can only consider half the purchase price when determining the amount of credit.
• Personal Eligibility - For first-time homebuyers only. In this case, a first-time homebuyer is considered someone who has no owned a primary residence in at least 3 years.
• Income Limits – Credit begins phasing out when the purchaser’s income exceed $75,000 for a single person or $150,000 for a married couple.
• Timetable – Available for purchases between January 1, 2009 and December 1, 2009.
• Claiming the Credit – Fill out IRS From 5404 to determine your amount of eligibility and apply this amount to your 1040 tax return on Line 69.

One of the biggest concerns with this tax credit is that you don’t actually see the money until after you purchase the property. You might receive the funds within just a month or so of the purchase, but that doesn’t do a lot if you need it up front. Thankfully, in the State of Missouri, there is way around this issue.

In response to the passage of the Stimulus Bill, the Missouri Housing Development Corporation unveiled a load program that will you as much as $6,750 prior to closing, using your pending tax credit as collateral. As long as this amount is repaid by June 2010, no interest will be due on the amount. This program is available only for Missouri and more info can be found here.

While you can’t use this credit on an outright investment property, the fact that it is available for duplexes and foreclosures makes it an appealing option if you are looking to take advantage of this great buyers market and also find a place to live. If you are looking to do a bit of rehabbing, you can even use the $8,000 to help fund the project.

On the other side of the situation, this program should also be a help to rehabbers trying to sell their finished projects. A free check for $8,000 might be too much for formerly skiddish buyers to pass up, which may help the residential sales market in the coming year. It’s really a win-win for everyone involved in the real estate transaction.

One of the best things about blogging St. Louis development and real estate deals is that I am increasingly finding myself being contacted by a lot of interesting people. I’ve actually been contacted by quite a few local and even national news providers in the past few months asking my opinion on certain matters or for advice on the direction of a story. But as great as those are for my personal morale and ego, I have yet to be featured in any of those stories. That is, until now.

Yesterday, Adam Allington of the St. Louis NPR affiliate KWMU, contacted me to ask me my opinion about the kinds of opportunities and obstacles that normal everyday buyers face when they are looking to buy a foreclosure. I guess he liked what I had to say because he asked my to meet up with him this morning. He ended up interviewing me for about an hour while we strolled through an example foreclosure in Benton Park.

The great thing about it is that he says it is going to be a national story. Who knows how much of my interview he will use, but its cool nonetheless. Getting to take part in story for a station I really respect is a great honor. Hopefully I did the real estate market and St. Louis justice in my interview. When I know about the air date, I’ll be sure to pass it along. Thanks for working with me Adam.

Once again a small group within the Missouri General Assembly has targeted the Historic Tax Credit program for modification or elimination. Your input to your senator is critical if we are to preserve this critically important tool for redevelopment of our cities and towns. 

The following is a brief fact sheet/talking points to help you better understand the issue; this was developed by the Missouri Coalition for Historic Preservation and Economic Development and provided by Eric Freidman, a St. Louis REALTOR® who is active in the coalition to protect and expand Historic Tax Credits in Missouri.

Fact Sheet on Historic Tax Credits:

Economic Development – During a devastating housing/financial economy, it is critical that the Historic Tax Credit is allowed to continue generating local jobs and infusing state and local budgets.

• The Missouri Historic Tax Credit has driven down unemployment by creating over 40,000 jobs since its inception in 1998 (as of September 11, 2008) (Rypkema, 2008).

• With a return to the state of over one dollar for each credit dollar issued, the Historic Tax Credit has resulted in $673 million direct and $700 million indirect additional income for Missouri taxpayers (as of September 11, 2008) (Rypkema 2008).-  For every one million dollars of spending on historic rehabilitation, local income increases by $704,000 and 20.2 jobs are created. Those results significantly exceed payback from other types of state investment (e.g. one million dollars of manufacturing output adds an average of $470,000 to local household incomes and creates 13.9 jobs.) (Rypkema, 2008).

• One million dollars of rehabilitation investment results in an $110,000 increase in state taxes and $92,000 in local taxes (Rypkema, 2008).

• Each year, the benefits of the Historic Tax Credit far exceed direct cost, boosting Missouri’s economy by more than one billion dollars per year (Rutgers, 2001).

No Caps – Capping the Historic Tax Credit will halt redevelopment and destroy the program.

• Renovated buildings must be completed and certified prior to the tax credit being issued. If developers/owners are not certain that a credit will be available, they will not make the initial investment. The credit is essential to making the project work.

