Basking Ridge Homes For Sale

The designers and engineers who build Facebook are anything but complacent about their success. They face a constant threat from the career-centric LinkedIn, specialized upstarts like Instagram’s mobile photo network and now Google’s fast-growing Google+, an attempt to improve on Facebook’s core design that has picked up tens of millions of users in its first few weeks.

So Facebook has been adding features to make the reigning social network more useful and convenient.

As the number of features grows, though, so does a corresponding problem: Most of Facebook’s 750 million users don’t know these features exist. Some don’t know how to find them, some don’t go hunting for them in Facebook’s ever-growing interface of controls and many don’t even think of them in the first place. A few minutes of exploration can uncover functions that make Facebook not just an addiction but a pleasure to use.

EDIT LINK NAMES AND DESCRIPTIONS If you want to post a link to your Facebook page but don’t like the title or description that Facebook automatically pulls from the linked page, you can change it. Before you click the Share button, click on the title or description in your pending post. They will change into editing boxes, like those to rename a file on your computer desktop. When you’re done editing, press Enter to save your changes.

TAG FRIENDS IN UPDATES AND COMMENTS If you type the name of a Facebook friend while editing a status update or a comment, Facebook will automatically create a link to the friend’s page. In fact, it will pop up a list of possible completions for names like “John.” Once you’ve entered a name, you can backspace over it to erase the last name for informality’s sake, or click in the middle to edit the first, turning “Kenneth Smith” into “Kenneth” or “Smith.” Sorry, you can only shorten names — you can’t edit “Kenneth Smith” into “Snuggles.”

POST A PLAYABLE MP3 If you paste a link that ends in “.mp3” into a status update, Facebook will create a player in the middle of the update that lets other users play the music file without having to click through to its host site.

MAKE A PHOTO YOUR PROFILE PICTURE Any photo on Facebook that has been tagged with your name includes an extra blue link at the lower-left corner of its page labeled Make Profile Picture. Click that, and Facebook pops up an editing page in which you can crop the photo to be just right for your profile.

CREATE A POLL Hiding in plain sight above the box to enter status updates is a Question button. Posting a question looks just like posting an update, except that it takes the first three answers from your friends and turns them into a poll to keep the discussion focused. You can also set up the poll with your own answers, or add more to those Facebook creates.

COLLABORATE ON A DOCUMENT Within a Group page, click on Docs at the top of the page and then the Create a Doc button on the right-hand side to create a text-only document that everyone in the group can edit. When you save the document, it will be posted to the group’s feed, just like a status update, with an Edit button in the upper-right corner. To see previous revisions, click Recent Changes.

INVITE NON-FACEBOOKERS TO AN EVENT When you are creating an event on Facebook, the Select Guests menu shows your existing friends, but it also lets you enter the e-mail addresses of people who do not have Facebook accounts. Type one or more e-mail address, separated by commas, into the Invite by E-mail Address box. Your invitees will receive a message with a link to your event page that, unfortunately, prompts them to sign up for Facebook before they can look at it.

GET THE TICKER OUT OF YOUR WAY Facebook recently added a constantly scrolling window on the right side of the screen that shows your friends’ updates as they come in. Fun for some, agitating for others. You can’t turn it off entirely, but you can make the moving ticker as small as possible. Using your cursor, grab the bar that separates the Ticker from your Facebook Chat window. Drag it upward until the Ticker is as small as possible — the size of two status updates. That will reduce the level of unwanted distraction it causes while you’re trying to read the rest of the page, while still letting you see new updates.

ADD A CALENDAR TO YOUR PAGE If you’re a business owner, a team coach or a performer who wants to keep everyone on Facebook apprised of your coming events, simply creating separate Facebook events for each one can be ineffective. These can get lost in the stream of events, making it hard for people to check for, say, your next game. As an alternative, use the Social Calendar app, which was not developed by Facebook. Go to facebook.com/SocialCalendar and click the Add to My Page link in the lower left corner. That will pop up a menu of pages you manage. Click Add to Page next to one or more pages, then click Close. Those pages will now include a Calendar link in their upper left corner, just below Wall, Info and Photos. Social Calendar is pretty smart — it will autocomplete the names of events you’ve already created, and if you type in an Address field, it will add a map link to the location on the calendar. But for maximum attendance, you should still post status updates announcing an event.

TRACK YOUR PAGE’S SUCCESS On any page you own, whether it is for your business or your clog-dancing club, click View Insights in the upper right corner. Facebook will display charts of user information and page interactions. Beyond the number of Likes and comments, it will plot a graph of page views and user feedback, plus a breakdown of which Web domains are sending traffic to your page, and the demographics of your visitors. If you want to do your own number-crunching, you can export the data into an Excel-compatible file.

