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Q&A: Mobile Home

12.08.2009 · Posted in Taxes

Question: Can i be considered first home buyers if we owned a mobile home, but not the land the mobile home was on, we didn’t claim homestate exception, nor did we claim any interest on loan. Answer: A primary residence can be a house, condominium, co-operative apartment, houseboat, or mobile home.  Credit will be given to ...

Short Sale Tax Implication

11.19.2009 · Posted in Taxes

Short-sale is selling short of the mortgage balance.  If the bank agrees that this is a better option rather than heading to the full foreclosure,  a short-sale will happen.  Taxable Income Closing a short-sale deal is not an easy process because seller normally carries second loan in additional to the mortgage, and both lenders are required ...

Tax Law Tweaks – Home Buyer Credit

11.18.2009 · Posted in Taxes

If “first time” had been the heartbreaker for you, here is a new deal. For people with 5 continuing years as home owner out of prior 8-year period, you are in for a $6,500 credit if you buy a new house during 11/6/2009 to 5/1/2011. Hmm, the 5-continuing-year is to block out speculator ...

Riches Among The Ruins (2)

The charm of this book comes from the author’s humors and wits. Without the weight of big ego usually found in successful people, his spontaneous, calm and pragmatic attitude toward people makes the reading of the book very enjoyable. As much as I learned about behind-the-scene operation of world finance, I found his ...