Selling your home in a short sale is better than going into foreclosure, but you might face a deficiency judgment from your lender. Q: In one of your recent columns, you referred to the term deficiency judgment when discussing a short sale. What if you closed on a short sale, but the lender reserved the [...]
2012 is coming to a close, thank goodness. It’s been a turbulent year. Perhaps, like me, you’ve gotten so absorbed in everyday trivia that you’ve lost track of time. Well, it’s time to look up and do some last-minute things to clear our heads, homes, and tax issues. 1) Do winter house-clearing. Empty out closets [...]
As we all know, it’s important to get the details right when you are filing taxes. When it comes to charitable contributions, it’s even more important. The Tax Code doesn’t just require the paperwork to show the amount donated, it requires you to get the receipts on time—and those receipts must clearly specify that you [...]
The other day, someone asked me about prepaying next year’s rent on his business. That sounded like a pretty good idea to him because he said he could really use the tax deduction this year. Wouldn’t it be terrific if this concept could really work? Basically, cash-basis taxpayers do get to deduct their payments in [...]
This past year was big for the real estate market—it’s the first time we’ve seen year-over-year increases in home prices since the market crashed around 2008. Interest rates remain low, and refinances, loan modifications, and short sales are all up—but it’s not all good news. Foreclosure rates are still on a rollercoaster ride—the real estate [...]
Tax predictions for 2013 with guests Bill Nemeth, Merry Brodie and Chet Burgess. The IRS is ready to collect your taxes and returns. Plus will Congress act to avoid the fiscal cliff? And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show on December 23, 2012 at [...]
Welcome to the show notes for my annual year-end tax show on December 23, 2012 at 11:00am Eastern Time. In all of my years of being on WSB radio (and I’m thinking it’s about 15 or so), I’ve never had a year where so much was left undone this close to the end of the [...]
Using a home equity loan to remodel can be a good decision, especially if you might need cash for future living expenses. Q: I have bought and sold many homes in the past. I made money on all but the last one, on which I lost money big time. I recently bought a little house [...]
When hiring a home improvement contractor, don't forget about the permits and inspections that are required by your city. Q: I read your article on how to hire a contractor and thought it was very good, but two items that were not brought up were permits and inspections. Often, the homeowner doesn't factor in the [...]
Removing someone from a home deed can be tricky and expensive. Find a real estate attorney to discuss your options. Q: When mom paid off her home years ago, she put the deed to her home in my sister’s and my names, so there wouldn't be red tape if something happened to her. Years later, my sister [...]