KEEP A BIRTHDAY PARTY A SECRET Do you want to let everyone except one or two people know what you’re up to? Edit a status update as usual, but before you post, click the lock icon below the editing box. That will pop up a menu with options for specifying who can see your update. By default, it’s set to Everyone. Choose Customize instead, and in the dialog box that pops up, enter one or more names in the box near the bottom that says Hide This From. There’s another button to make this your default setting for future updates, so you needn’t worry about accidental oversharing.

BLOCK ANNOYING COMMENTERS Do you have a friend who constantly posts inappropriate comments on your updates but whom you can’t bring yourself to unfriend? In the uppermost right corner of Facebook, click Account and choose Privacy Settings. That will take you to a page labeled Choose Your Privacy Settings. Near the bottom is a section labeled Sharing on Facebook. Hiding at the bottom of that section is a link labeled Customize Settings. Scroll down to Things Others Share. There’s a setting for “Permission to comment on your posts.” It works just like the filter for sharing status updates: click Customize, and enter names of people to keep Facebook from presenting them with comment features when they look at your posts. Maybe they’ll get the hint.

SOURCE

Tags: Social Media // Add Comment »

Click here to see more pictures and detailed information. Schedule a Showing Sign Up For New Listings Basking Ridge Homes For Sale Morristown Homes For Sale Harding, Chatham and Madison Homes for Sale Bernardsville and Mendham Homes for Sale What Is Your Home Worth? Adrienne Francis Keller Williams Towne Square Realty 201-259-4449 Adrienne@AdrienneFrancis.com L2L Virtual Tours

Tags: Basking Ridge Homes For Sale // Add Comment »

WITH most lenders requiring home buyers to put down at least 20 percent — and sometimes, with more expensive properties, an even greater amount — the best holiday gift some people might receive would be help with the down payment.

Under federal tax law, each individual is permitted to give away money or valuables worth up to $13,000 to a single recipient in a calendar year. A married couple could jointly bestow up to $26,000 a year per recipient.

“It really can be $52,000” if the recipient also has a partner, said Mike Maye, the owner of MJM Financial, a financial planning firm in Berkeley Heights, N.J.

And if the gift-givers wanted to spread even more good cheer into the next calendar year — perhaps distributing some future inheritance money — they could easily double the amount to the same couple, to $104,000.

“Give them one for Hanukkah or Christmas,” said Edward Ades, a partner in Universal Mortgage in Park Slope, Brooklyn, “and a week later give them another for New Year’s.”

The biggest barrier to buying a home these days is saving for the down payment, according to a survey released in September by Trulia. The survey, conducted over the summer by Harris Interactive, was based on responses from 2,207 people, including 758 renters who expressed an interest in buying a home at that time. Fifty-one percent of those renters said coming up with the money for the down payment was keeping them from buying (and 62 percent among adults 18 to 34), while 36 percent identified qualifying for a mortgage as the stumbling block.

“It’s a huge piece for first-time buyers,” Mr. Ades said. “Sometimes even the second-time home buyers are getting help from the family,” especially if their new residence needs renovation.

Mr. Ades estimates that 30 to 50 percent of Universal Mortgage clients who are first-time buyers receive some gifts toward the down payment.

A 20 percent down payment on a $780,000 condominium or co-op — the median price in New York City during the third quarter, according to the Real Estate Board of New York — would require a buyer to come up with $156,000, plus closing costs. (Lenders may require an even higher down payment, of 25 to 30 percent, on jumbos mortgages.)

Relatives could, of course, give the entire $156,000 down payment, though anything above the maximum annual exemption could be considered a taxable gift and must be reported to the Internal Revenue Service.

There is also the option of lending a relative or close friend the money for the down payment, or the closing costs, then forgiving the loan in a future year, said Lori R. Price, a financial planner and owner of the Price Financial Group in Wilton, Conn. The recipient would have to pay interest on the loan until it was forgiven, at which point it would become a gift, Ms. Price said.

Another way to help with the down payment is to pay some of the grandchildren’s tuition bills, Ms. Price added, thereby freeing up money for the parents to make a home purchase or refinance a mortgage. Gifts for educational or medical expenses are not subject to taxes at all, as long as they are paid directly to the educational or medical institution.

But before giving money to a son, a daughter or a niece, gift-givers must of course consider their own financial picture. And they must make sure the recipient “is not being chased by creditors and is responsible,” Mr. Maye said.

Once the check has been handed over, he pointed out, the money can be used for any purpose.

SOURCE

Tags: lenders // Add Comment »

Click image to enlarge

Tags: Uncategorized // Add Comment »

They say good things come to those who wait. They also say he who hesitates is lost. But when it comes to half a dozen juicy tax breaks, it’s the second “they” you should listen to, because he who waits until Jan. 1, 2012, to take advantage of them will be out of luck.

Here are six tax deductions and credits that will expire at year’s end — unless Congress extends them.

