Monthly Archives: October 2008
IRS Changes Deductions For Tax Year 2009
Earlier this month the U.S. Internal Revenue Service announced tax changes effective for tax year 2009 (so for tax returns filed in early 2010).
Pers…
Track Expenses To Create A Household Budget
As the economy tightens, more Americans may be thinking about their household budgets. Household budgets include major expenses such as rent or mortgage payments, but also smaller costs such as cable television. How can you set up a household budget? Track daily expenses to see what you’re spending. Use a money tracking software program such as Quicken or Microsoft Money to make tracking expenses throughout the seasons easier.
Pay Estate Tax with Mortgage Loan
In settling an estate, the administrators have to pay any taxes due, if the estate has a large enough monetary value per the IRS requirements. In some cases, the estate will have enough cash on hand to pay the taxes due. An estate administrator asks about paying taxes on a $5 million estate. The estate lacks the money to pay the taxes but the administrator wants to take out a mortgage on a $2 million property that’s part of the estate.Chances are good that a bank would grant a mortgage loan on such a property and that the administrator should look for a bank with an interest in the property’s location.
Home Warranty Unenforceable When Builder Disappears
A home buyer says he recently bought a home and the builder has not followed through on a home inspection or repair requests. The buyer is experiencing buyer’s remorse because of the builder’s bad behavior. The builder may be going under due to the economic climate and unable to provide the warranty that was in the contracts.
Home Value Depends On Location, Acreage
A prospective home buyer is wondering if an older for-sale home with plumbing problems is a good deal. The value of the home depends heavily on the location. The best way to know a home’s value is to look at what comparable home in the area have sold for in the last three months.
Buying Homeowners Insurance For Vacant House
A sibling asks about having a brother move into his widowed mother’s now vacant home to facilitate buying homeowners insurance. The family plans for the brother to buy the home but he can’t afford it until he receives his share of the estate. It’s a good idea to have the brother move into the home to help buy homeowners insurance, but it might not be necessary to sell him the home right away.
Warranty Deed Or Quit Claim Deed To Transfer Title Of House
What’s the best way to transfer title to a home? Options include using a warranty deed or a quit claim deed and it depends on where you live. It’s important to consider estate planning needs when adding a name to the title. A warranty deed may provide added benefit by ensuring that title insurance protections continue on the property.
Real Estate Taxes: Can You Deduct Them From Inherited Property
The U.S. Internal Revenue Service allows tax payers to deduct some real estate taxes when they file. Can an owner of multiple properties deduct the property taxes from a recently inherited property? A Think Glink reader asks about deducting the property taxes from a property he inherited with his brother from their mother. Sam and Ilyce say it’s pretty unlikely that the real estate or property taxes may be deducted because the property is neither a primary residence nor an investment property.
I’m On The Home Page Of Salon.com today!
Check out this new story: http://www.salon.com/mwt/feature/2008/10/29/talk_to_me
Oct. 29, 2008…
Hot Halloween Tips For This Weekend
Are you throwing a Halloween Party Friday night? Watch these two videos we created for the Discover EDGE for great party ideas!
