Tax Filing Deadline: Last-Minute Tax Mistakes To Avoid You’re sitting there gloating, aren’t you? You filed your tax return ages ago—and already have your refund, right? Well, some people are just a bit slower, perhaps for good reason. There is one tax benefit you can get only by waiting until the last minute—a final big [...]
Thomas Jefferson got it partly right when he stated, in the opening lines of the United States Declaration of Independence, that “all men are created equal.” He should have included “women,” but I digress. Unlike all men and women, all money market funds are not created equal. It’s important that investors understand the differences. Let’s [...]
A reader wants to know if they must continue with the short sale of their home if they have already signed a contract. The contract may state that the seller has rights to cancel the short sale of a home. If the contract does not permit the cancellation of a short sale, then the short sale seller is obligated to continue with the sale. Make sure you understand the terms of your short sale. You should also understand that a flop -- where the buyer turns around and resells the short sale property -- may cause you problems in your sale. Usually you flip a home as home sale values go up. When home sale values have gone down, you can try to buy a short sale home and then resell it quickly for a profit. They now call this home flopping.
Refinancing your mortgage can help you save money. When you finally close on your new mortgage loan, you should know what to expect. Incorrect information, mistakes in calculations, and misspellings are just some of the things you may encounter during the refinancing process. Be prepared to sign endless papers when closing on your mortgage. New HUD laws are in place to give refinancing homeowners new and improved refinancing disclosures about the costs, but the RESPA (Real Estate Settlement Procedures Act) disclosures can be confusing in their new form.
A father promised his home to his daugher. He failed to take care of his estate planning and may not have even taken care of estate planning basics and she did not get the property. The daughter had paid the taxes and upkeep on her father's home. The father, however, left the real estate property to his wife in his will. Is the father's promise enforceable? Can the daughter get compensated for the money she paid over the years? What basic estate planning task should the father have taken to avoid an estate problem?
Ilyce Glink Show Notes - October 10, 2010 - Ilyce discusses the foreclosure freeze: What is happening with the freeze? How are families reacting? How are homes being appraised? For more information on the foreclosure freeze, check out these recent blogs: Foreclosure Freeze: Did the banks Lie on Their Affidavits? Foreclosure Freeze: Don't Worry the Federal Government is Gunning for Mortgage Lenders Foreclosure Freeze: Ilyce on Good Morning America
Zero Down Home Loan Options I recently received this question from one of our Equifax Personal Finance Blog visitors: Q: My husband and I have been having serious marital issues since 2005, and we can’t seem to repair our problems. One problem we can’t agree on is the purchase of a home. I am trying [...]
If you have inherited a home, or other type of real estate, whether by a life estate or with full ownership, there are laws you should know if you want to gift the real estate property to someone else. Many expensive gifts, such as real estate, require a gift tax. You should consult a tax expert to see how you can transfer ownership of the real estate without having to pay the gift tax. Some ways to avoid the gift tax include slowly transferring ownership of the real estate, or giving the real estate all at once, taking out a mortgage, and slowly forgiving the gift receiver's debt. Remember to always to consult a tax expert with any questions.
Choosing the Right High-Deductible Health Insurance Plan Whether you agree with it or not, the government has got involved with the insurance industry. If you’re wondering who will pay for your insurance, how to get coverage, or what will happen to your premium, you’re not alone. High-deductible health plans (HDHPs) are supposed to help minimize [...]
It’s Time to Review Your Payroll Withholding Recently, I visited my friends at the IRS for our Stakeholder Liaison meeting. This group of representatives from a variety of tax associations is privileged to exchange ideas with the IRS. The IRS updates us on current changes, laws, and procedures—and solicits suggestions for simplifying or improving procedures. [...]
