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 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 ...
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 ...
1031 exchange allows investors to shield a real estate deal from hefty tax bite. As heroic as it is to many, it has its share of complains. You have to buy another property within a short time and you have to continue to buy more expensive new property. Basically, it is restrictive and rigid. Formality ...
In real estate investment, it is very important to have an exit plan. Either you want to cash out completely, or you just want to change to different property holding, each move will cost you in term of tax. Tax is quite a fortune in real estate deals. Needless to say, you have to find ...
Whenever you sell things, you will pay tax on the profit. Selling inventory is ordinary income, but selling investment asset is capital gain. Capital gain is taxed at a lower rate. Alright, so, what is the misery? Capital gain is not always what you think it is. It is sometimes just a phantom. Current Rates The highest ...