Monthly Archives: March 2010
Get a Free Copy of Ilyce Glink’s New Book, Buy Close Move In! – One Day Only
Get a Free Copy of Ilyce Glink’s New Book, Buy Close Move In! – One Day Only. On March 28, 2010, I’ll be signing copies of my newest book, Buy, Close, Move In! at RE/MAX of Greater Atlanta. I’ll answer questions for you as well as talk about the first-time home buyer and long-term homeowner tax credits.
Joint Ownership Of Inherited Property Can Cause Trouble
When a parent decides to pass down a property to his or her children. He or she should make sure that any joint ownership issues are taken care of in advance. There’s nothing worse that passing down a home held by a family only to have the children squabble over how to keep the home and whether to sell it or not. The joint ownership of the home can cause sibling rivalry to become worse and cause further family trouble.
Tax On Winning A House
Some people are lucky and win a house in a raffle. But if they do, they need to know that they will have to pay taxes on the value of the house they have won. The IRS will consider the winnings from the raffle as income, and you’ll have to pay income taxes on the value of the house. Most house raffles by individuals are illegal in most states. While in some states charities can raffle off homes and keep the proceeds for their use in one state, charities can work with homeowners to raffle off their homes. There are strict rules and a house raffle may not be much better than trying to auction the home or selling the home using conventional methods.
Ilyce Glink show Notes – March 21, 2010 – How to Invest Your Money
Invest Your Money Wisely in 2010. Learn how to deal with a stock market that seems irrational. Should you invest in bonds in an era or rising interest rates? And, how big a share of your investment portfolio should be international equities? All of the answers to these questions will be found at our next event: HOW TO INVEST YOUR MONEY IN 2010. Buy your ticket today and get 40 percent off the ticket price. Rob Goshen, a senior vice president with Mesirow Financial, joins us in the third hour of our special show today to talk about risk. He’ll be at our event on March 27, 2010 at the Gwinnett Center. 40% DISCOUNT EXPIRES WEDNESDAY!!! BUY YOUR TICKETS NOW!!!
Ilyce Glink Show on WSB Radio – March 21, 2010
Ilyce Glink Show – March 21, 2010 – Today on the Ilyce Glink Show, Ilyce is in the studio in Phoenix, Arizona. She talks about the latest economic news and gives the best in real estate, personal finance and consumer advice. Join Ilyce on Facebook and follow her on Twitter @Glink. Check out Ilyce’s blog for more show notes and links.
Consequences of Foreclosure Include Not Being Able To Buy Your Own Home
If you have lost a home to foreclosure, you will find your credit ruined and unable to get a home lender to lend you money on a new home for several years. If you find yourself buying a home with friends or relatives, they won’t be able to put you on the title to the home if they obtain financing. And if you use any of your own money to buy the home, you’ll be in a position of not being on the title to the home and at the mercy of your friends and relatives. Make sure you document what you do, what is expected out of the arrangement and be truthful with the new lender on who is owning the home and why.
Paying Income Taxes In Two States
You might think that paying income taxes wasn’t hard enough. Try paying income taxes in two states and try to figure out what state should get paid what and what state should credit you for any payments made to another state. If you use a tax professional, that person can help you out with state income tax returns in multiple states. If you are doing it yourself, you might benefit from income tax software that can work the payments to the different states and the credit that any state gives you for those other tax payments to the other state. You can use TurboTax, H&R Block among other tax preparations software that’s available at most office supply stores, bookstores, and other retailers.
Is Defaulting On Your Mortgage – A Strategic Default – Right For You
The new term in real estate is strategic default. A strategic default is when you decide to default on your mortgage rather than continue making payments. There are many reasons for a strategic default but some of them are the inability to pay, loss of a job, health issues, decline of income or that the home value has declined and the value of the mortgage loan far exceeds the value of the home. For some people defaulting on a contract is a moral question. While for other people, defaulting on a mortgage is solely a business decision that has nothing to do with moral issues.
Quit Claim Deed vs. Living Trust
When deciding how to pass on property to loved ones, there are many choices. You can transfer property now using a quit claim deed. You can transfer property later using a will. Or, you can place your property in a living trust now and set forth your wishes for the disposition of your property in the trust. The living trust can then dispose of your assets upon your death avoiding probate court requirements and you can control the property you own while you are living.
Keeping Inheritance Separate
If you have received a sizable inheritance, you may want to protect that money from possible claims from your current spouse or future spouse. To keep your inheritance separate, you’ll need to make sure that those funds are always kept in their own account, never commingled and you never use marital funds in any way with the inherited money. You should probably talk to an estate planner to help you out and make sure your inheritance is safe.
