S o ca l P r o p e r t y M a n a g e m e n t
Tax Season Tips March, 2009
Volume 2, Issue 3
Tips for Tax Season
Inside this issue:
As most of you know, owning your home offers some tax
advantages. Whether you own a mansion or a mobile home, many HOA 101 1
home-related expenses are tax deductible.
Mortgage interest and property tax are well-known deductions. To
take advantage of them, you have to file the 1040 long form and Happy St. 2
Schedule A. For some homeowners, however, it might be better to
file the EZ form because standard deductions would be greater than Safety Alert 2
the allowable expenses. The interest on a home equity loan is fully Friendly Reminders 2
tax deductible unless the balance on the original mortgage plus the
equity loan is greater than the property's value. After that, it's on a Monthly Quote 2
Billing Info 2
If you bought your home after Jan. 1, 2007, mortgage insurance is
fully tax deductible if your income is $100,000 or less. Mortgage
interest and property taxes on a vacation home are deductible. But it
doesn't even have to be a house. It could be an RV as long as it has
cooking, sleeping, and bathroom facilities. If you paid points to get FEEDBACK?
a better interest rate on any of your home loans, you can deduct the
points in the year you paid them. If you refinance the home, points
are deducted over the life of the mortgage. If you changed jobs and If you have any
had to move more than 50 miles and had to sell a home because of questions, concerns
the move, moving expenses are deductible unless reimbursed by an or any other issue
employer. you’d like to see
Do you have a home office used on a regular basis for business? addressed in the
Keep records on the percentage of the house that is used for monthly newslet-
business and make a proper allocation of expenses. For example, if ter, please feel free
20 percent of your house is used for business, you will be able to to submit them in
deduct 20 percent of utilities and basic home repairs. writing to Socal
Keep records that show what you do in your office to constitute a
business activity. Management.
Friendly Reminders ...
Happy St. Patrick’s Day!
All residents of Lakeside Park deserve a won-
The Board of Directors wishes all resi- derful quality of life, which means working
dents of Lakeside Park a Happy and together to ensure that. Here are a few key
reminders of rules that are in place to provide
Safe St. Patrick’s Day! the quality each and everyone of you deserve.
Next Board Meeting: March 10, 2009 at 7:00 PM at the 1. Pets—Please always make sure your
Sun and Sail Club pet is leashed when outside your
patio, and always be sure to pick up
LANDSCAPE RENOVATIONS ... after them.
As you may have noticed, considerable work has begun at both 2. Parking—Please only park your vehi-
cles in your assigned carports. Vehi-
entrances of Lakeside Park. This work is the first stage of major cle storage and maintenance is not
refurbishment scheduled to take place throughout the year. The allowed.
Board’s design was to begin at the entrances, the most visible and 3. Aesthetics—Please remember to take
highest trafficked areas of the commu- in your trash cans and keep your
surroundings free and clear of clut-
nity in order for the impact to have the ter, stored items and debris.
greatest effect. Over the next few Most Importantly - Please always be respect-
months, the renovations will move to ful and conscientious of your neighbors.
Each member owns 1/200th of the common
the interior of the community to up- areas of Lakeside Park, to disregard the rules
date, replace and fill-in planter areas and of Lakeside Park and enjoyment of all resi-
dents affects all 200 of you.
other common areas that are deter-
mined to need improvement.
Safety Alert Quote of the Month
There’s a myth that time is money.
Management recently received a report from an owner that someone In fat, time is more precious than
unsuccessfully tried break in to their home. While this money. It’s a nonrenewable resource.
may be an isolated incident, it harkens all residents to be Once you’ve spent it, and if you’ve
aware and vigilant if anyone suspicious is noticed in the spent it badly, it’s gone forever.
community. If you ever witness such activity, please
- Neil Fiore
CALL 911 immediately.
Billing and Contact Information:
Payments made be submitted to the following: SOCAL PROPERTY
Lakeside Park Community Association
c/o Socal Property Management
Phone: (949) 872-0950
P.O. Box 63308
Fax: (877) 582-4140
Phoenix, AZ 85082
P.O. Box 10549
As always, please make sure Costa Mesa, CA 92627
your account number is
clearly printed on your check!
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