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Buying A Second Home With 1031 Exchange

By | November 15th, 2006|

A 1031 exchange cannot be used to purchase a personal residence. A 1031 exchange is used when selling investment property by replacing with another investment property that costs at least as much as the sold property. A 1031 exchange could be used to purchase an investment home that is rented out for a few years before converting it to a personal residence.

1031 Exchange: Defer Capital Gains Tax On Investment Property

By | November 14th, 2006|

The only way to defer paying capital gains taxes is to use the 1031 exchange and purchase new investment property using the proceeds of the sale of the old property. You cannot avoid paying taxes on your profits, unless you are using a 1031 tax free exchange. A tax-free exchange would allow you to swap two investment properties for another (or several others) that costs at least as much as the sales price of the two together.

Short Sale Results In Large Tax Bill

By | November 12th, 2006|

Selling your home may seem like the solution when you're underwater on your debt, but not every lender will do a short sale. A short sale will also result in the IRS considering the amount forgiven by the lender as phantom income -- meaning you could face a huge tax bill the following year for the difference in the short sale.

Property Tax On Home In Foreclosure

By | November 11th, 2006|

When a bank forecloses on a property the property owner remains responsible for the property taxes. Banks set up tax escrow accounts to pay property taxes, but when home owners fail to make mortgage payments the escrow money may be used to make mortgage payments. If there's no escrow account, the home owner has direct responsibility for paying property taxes.

Anti-Deficiency Law May Protect Homeowner

By | November 10th, 2006|

While anti-deficiency laws will protect a homeowner in some cases, the vast majority of Americans have recently obtained two mortgage loans in the purchase of homes, often referred to as a "piggy-back mortgage." If the first mortgage loan is foreclosed and the amount of the sale is enough to only pay off the first lender, the second lender will be entitled to sue the owner for the value of its loan. Many anti-deficiency laws won't protect the homeowner for amount owed on the second mortgage.

Medical Bill Sold To Collection Agency

By | November 8th, 2006|

Like other unpaid bills, medical bills sent to collections can destroy your credit. By the time a bill goes to a collection agency, it has already begun to affect your credit. Avoid lowering your credit score by setting up a payment plan as soon as possible.

Understanding A 1031 Exchange

By | November 5th, 2006|

A 1031 tax free exchange requires that you purchase a replacement home for at least the price of the one you sold. A 1031 exchange is a provision in the tax code that allows you to defer the payment of taxes on the sale of an investment property, but you have to set up the exchange prior to the sale of your home.

Beware of Deal With Real Estate Consultant

By | November 2nd, 2006|

A real estate investor wants to buy two for-sale-by-owner properties with $50,000 in equity in them. The real estate investor has a consultant friend who says she'll compensate her for purchasing the properties. It's entirely possible that the consultant found two underpriced properties for this investor, but it could also be a scam.

Long Term Real Estate Trends In Wired World

By | October 29th, 2006|

How does the future real estate market look? Every 11 seconds, we add another person to our ranks - to the tune of nearly 4,000 people per day. This is cause for an optimistic real estate market. With more and more people entering the market, they will need houses, jobs, food, clothing, and technology access. User-generated content and social networking will ultimately change how real estate is marketed.

Before Building New Construction Look Into Zoning

By | October 28th, 2006|

Before starting a new construction project on your property you should look into the building code and zoning regulations for your neighborhood. To understand the building code for your new construction you should talk to your local zoning official in your local building department and a knowledgeable real estate agent. Researching the building code and zoning regulations ahead of time will help you avoid costly mistakes with new construction.

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