Can you still contribute to a Roth IRA if your company makes an ESOP contribution to your retirement account? A reader wants to know if there are any limitations on contributing to a Roth IRA even though she gets stock from an ESOP account and has a 401(k).
Taylor Bean and Whitaker: From reader comments and questions, we have some answers for Taylor Bean and Whitaker customers. Dealing with the failed mortgage servicer has been frustrating for customers who are concerned about the state of their mortgage loan. Most answers won't come until after the October 31 court deadline, but we have answers to some of the most common and pressing customer service issues with Taylor Bean and Whitaker.
Today on the Ilyce Glink Show, Ilyce discusses the upcoming How to Profit from Foreclosures event, and recent economic news like the GDP and unemployment numbers. She took questions from callers and there was some great real estate advice and personal finance advice from the show, like from Ken who shares his tips on how he saves money after getting a big pay cut. Listen to the podcast here and see more show notes at Ilyce's blog.
If you are a parent and want to assist your child in the purchase of a home, you may want to give your kid a gift. But if that gift consists in the entire value of the home, you may have gift tax limits and federal gift tax consequences to deal with.
While you should still be able to give the gift and will have gift tax consequences, your child will still be able to purchase a home with your gift.
If you want to pay off a debt held by a collection agency, there are certain things you should know. Depending on how the collection agency will report the payment, your credit report, credit history and credit score may be affected differently. It's important that you know how the collection agency will report your payment. While paying off the debt held by the collection agency is easy, you should understand the impact it will have on your credit.
If you have an interest only loan, it may be a good time to refinance the mortgage loan. You will owe the same amount today on your Interest only loan as you will in ten years. On an interest only loan you never pay down the principal balance. If the interest on your loan is high, you should consider refinancing the interest only loan. If you plan to live in a home a short period of time, refinancing an interest only loan may not be right for you.
If you are getting the showings, but your house won't sell, what should you do. Make sure that you understand the listing price of your home and that it is competitive with other homes. Make sure that the condition of your home is in as good a shape as possible. While you can't change the location of the home, location, location, location is still the norm in real estate and you should understand how that affects your home.
Finally, make sure you understand the market when it comes to the commission you are paying your broker and how much of that commission will be paid to the agent that brings a buyer to buy your home. If you don't understand each of these issues, you have added more reasons to why your house won't sell.
The $8,000 first time home buyer tax credit is quite popular these days and everybody that might qualify for it wants to qualify for it. But there are strict rules relating to who can qualify for the $8,000 first time home buyer tax credit. If you are a nonresident alien you do not qualify for the tax credit. But if you buy a home with someone who does qualify for the $8,000 first time home buyer tax credit, the nonresident alien won't get the benefit but the other person should get the benefit of the tax credit.
More and more real estate investors are using LLCs to hold their properties. Some still prefer using S corporations but most accountants today recommend that their clients use LLCs or limited liability companies.
The internal revenue service reminds taxpayers that they may qualify for the special sales tax deduction on cars, light trucks, motor home or motorcycles, if the vehicle is purchased before Jan. 1, 2010.Taxpayers may qualify for this deduction under the American Recovery & Reinvestment Act of 2009 (ARRA) with the deduction limited to the sales and excise taxes and similar fees paid on up to $49,500 of the purchase price of a new vehicle.
