Gerald Ellison Voted #1 Builder in Hot Springs Village

Because of many more testimonial like this, Gerald Ellision Construction has be herolded as Hot Springs Village #1 Builder.  Take a few minutes to read the testimonial and see if you would love to have Gerald build a home for you and your family. Check out Gerald Ellison's site at http://www.geraldellisonconstruction.com/

"As we put the finishing touches on a very successful building project, Judy and 1 want to express our appreciation to for your professionalism, hard work and diligence during the construction of our new home. We could not be more pleased with the finished product. There were many decisions to be made throughout the project, but the most important and the one we got absolutely correct, was selecting Gerald Ellison as our builder. As you may recall, we were a bit apprehensive in the beginning. We had not built a home in many years and were somewhat intimidated by the many issues and decisions to be addressed. Also, we only wanted to move once and were concerned that we could complete the building process while continuing to live in Oklahoma. You devoted the required time up front to thoroughly review our plans and work with us to explain how we could complete construction with us being present at selected checkpoints. Thanks to effective planning and organization by you, this approach worked very smoothly.
Our periodic visits, which typically lasted from a couple of days to a week, were always very informative and productive. The walkthroughs at the start of each visit helped us to get quickly up to speed on the status of construction and allowed us an opportunity to make comments and request adjustments. While there were alternative approaches discussed to making adjustments, we were never told something could not be done. Gerald Ellison epitomizes the term "Custom Builder". Following the walkthroughs, you always had a full schedule of meetings and reviews with suppliers and vendors. As we drove back to Oklahoma following one of our working visits, we would often comment "we really got a lot done".
We could go on at length about the quality sub-contractors involved in our project they seemed to have a strong allegiance to Gerald and were very friendly to us when we were at the work site. In particular, the painters and the trim person were true artists as well as being very skilled in their professions. Looking back on the project, it was just a very exciting and positive experience. We not only got a beautiful new home, we also made a Special new friends... Gerald Ellison."

ObamaCare Real Estate Tax

There’s been a story and an e-mail floating around for some time claiming that the recent health care reform bill would impose a 3.8 percent “sales” tax on the sale of every home. The e-mail has been rightfully debunked by the usuals (Factcheck.org and Snopes), but here is what the bill would actually do regarding taxation of the sales of homes.

First, there is no “sales” tax on home sales in the health care bill. The bill would impose, essentially, a capital gains tax on some home sales made by a limited number of taxpayers. The health care law contains a new 3.8 percent tax on “unearned income” for high-income taxpayers. Unearned income includes capital gains.

To be hit by the 3.8 percent capital gains tax, you first have to be a married couple making more than $250,000 in adjusted gross income or $200,000 if you are single. The capital gain on the home sale must also exceed $500,000 if this is a primary home and you are a married couple ($250,000 for singles). So for example, even if you and your spouse make $300,000 in wages and you bought a home for $600K that you lived in for a while and you now sell it for $1 million, your capital gains tax on that home sale would be zero. Even if the home sold for $1.2 million, thereby resulting in a capital gain of $600,000, only $100,000 of that capital gain would subject to the new tax (because of the $500,000 exclusion).

For those who earn above those income thresholds ($250,000/$200,000) and who have a capital gain on a home that is a second home or one that does not qualify for principal residence (i.e., lived in for too short of a time period), the full capital gain would be subject to the new 3.8 percent tax.

Over time, however, if the health care reform and the tax code were never changed, more and more home sales would be subject to this tax. That’s because the $200,000 and $250,000 income thresholds in the health care reform bill were not indexed for inflation leading more and more people to qualify for having to pay the 3.8 percent tax on their investment income (including some home sales). Furthermore, the $500,000/$250,000 primary home sale exclusion amounts are not indexed for inflation, meaning that over the long-run as home prices grow with inflation, more primary home sales would be subject to capital gains taxes.