Author: Ilyce Glink and Samuel Tamkin

Tax-Free Exchange on Rental Property: What Taxes Do I Owe When Selling?

Tax-free exchange on rental property, what taxes do I owe when selling? Did you purchase the home as an investment or as a primary residence? Q: We purchased our present home in 2005 for $225,000. It was a tax-free exchange on …

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Posted in Income Tax, Investment Property, Selling | Tagged , , , | 1 Comment

Buying a Vacation Rental Home: Issues to Consider

Thinking of buying a vacation rental home? Does it make financial sense for your family to use the home, or to use it as an investment? Q: I am trying to figure out if the numbers would make sense for …

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Posted in Income Tax, Investment Property, Second Home | Tagged , , , | 3 Comments

Is The Foreclosure Crisis Over?

Is the foreclosure crisis over? Home prices are rising, but there are still too many foreclosures to be a normal housing market. It depends on where you stand. Is this your reality? The housing market is on an upswing. Mortgage interest rates …

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Can I Afford a Condo? Is a Condo Right for Me?

Can I afford a condo, is a condo right for me? Condos are more affordable than single-family homes, but you have to pay monthly assessments.  Comment: Just read your column in today’s paper responding to a question for advice whether to buy …

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Posted in Mortgage, Property Taxes | Tagged , , | Leave a comment

Seller Disclosure Form – Was Your Seller Truthful?

Was your seller truthful on the seller disclosure form? How to prove your seller knew about previous issues in the house and didn’t disclose them.  Q: I recently purchased a home in Aurora, Illinois. I received the sellers’ disclosure form …

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Posted in Home Buying, Seller Disclosure | Tagged , , , | 2 Comments

Should I Cash Out My 401K?

Should I cash out my 401K? Try hiring a financial adviser, reducing your living expenses and refinancing your home.  Q: I am a 49 year old who plans to retire from my current job by age 55. My 401(k) is now …

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Posted in 401k, Financial Planning | Tagged | 1 Comment

Wrong Address on Mortgage Documents

Got the wrong address on your mortgage documents? Don’t worry too much about a typo on your mortgage documents. Q: My mortgage documents list my property address incorrectly. It’s a small typo. The lender misspelled the name of my street. …

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Posted in Mortgage | Tagged , | 1 Comment

How Much Home Can I Afford?

Home much home can I afford? Home buying can be stressful when you are concerned about the cost of your mortgage. Q: We are retired school teachers with an income of 51,000. We only have $100,000 saved but our teachers’ …

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Posted in Home Buying, Mortgage | Tagged , | 1 Comment

Should You Hire a Real Estate Agent to Sell Your Home?

Hiring a real estate agent to sell your home could be pricey. If you don’t want to pay a commission, there are other options. Q: I have a house in the Fayetteville area, south of Atlanta. I am stationed at …

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Posted in For Sale By Owner, Real Estate Agent, Selling | Tagged , | 7 Comments

Joint Mortgage Payment Problems

Joint mortgage payment problems can stem from one of a few things. Be sure to know who owns what and what percentage of property each owner owns. Q: I hope you can help me out with the following problem: My …

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Posted in Mortgage, Real Estate | Tagged , , | 1 Comment