June 2007
Monthly Archive
23 Jun 2007 07:05 am
Understanding Why Your Real Estate Transfer Tax Is Not Deductible
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When real estate changes hands, a special tax comes into play. Some people call it the real estate conveyance tax. Others call it the real estate transfer tax. if you itemize deductions on your tax return (instead of claiming a lump sum standard deduction amount), you can’t deduct the real estate transfer tax, as you would for state income taxes and Temporary Disability Insurance (TDI) taxes. So if you’ve been involved in the sale of real estate this year and wind up paying the real estate transfer tax as a result (the seller usually pays the tax), you can’t deduct it when you do your federal income-tax returns early next year. |
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search for : real estate conveyance tax, real estate transfer tax, Temporary Disability Insurance
22 Jun 2007 06:19 am
Little Known Ways To Make Your House A Better Investment
| A home is yours forever. As long as you can afford the mortgage and taxes, you don’t ever have to move. There’s no landlord to terminate your lease, raise your rent or deny you permission to make changes to the property. Homeownership also forces you to save. If you have a traditional 30-year or 15-year mortgage, a small portion of each monthly payment reduces your indebtedness. And the amount that goes toward amortizing the loan increases over time. |
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search for : Homeownership
21 Jun 2007 06:12 am
Little known homeownership tax myths
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As MSN reports, tax breaks are frequently cited as motivation for moving from renting to owning, and there are many ways a home can cut your tax bill. But, as is often the case with the U.S. tax code, homeownership tax benefits are not always clear cut. That frequently leads to some bad information floating around. While myths, half-truths and misconceptions may abound, we’ve narrowed it down to five which, if you buy into them, could cost you. |
search for : homeownership tax benefits
20 Jun 2007 06:36 am
Methods That Will Help You With Successful Real Estate Investing
| Using your pension to invest is hot. Like most other popular investing trends, there are pitfalls for the inexperienced when using your pension for real estate investing. Consider UDFI (unrelated debt-financed income) and UDFI Tax, for example. Not everyone has enough cash in their plan to buy a property or business outright. Not everyone wants to sink all of their pension money into a single project, either. UDFI happens when your pension fund borrows money to make up the difference. |
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search for : real estate investing, unrelated debt-financed income, UDFI Tax
19 Jun 2007 06:24 am
Why Sellers should always get a home inspection
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Home inspections have come to be regarded as a reasonable and routine procedure when buying a home. In fact, most real estate purchase contracts specify inspections as a buyer’s option, thereby obligating sellers to accommodate this normal disclosure process. If your father were to refuse a home inspection of his property, he would not only violate that contractual provision but would foster an air of suspicion in the minds of most buyers. Even if he had nothing to hide, his position would appear suspect. |
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search for : Home inspections
18 Jun 2007 07:12 am
Now You Can attract fixer-upper buyers
| Don’t let a prospective buyer look at your home until it has been prepared for sale. Buyers remember what they see, not what you tell them the house will look like when you’re done with the prep work. You could lose a good prospect by showing your home before it is ready. Circumstances may not permit you to do much to a fixer property before you put it on the market. You might be short of funds or have a pressing deadline. In this case, the best approach can be to take advantage of the fact that the property you’re selling is a fixer-upper. In other words, market it as a fixer. |
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17 Jun 2007 08:41 am
The 5 steps to a profitable home purchase
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Once you find a house or condo, before making a purchase offer, ask your buyer’s agent, “How much did the seller pay for this home?” Most buyers don’t ask this vital question. Your buyer’s agent might be shocked. Just explain the reason you need to know is to discover how much negotiation room the seller has so you can buy the property. Your agent will be thrilled to learn you plan to make a purchase offer. For example, if you learn the seller paid $100,000 for the property many years ago, and the comparable home sales prices in the vicinity indicate it is worth $300,000 today, that seller has lots of negotiation room. |
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search for : comparable home sales prices
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