Property Tax Bill: County Assessor Documents Mortgage Lender's Tax Bill Payment
Your county assessor's office will give you a copy of your property tax bill and let you know if your mortgage lender has made your payment. The mortgage lender may not always send you a copy of your property tax bill so it's your responsibility to make sure your property tax bill has been paid. If…
Real Estate Investing: Getting Started In The Real Estate Business
The best way to get started in the real estate investing business is to learn the business. You don't need your real estate salesperson's license to get started in real estate investing, but it will give you the basic knowledge you need. Working part-time in a real estate business after getting your…
Property Cost Basis Stays Same In Divorce
When divorce happens, one spouse will often buy out the other spouse's interest in a property and will then own the property at the same cost basis at which the couple originally bought it. Some property buyers may think that the cost basis would increase and if they went to sell the property they'd…
Selling Property Or Reverse Mortgage
When siblings inherit a home together they may want to sell the property and cash out. Can one brother live at the property with a reverse mortgage and the other siblings still cash out? One family considers getting a reverse mortgage or home equity loan to meet the needs of all involved. Ilyce…
Home Value And Property Setbacks
Property setbacks are rules that describe how close to a property line a home may be built. Property setbacks often exist to improve the visual appeal of a community. If a neighbor violates a property setback, will it affect home values? It's difficult to gauge the effect of property setbacks on…
Flipping Real Estate Property: Options Include 1031 Exchange And Paying Capital Gains
There are several decisions to make when flipping real estate - should you pay capital gains tax or should you apply for a 1031 exchange, borrow against the property and keep the land. Having to pay capital gains tax may be a factor in a property owner's decision to keep the land and apply for a…
Partnership Agreement Helps Unmarried Couple Buy Home
When you're buying property with a significant other but aren't married you should make sure that both of your interests are protected. A partnership agreement can spell out who has paid what toward the property and who is responsible for what in terms of home maintenance, taxes, etc. It's a big…
Title Company Can Resolve Quit Claim Deed
Regardless of whether you've been paying property taxes, to really be a property owner your name has to be listed on the property's title. In one family's case some land was signed over using a quit claim deed and one of the heirs is now unsure whether she's listed on the title or is the owner. It…
Home Buyer Finances Property Bought For Sale By Owner Through Seller
A home buyer bought property for sale by owner and wants to know how much to expect the seller to charge for interest, and for financing. Ilyce suggests hiring a real estate attorney to make sure the sale by owner proceeds smoothly and the home buyer gets charged a fair price. Ilyce also suggests…
Use Living Trust Instead of Title Change For Inheritance
When you want to bequest property to someone it may be better to use a living trust instead of changing your home's title outright. If the person who you want to inherit your property is having marital strife, changing the title may cause the property to be considered part of the marital estate. In…
Capital Gains Tax Or Inheritance Tax On Home Transfer
It's important to consider the tax implications of giving your home to your children. If you give your children your home while you're alive, they'll receive the home at the cost basis for which you bought the home originally. If you wait to give the home to your children upon your death they'll…
New Construction: Purchase Property, Hire Builders After Moving To Area
A couple nearly 2 years from retirement are planning a move out of state and ask for advice about purchasing property and beginning new construction before they move. The couple can wait to purchase property, hire builders and begin new construction until after they move to the new state. It's too…
Investment Property Financing, Refinancing Rules Change
It used to be that you could apply for a mortgage for an investment property if you owned up to 10 properties. Fannie Mae and Freddie Mac have restricted their lending rules for investment properties so you can now only have four investment properties and get a mortgage. Learn why the rules changed…
Rental Property Fines Possible With Illegal Apartment
A life estate allows someone to keep living in a home even though someone else owns the property. When there's a life estate in effect on a property, if a municipality doesn't allow a building to house an apartment, the person living in the home is responsible to pay the fine. In some cases…
Parents Not Obligated To Leave Vacation Home To Children
A woman says her parents agreed to leave their vacation home to all their children but secretly sold it to her sister for a very low price. The parents owned the vacation home and paid for its upkeep, therefore are able to sell it to who ever they want at any price. The woman should talk to her…
Partnership Agreement Ensures Cohabitation
Unmarried couples who buy property together or live together may want to sign a partnership agreement. A partnership agreement helps especially in cohabitation situations when one partner has poor credit. Cohabitation before marriage can go more smoothly with a partnership agreement.
Capital Gains Tax Depends On Home Sale Profit
When you sell a home after your spouse dies you may be able to keep some of the profits tax-free, depending on how much they were. The IRS currently allows taxpayers to keep up to $500,000 in profit tax-free if they've sold their home within two years of the spouse's death. To find out the tax…
Condo Meets Building Code, Angers Neighbor
What can you do if your neighbor rebuilds his condominium unit in a way that damages yours? What obligations does the neighbor have in a condominium complex? You can try contacting the municipal government where you live and see if the new condominium meets building code requirements. But if the…
Auctions Sell Homes Quickly In Tough Housing Market
If you're eager to sell your home in a tough housing or real estate market you may want to try an auction. Unlike lotteries, which are illegal, using an auction is an acceptable way to quickly sell your home. To auction your home you need to use a real estate auction company or a website such as…
Foreclosure Affects Neighbor's Lien On Foreclosed Property
What's the effect of a foreclosure on a property lien? If you have a lien on a property and the bank forecloses do you lose your claim to that property? It depends on your state's laws regarding liens and foreclosure. The mortgage lender also has a lien on the property and once the property is sold…
Foreclosures Rising In The Real Estate Market And Realtor Ethics
What are some ways to slow the rising number of foreclosures in the ailing real estate market, and what to do if you're questioning a realtor's ethics? Suggestions for improving the real estate market and slowing foreclosures include enforcing the Realtor Code of Ethics, encouraging prelisting home…
Depending on when you do your 1031 tax exchange you may be able to claim a failed or partially failed 1031 exchange on your taxes. Learn how the timing of a 1031 exchange affects tax straddling. Be sure to discuss the timing of your 1031 tax exchange with your CPA or tax attorney.
When you're doing a 1031 tax exchange you have 45 days to identify your replacement property. The replacement property in a 1031 exchange has to be like kind property. So you have 45 days to find another domestic real estate property if the property you plan to sell is in the U.S. also. Learn…
When doing a 1031 exchange, how long do you have to acquire your replacement property? 180 days. But you have to pay attention to when you pay your taxes and if you want the full 180 days, time your acquisition accordingly. Learn about the 180 day rule for 1031 tax exchanges and how that time is…
1031 Exchange: 3 Rules For Property
When you're doing a 1031 tax exchange you need to follow three rules for identifying property. The three property rule allows you to consider three replacement properties without taking their fair market value into account. If you're looking at more than three properties for a 1031 exchange, you may…