• Buildings eligible for the Historic Tax Credit are economically obsolete without an available incentive.

• The Historic Tax Credit of Missouri is modeled after that of the Federal government. Both remain successful because they are uncapped and are allowed to function through efficient markets.

Recognition – The Historic Tax Credit is the most effective development credit in the state and serves as a model for success in job creation. As a direct result of the credit, Missouri leads the country in historic preservation.

• Research indicates that, among Missouri’s tax credits, Historic Preservation is most effective from a cost-benefit perspective. Researchers recommended that it be preserved in its original state in order to continue promoting economic development (http://www.taimerica.com/missouri/reports.html).

• The Historic Tax Credit has been so successful that several states, including Iowa, Massachusetts, Tennessee, North Carolina, Wisconsin, and Maryland, have made efforts to imitate the credit.

To fight this measure, you’ll need to contact your state senator. For more information on how to do this via paper or electronic mail, go here.

To spread the word about this issue to others, go the Tell A Friend site.

Most of this post was taken from excerpts of the informational site on this issue provided by the Missouri Association of Realtors. The original wording and source can be found via the above two links.

]]> http://thresholdstl.com/other_topics/legal-issues/historic-tax-credits-missouri/feed 0 http://thresholdstl.com/other_topics/financing/8000-homebuyer-tax-credit-stimulus http://thresholdstl.com/other_topics/financing/8000-homebuyer-tax-credit-stimulus#comments Fri, 13 Feb 2009 19:28:50 +0000 Matt Kastner http://stlinvestmentrealty.com/?p=1330

There is a bill, a stimulus bill, up on Capital Hill, that might be of interest to you if you or someone you know is looking for their first home.It could mean $8,000 in your pocket.

Earlier this week, the real estaet industry was abuzz about these credit. Orginally, the provision was set to provide a $15,000 tax credit, which did not need to be repaid, put that was wiped out of the bill while it was being batted around congress. The credit would have been available to anyone who bought a home within the next year, regardless of income. This was to be an escalation of the current tax credit of $7,500, which is for first-time homebuyers only, has income restrictions,  and must be repaid.

The bill is still being worked on at this point, but it seems that an $8,000 tax credit will replace the original in the final bill. At this point it sounds like this version will have the same restrictions as the existing credit, but will not have to be repaid. The credit would be available to any first-time homebuyer who purchasers before August 31, 2009. Its possible the language of the bill will be altered to require repayment (which happens over 15 years), but we won’t know for sure until next week.

If you or someone you know is a potential first-time homebuyer, considering the great interest rates and great foreclosure buys on the market, this might be something to pay attention to. Whether you like the stimulus bill or not, its hard to turn down a $8,000 check. I’ll have more on this once the bill is final.

UPDATE - The bill has just passed in congress and will be voted on by the senate tonight. The exact details of the current provision are still unclear. The bill is 8 inches thich (seriously) so I guess they might not even know what they are agreeing to. Additioally, the State of Missouri is trying to do something similar with a $1,000 tax credit. More on these next week.

It appears that Fannie Mae has decided that it is going to cut real estate investors a break. Word is hitting the street that the current cap on Fannie Mae backed loans will be removed for credit worthy real estate investors beginning March 1, 2009. The new cap will jump all the way up to 10 properties.

This is great news for you investors that have been waiting for something to break. The restrictions on this platform will probably be pretty strict, but when compared to the environment of the past year, this is a major step forward. This might bode well for the markets this summer. Might be time to get back in touch with your lenders and see what this means specifically for you. Hopefully you can reap the benefits.

More as it develops.

Since your house isn’t your biggest investment and you are using this mentality as a springboard to get out of the endless cycle of dumping your money into the bank’s coffers, there is one big question looming in your mind: “What do you do with this new found money you have saved?” The short answer… invest it.

There are probably a thousand schools of thought on how to get the best and safest returns on your money. However, with the recent collapse of the financial markets, along with stock prices and savings account interest, it should be obvious that there is no such thing as a totally safe bet. Since I am obviously an advocate of investing in real estate, and since I know quite a bit about it, I am going to stay out of those more uncertain waters and talk about what I know: investing in real estate.

The beauty of investing in real estate is that, more than any stock or mutual fund, you control your destiny. Sure there are lots of things out of your control such as the ebb and flow of consumer demand and fluctuating interest rates, but you have a greater measure of control through this investment method than almost any other. You buy the supplies, you hire the labor or you do the labor yourself… you have control.

