A 1031 exchange allows you to buy and sell investment property within a specified time period and defer paying taxes to the IRS. Primary residences, second homes and vacation homes are generally not eligible for 1031 exchanges. Real estate market conditions may make it harder to sell a property and potentially prevent a successful 1031 exchange. Talk to a 1031 exchange company about doing a reverse exchange instead.
Today on the Ilyce Glink Show, Ilyce updated listeners on this week's developments in the financial crisis, including the $250 billion the U.S. Treasury is investing in banks around the country, of which $125 billion is being invested in the nine largest banks. She took a variety of calls, including one from Wes, who argued that the government is doing exactly the wrong thing and hasn't learned a thing from the Great Depression (Ilyce said they'd have to respectfully disagree with each other). Charles called wondering whether he'd have to file for bankruptcy, and Chris said the Treasury Dept. wants to tap into his Social Security check to pay a deficiency judgment from a bad VA loan from 10 years ago. Dave called to ask about his car's diminished value and Georgia law; several callers wondered if now was the time to refinance residential or commercial loans; Brian called about buying a bank-owned property at auction and what he needed to know about getting the taxes on the property reduced; Gary wondered if he should use his retirement cash (or what's left of it) to pay off his mortgage; and, Ron wanted to know if he should do a deed-in-lieu of foreclosure. To find out more, tune into the show. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
When it comes to proving disclosure fraud, the buyers have to prove that the sellers knew or should have known about the problem. This recent home seller's buyer claims he knew about the potential for water damage and should have mentioned it as part of seller disclosure prior to the home sale. The home seller says he had minimal water damage while living in the home and wants to know how to interact with the home buyer concerning the issues of water damage and seller disclosure.
How do you calculate cost basis on a home you receive through a quit claim deed? The type of home ownership is also a factor - for example joint tenancy. Learn how to do the calculation for cost basis and learn the rationale used to determine cost basis when families transfer home ownership using a quit claim deed.
A home buyer asks about completing a home sale contract after discovering floor damage from an in floor heating system that was removed. Ilyce says it's great that the home buyer has a good home inspector and that completing the home sale contract depends on how badly the buyer wants the home, even with the home repairs. Learn how a home repair can delay a home sale.
A home seller disclosed a basement water problem before closing on her home. The buyer now wants the seller to pay for waterproofing the basement even though the problem was disclosed. Most states have a seller disclosure law for residential real estate transactions that require a seller to disclose to a buyer defects or major problems with a home.
This homeowner has an extra $500 a month and can't decide if he should pay down his mortgage or invest in the stock market. What's the better investment for his $500? Some investment advisors tell people nearing retirement to put money in a safer investment, but the stock market could also bring greater returns.
If your budget is tight, the last thing your personal finances need is a scam, a bad move or out of control spending. Three new books provide a lift for those who are trying to do more with their money, and provide much-needed advice for avoiding common traps and potholes. These books can benefit you and your finances as well as other sources, such as MovingScam.com, where you can get additional information.
You may have seen this comment on an Oct 14 entry to this blog: Listened to Glenn Beck tonight on cable --had a senator (sorry don't remember his nam...
Both the Mortgage Bankers Association (MBA) and Freddie Mac issued news that mortgage loan interest rates have gone up. For the week ending Oct. 10, ...
