Monthly Archives: April 2010

Ilyce hosted her “How To Invest Your Money in 2010” in Atlanta last March. The feedback we received for it was overwhelmingly positive. For a report on that, and a book review from a Twitter friend read below.

A land contract is known in some parts of the country as “purchases installment contracts for deed” or “contracts for deed.” Land contract tax consequences don't allow you to qualify for the first time home buyer tax credit. Even if you received title on your home this year, if you entered into the land contract years ago, the IRS views you as the owner since you entered into the land contract.

Can you qualify for the $6500 home buyer tax credit or the $8000 first time home buyer tax credit if you're buying from a family member? The IRS originally said that you couldn't qualify for the home buyer tax credits if you bought your house from a family member. However, some of the rules have changed and you may be able to qualify for the home buyer tax credit, depending on from which family member you purchase your home.

Estate Planning: Who Will Inherit My House?
When thinking about estate planning, you should consider who will inherit your house. Do you want your spouse to inherit your house? If your spouse doesn't own the house with you, he or she may not inherit your house. A prenuptial agreement can help establish who owns the house and what will be done with the house. Consult an estate planning attorney to help determine what will happen with your house.

Should you pay off your mortgage with your savings? Paying off your mortgage with your savings might seem like a good idea, but it will use up most of your cash savings. If you have a low interest rate or are paying on the principal of your mortgage, it might not be worth it to use your savings to pay off your mortgage. However, using your savings to pay off your mortgage might save you a lot of money in the long run and you can rebuild your cash savings quickly.

The following is an edited excerpt from my new book, Buy, Close, Move In!, which was published this month by HarperCollins. Investment Property Costs: Add these real estate expenses to your investment property budget. The costs of buying and owning investment real estate are similar to those of buying and owning a primary residence, but you want to estimate some special investment property costs into your budget to make your investment property more profitable.

Buying a Business Requires Extensive Research and Due Diligence and Lots Of Questions
If you're thinking about buying a business you must do extensive research and perform your due diligence to investigate the business before you open your checkbook. This may not be the right business for you, after you do your research. Find out how much revenue the business makes and how will you earn a profit? Will you own the property or just rent the property? Buying a business is a very complicated process and you want to do extensive research and protect yourself.

When dividing property in divorce, it's important to protect your assets and make sure that you divide the property legally. You should consider the mortgage, the deed, and any equity in the house. When dividing property in divorce, one spouse might keep the house and buy the other out. You should make sure the deed reflects who owns the property. You might want to sell the property and split the profit in the divorce. A lawyer can help with the complicated process of dividing property in divorce.

Better Business Bureau Reports New Phishing Scheme Beware of any emails you get from the Better Business Bureau in the coming days and weeks, it could be a phishing scheme. The BBB has had reports of an email scheme in Illinois. Don't get caught by this scam, it involves a computer virus.