I have gone beyond budget on projects and was faced with that ever important question: What is more important to me, my time or my money? I have often decided that my budget was the most important thing so I did some construction work myself, which I was planning to sub out. Sure I had to work hard for it, but when I got in a pinch the decision was mine; not some CEO who I have never heard of. That’s what I love about real estate. It’s not for everyone, but if you have that entrepreneurial mindset, there is nothing better.

If you decide that want to make a move into the investment real estate market the question then becomes what kind investing do you do? Fix and flip, fix and rent, buy fixed up and rent… there are a many choices. In reality, there is no one answer as different people have different strengths and financial resources. If you don’t know much about construction and don’t have the time or desire to learn, you might want to stay away from rehabbing. On the other hand, if you know your way around a tool box and have the time (or decide weekends and evenings are for chumps) you might consider getting into properties that need work. The margins tend to be bigger on those.

The key is to remain flexible. Two or three years ago, the best bang for your buck was to find decent 4-families that needed a little work and rent them out. Sometimes you could resell within a year for a profit. Those days were great. Now, the biggest return for the smallest investment of time and money is often small houses, usually 2 bedrooms, which are popping up daily on the foreclosure market. The key is to remain flexible. Never get stuck in a pattern of investment that you refuse to break. Some of the best returns come from recognizing new trends.

As I said, not everyone is cut out for the real estate investment world. The money can be great, but there is hard work and time involved even for the most distant investor. The trade off is that it is a relatively safe place to put your money if you make wise purchases and are patient. People always need housing and even if demand lessens for a couple of years (such as right now), things always bounce back. If you follow the deals and trends in the market, whether they be houses, multifamilies, there is always money to be made by those with the drive to make it.

If you haven’t already, make sure your check out the first two parts of this series: Part 1:Your home is not your biggest investment and Part 2: Responsiblity managing your home

So if your house isn’t your “biggest investment,” what is a person to? You have to live somewhere. That’s an important question, but there is no easy answer. If the solution had to be narrowed down to one thing it would be “responsible money management.”The biggest problem with the real estate and financial markets in modern America is that we have all gotten into the habit of spending money without considering the consequences. Oftentimes, the money is borrowed in the form of a mortgage loan or credit card. We have all become so entrenched in the rat race that we live our lives in a perpetual cycle that always keeps us from becoming truly financially free.

Thankfully, it is easy to escape this pattern with forethought and discipline. A good first step is to change your view of the role of the house. Once you stopping seeing it as an unlimited piggy bank, you are on your way. Here are a few things you should consider in the future, when faced with a decision regarding your home:

• Downsizing – Or at least, quit buying bigger and more elaborate homes simply because you can. If you are buying your first home, don’t go overboard. just because your real estate agent or parents suggest you plan ahead and buy big doesn’t mean you should. With our collective track records over the past twenty years such advice now seems questionable. By buying smaller you don’t have to be house-poor. You don’t have to resort to constant refinancing or high credit card debt to enjoy life. You might even be able to consider a shorter loan term than 30 years, which will help to pay down your mortgage more rapidly, thereby putting more money into your balance sheet more quickly.
• Avoid moving too often – If you’re the type of person who buys a new house every few years, you also need to realize that you are paying a lot of fees to mortgage brokers and real estate agents each time you move. Between points on a loan and agent commissions, paying an 8% premium for a property is not uncommon. Maybe even more. This is money that you will never see again and it adds up pretty quickly if you move 4 times in 10 years. We’re talking tens of thousands of dollars here.
• Avoid refinancing -  While there are times when this is unavoidable, way to many people refinance their homes every few years. As discussed in http://stlinvestmentrealty.com/?p=1252 When you own an investment property, you can easily claim your property taxes as a business expense. With your personal residence, however, the rules are a bit different. If you itemize your federal deductions you can claim your actual property tax amount. On the other hand, if you use the standard deduction, you can not claim them. Until now. For 2008 and 2009, when claiming the standard deduction on federal income tax returns, the IRS is allowing homeowners to claim up to $500 in property taxes if single and $1000 if married filing jointly. This won’t apply to many homeowners, but if it does, looks like you’ll be saving a bit of extra money this year.

  Here is the language taken directly from the IRS’s website:

  Your standard deduction is increased by any state and local real estate taxes you paid in 2008, up to $500 ($1,000 if married filing jointly). The taxes must be state or local real estate taxes that would be deductible on Form 1040 (Schedule A) if you were itemizing your deductions. Taxes deductible in arriving at adjusted gross income, such as taxes on business real estate, and taxes on foreign real estate cannot be used to increase your standard deduction.

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