1. Energy-Efficient Home Upgrades

Making energy-saving improvements to your home not only cuts down on heating and cooling costs, it also earns you a tax credit. For example, if you add extra insulation in your attic, replace drafty old windows with modern thermal-pane models, or install an energy-efficient heater or air conditioner, you’re eligible for a tax credit of 10% of the cost, up to $500. You don’t have to attach the manufacturer’s certification that the property meets the requirements for the credit to your tax return, but you must maintain records that establish your entitlement. However, if you’ve claimed this credit for upgrades in past years, you can’t do it again: It’s a one-time deal.

2. Higher Education Expenses

The above-the-line deduction of up to $4,000 for qualified higher education expenses won’t be available after 2011, so you might want to consider prepaying eligible expenses for 2012 if you haven’t already reached the cap for this year. Generally, the deduction applies to tuition and fees paid in connection with enrollment at an institution of higher education during 2011 or the first three months of 2012. The maximum deduction is available to taxpayers with adjusted gross incomes of up to $65,000 for singles and $130,000 for joint filers. A deduction of $2,000 is allowed for singles with adjusted gross incomes of up to $80,000, or joint filers with adjusted gross incomes up to $160,000.

3. Adoption Help

The Adoption Credit and Adoption Assistance Program lets adoptive parents claim a credit against their federal tax of up to $13,360 for “qualified adoption expenses” for each adopted child. If an employer pays the expenses, adoptive parents may be able to exclude up to $13,360 from their gross incomes. Both the credit and the exclusion are reduced (phased out) if parents’ income exceeds certain limits, says Gail Rosen, a certified public accountant with Gail Rosen CPA. Though new access to the credit expires when the program ends on Jan. 1, the rules allowed the credit to be carried forward over five years, and Rosen doesn’t see anything to would indicate that will change.

4. Sales Tax

If you don’t pay state and local income taxes — a common situation for retired public employees or those living in ‘no-income-tax’ states like Florida — you have had the choice of using the optional sales tax deduction to cut your federal income tax. After 2011, that option goes away. So if you’re planning to buy big-ticket items like a new car in the near future, you might want to push them up into 2011 to get those last deductions, says Rosen.

5. Mortgage Insurance Premiums

It’s bad enough that home values nationally are down to their 2003 levels. As of 2012, you won’t even be able to take the mortgage insurance premium deduction. 2011 is the last time homeowners with joint adjusted gross incomes of less than $109,000 will be able to deduct the cost of mortgage insurance on a first or second home.

6. Teachers’ Classroom Materials

It’s something nearly all educators do these days — buying classroom supplies and paying for them out of their own pockets. For years, K-12 teachers, instructors, counselors, principals or aides who worked in a school for at least 900 hours during a school year could claim an “above the line” deduction for up to $250 of expenses incurred for books, supplies, computer equipment or supplementary materials used in the classroom. Shop now, teachers: Starting next year, that deduction will disappear like kids vanishing from the classroom when the bell rings.

How to Know if You Qualify for Tax Credits

SOURCE

Tags: Tax // Add Comment »

Like millions of other homeowners, William D. Compton would like to refinance his mortgage so that he pays less each month for his three-bedroom house in Gulf Breeze, Fla. With the savings, he figures he could afford a few extra movies and restaurant dinners or he could buy a new stove and brakes for his car, purchases he has postponed because finances are so tight.

Although he would appear to be a good candidate, Mr. Compton, 57, has been turned down twice for a federal refinancing program aimed at homeowners like him.

Still, he has renewed hope. That’s because the government is expanding the Home Affordable Refinance Program, which was meant to help homeowners whose mortgages are backed by the government and whose home values have declined sharply, even below what the borrowers owe. Mr. Compton is one of those underwater homeowners.

When the Treasury Department announced the program, referred to as HARP, two years ago, it said it could help four million to five million homeowners whose home values had plunged. Yet just 900,000 borrowers — whose loans are owned by Fannie Mae and Freddie Mac, the government-sponsored housing finance companies — have successfully refinanced through the program. Starting early next month, though, banks will begin using new criteria intended to make more borrowers eligible: raising the ceiling on how much owners can borrow over the value of their home as well as relaxing rules that might force banks to take back bad loans from the government. In announcing the change, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, carefully eased expectations, suggesting about 900,000 more homeowners would be helped, roughly doubling the size of the program to date.

Analysts welcomed the change, but some criticized it for still not capturing nearly enough of the people who could benefit from lower interest rates.

Of the 22 million borrowers who could be eligible for the government refinancing program, nearly 70 percent of them are paying interest rates of 5 percent or more, according to CoreLogic, a research firm. Conventional mortgage rates are currently closer to 4 percent.

Greater participation could help the beleaguered housing market, which showed renewed signs of decline in data released on Tuesday, as well as help shore up the broader economy.

