Monthly Archives: April 2007
Real Estate Minute: Debt And Freezing Bank Accounts
Real Estate Minute with Ilyce Glink
Know Your Rights: Creditors can’t freeze bank accounts with exempt funds
Buying A Home For A Dollar
A daughter bought her mother’s home for one dollar and is wondering what the tax burden will be if she sells the home. The daughter will have to pay taxes on the entire sales price of the home, either as income or capital gains tax. Selling a home versus gifting a home have different tax burdens.
Real Estate Agent Is Not Tax Advisor
When you sell a rental property you’ll owe capital gains tax on the sale, even if you buy a primary residence in the same year. One alternative to reduce your tax burden is to do a 1031 tax free exchange, but that means you have to buy a second rental property. A 1031 exchange may not be used for a primary residence. You might expect your real estate agent to make you aware of these tax implications but agents help buy and sell homes, they are not tax advisors.
Ilyce Glink on WSB Radio – April 29, 2007
This week on the Ilyce Glink Show, Ilyce asked who wants to replace Warren Buffett. The second-richest man in America put out a “help wanted” sign in March and so far, more than 600 people have sent in resumes. And for those of you with debt collectors on your back, Ilyce discussed some funds that are exempt, and what you can do if a debt collector tries to garnish your Social Security benefits.
Keep Finances Separate From Boyfriend’s
A woman wants to buy a home with her boyfriend, who is married and not legal separated. It’s important to protect your own finances and assets when in a relationship, especially a tricky one like this.
Real Estate Minute: Lower Price To Sell Your Home
Real Estate Minute with Ilyce Glink
No offer yet? Here’s how to know when it’s time to lower your price
Negotiate Your Listing Agreement Before You Sign
When it comes to a listing agreement, the contract isn’t usually that long. But you have to understand what you’re signing. You also need to know that if you don’t like the way something reads in a listing agreement, the time to speak up is before you sign. Once you sign, the broker has no incentive to negotiate. If you sign a blank listing agreement without reading it, you’re opening up a huge can of worms.
Real Estate Minute: Buying A Home On A Fixed Income
Real Estate Minute with Ilyce Glink
If you’ve got a fixed income, stop looking at million dollar homes.
Understanding Inheritance Of Property
A woman inherited a home along with her brother. After her brother passed away, is the woman now the sole owner of the inherited home? How the title of the home is outlined will determine who now owns the brother’s share of the inherited home.
