LATEST MARKET REPORTS
U.S. Job Openings Hit Record High
There were just over 9.2 million available jobs on the last day of May, the highest level since records began in 2000.
The report also found that layoffs fell to their lowest level on record, and the number of people quitting their jobs remained near a record high.
Despite these signs of labor-market strength, initial claims for unemployment unexpectedly rose for the week ending July 3.
Even with Thursday’s disappointing report on jobless claims, all three major stock indexes closed last week at record highs.
After record growth in May, service-sector activity rose at a more modest pace in June.
The Fed is expected to begin tapering its asset purchases later this summer.
President Biden signed an executive order to stop anti-competitive practices in several industries.
The global plan to tax corporations at a minimum of 15% still faces many challenges.
While vacancies for office space remain elevated, industrial properties have near record low availability.
The housing shortage in the U.S. may be around for years to come.
Even with lower rates, mortgage applications fell to their lowest level since the beginning of 2020.
New York Update
Manhattan office owners look for creative ways to attract new tenants.
According to a report from CB Insights, New York startups have raised $22 billion in just the rst six months
Rates shown are for purchase loans only. This information is accurate as of 7/22/2021 7:51:08 AM (CT) and is subject to change without notice.
Courtesy of Wells Fargo
Good News for Coop and Condo Owners! If you are the primary owner of a coop or condo which does not have another abatement, you may be able to apply for up to 17.5% off your 2020/2021 property taxes. Please see the New York City Dept of Finance website which explains the abatement and includes the application form.
421-a applies to newly built, market-rate, multi-family housing units, whereas a rehabilitated or converted multi-family residential building is subject to J-51 tax exemption and abatement.
1. When you sell a capital asset, such as a home, for more than you paid for it, the result is a capital gain.
2. Capital gains are calculated based on your adjusted basis – what you paid for the home, less depreciation, plus any costs you incurred during the sale of the home and the cost of any improvements you made.
3. Capital gains and losses are treated as either long-term or short-term, depending on how long you held the property. If you hold the property for more than one year, your capital gain or loss is longterm. If you hold it for one year or less, the gain or loss is short-term.
4. The tax rates that apply to capital gains depend on certain income thresholds. The maximum tax rate on a long-term capital gain is currently 20 percent. Short term capital gains are subject to taxation as ordinary income. As regular taxable income, short term gains are subject to tax rates that range from 10% to 37% according to the U.S. income tax brackets.
5. Single taxpayers can realize up to $250,000 in tax free gain on the sale of a principal residence. Married taxpayers who file a joint tax return are entitled to an exclusion of $500,000. These exclusions cover any property that has been used as a principal residence for at least two of the five years preceding a sale. The deductions may be taken each time a taxpayer sells a principal residence, although the exemption may not be claimed more frequently than once every two years.
Courtesy of Schuman & Associates