How Do I Use My Home For Tax Benefits? – Bethany Alexander
On this episode of The Closing Table, we sat down with Bethany Alexander!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Bethany Alexander…
Bethany Alexander is a seasoned professional, navigating the intricate realms of real estate and tax preparation with finesse. In her introduction, Bethany shares that she hails from Corpus Christie, Texas, but has called Wisconsin home since 1988. Despite being hospitalized for the entirety of September, she earned the title of top agent at her firm during that challenging period. Bethany’s personal life reflects a marriage, a grandson, and a penchant for exploring culinary delights, especially accompanied by a glass of red wine.
As a real estate professional, Bethany primarily focuses on helping first-time homebuyers in Dane and Rock County, Wisconsin, areas with distinct characteristics. While Dane County boasts a higher median home price of around mid-400s, Rock County offers more affordable options due to lower property tax rates and home values. The competitive market, influenced by interest rates, experiences a slowdown when rates are high.
Delving into the Wisconsin real estate market as of January 2024, Bethany notes that Dane County’s median home price has risen by 6.44%, reaching $414,000, while Rock County’s median home price has decreased by 0.5%, settling at $234,475. The average time a home spends on the market is approximately 25-30 days, with interest rates playing a significant role.
Bethany’s expertise extends beyond the conventional real estate agent role, as she also provides tax preparation services. Understanding the importance of tax implications in home purchasing, she emphasizes that affordability goes beyond what lenders suggest, and she aims to guide clients toward a long-term love for their homes. Bethany shares her experience helping a client interested in opening a bed and breakfast find the right property, illustrating the financial strategy involved in real estate decisions.
In the realm of tax benefits, Bethany educates clients on deductions for interest paid on first and second homes, the $10,000 cap on property taxes and state tax withholding, and the potential for tax credits through energy efficiency improvements. Her advice on utilizing interest rates to lower tax liability and staying informed on tax credits demonstrates her commitment to financial acumen in the real estate journey.
Bethany also champions the idea of fixer-upper homes as an affordable pathway to homeownership. She encourages clients to consider simple upgrades and connections to save money, showcasing success stories where clients turned challenges into opportunities, not just for their living space but also as a long-term investment.
Remote home purchasing is another dimension of Bethany’s expertise, where she shares insights into the process of aiding clients in buying homes from a distance. She stresses the importance of trust, personal visits, video chats, and reliable connections in facilitating inspections and other necessary processes.
Bethany concludes by sharing her experience building a home and acting as her own general contractor, emphasizing the value of connections and referrals in finding the right people for the job. Her life philosophy, inspired by the famous quote “Life is like a box of chocolates,” reflects her belief in seizing opportunities, doing what one loves, and leaving behind a legacy for loved ones.
Check out Bethany Alexander:
Facebook: https://www.facebook.com/bethanyalexanderrealtor
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