“The universe is much larger than what has come through the pipeline,” said Paul Ballew, chief economist at Nationwide Insurance. Mr. Ballew said that if 10 million more people refinanced and saved an average of $200 a month, that would work out to be about $24 billion a year of additional spending power in the economy.

Other economists and officials of the Federal Housing Finance Agency say it is unrealistic to expect all those borrowers to refinance. Some people are wary of government programs, while others will be put off by upfront application fees and the paperwork burden. Those who have home equity loans or second mortgages could face tougher approvals.

Since the refinancing program is optional, lenders may impose additional restrictions. What is more, it is costly to devote staff to refinancing applications, so lenders may simply be reluctant to do so.

Mr. Compton has calculated that a refinancing would save him and his wife, Lynne, about $275 on their $1,397 monthly payment. He has not missed a payment, despite being laid off from one job and enduring two pay cuts in the last two years. His salary is now roughly two-thirds what it was when they bought the house five years ago — a house that has since fallen in value.

The loan servicer, JPMorgan Chase, initially turned down the refinancing application because the Comptons had been living in another, smaller property they owned while renting out their main house.

The couple moved back in September and reapplied after changing their drivers’ licenses and utility bills.

This time, a loan officer told Mr. Compton, who works as a public transportation planner, that he did not qualify because his loan had been sold to two different investors. Mr. Compton said he confirmed through a government Web site that his loan was now owned solely by Freddie Mac.

“It angers me quite a bit,” said Mr. Compton, who added that unlike other borrowers, he never took out a home equity loan during the boom and has consistently paid his bills. The refinancing program, he said, should be “a perfect fit for me.”

He suspects that Chase — as well as other lenders — believe “that if you just tell people ‘no’ often enough, eventually they will just say O.K., and move on.”

After being asked about Mr. Compton’s case, a Chase spokesman said the company was investigating his file. “We are reaching out to the customer to see if we could refinance him through HARP 2,” said the spokesman, referring to the expanded government program, “or offer another option.”

Meg Burns, senior associate director for housing and regulatory policy at the Federal Housing Finance Agency, said the agency could not control individual lenders.

Ms. Burns said the new criteria were intended to “serve these specific borrowers whose home values had declined and did not otherwise have access to a refinance or at a cost that we thought was reasonable.” She added that the program was not meant to bolster the overall economy. (Separately, since April 2009, Fannie Mae and Freddie Mac have refinanced eight million loans through other programs for borrowers who still have equity in their homes.)

Some analysts complain that the new rules are too narrow to spur enough refinancings to actually help the economy. Christopher J. Mayer, a professor of real estate at Columbia Business School, said the new criteria would do little to encourage banks to compete for refinancing business. “This was a program designed to be very small,” he said.

Even if the program were to help far more borrowers refinance, some economists expect little increase in consumer demand. A much larger refinancing boom last decade led to a rise in consumer spending that was only “modest and transitory,” said Sam Khater, senior economist at CoreLogic.

Indeed, the savings from a refinancing may go toward paying off other debts or creating a cushion for lean times.

It took two years for Leslie Davidson, a consultant who helps companies produce audio and Web conferences, to refinance the mortgage on her townhouse in Pacifica, Calif. After spending more than $1,200 on appraisals and getting rejected by several lenders, Ms. Davidson finally got approved through the federal government refinancing program with her current servicer, CitiMortgage, earlier this year.

She reduced her monthly payments by nearly $400, and bought an Apple laptop. But she is mostly using the savings to pay off more loan principal each month and reduce the credit card debt that she racked up during the economic downturn.

Government officials say the main benefit of the expanded refinancing program is to reduce the likelihood that borrowers — even those who have consistently made payments — will eventually default.

“The economy is weak, and the unemployment rate is high, and sometimes bad things happen to good people,” said Frank E. Nothaft, chief economist at Freddie Mac. “If they get hit with another whammy such as they lose their job,” he added, “they are more likely to go into delinquency and into foreclosure.”

But some critics say the government’s refinancing program sidesteps the fundamental problem that drives foreclosures, which is that close to 10.7 million borrowers — more than a fifth of all mortgage holders — owe more than their homes are worth. Many of them have already missed too many payments to be eligible for refinancing.

The housing market has yet to see its bottom, and an increasing number of economists worry that depressed housing prices and underwater borrowers are holding back a broader recovery.

“If the group we’re trying to reach is those who are underwater,” said Katherine Porter, a law professor at the University of California, Irvine who specializes in bankruptcy and mortgages, refinancing to lower monthly payments is “a very odd mismatch between the problem and the solution.”

She added: “Don’t get me wrong, that puts more dollars in families’ pockets and may have a stimulus effect, but it’s a very tangential way of addressing underwater homeowners.”

SOURCE

Tags: Mortgage and Financing // Add Comment »