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Re-Record Documents to Correct Encroachment Discrepancy

By | January 16th, 2004|

Most condominium documents contain provisions to allow for and permit encroachments of one property onto another without creating a major exception to the owners' titles to their homes. This homeowner's condominium association never requested a survey and neither she nor her neighbor are able to sell their property. The neighbor may be able to grant the homeowner an easement over the portion of the land under question.

Easement May Solve Title Problem

By | January 16th, 2004|

When a property line is incorrectly recorded it results in title problems, which can delay or prevent a home sale. To resolve this kind of title problem, you have to correct the documents filed with the homeowners association and possibly create an easement so that the property line becomes acceptable. It may also be worthwhile to ask the developer to modify the documents that describe the property line.

Capital Gains On Rental Property

By | January 16th, 2004|

Upon the sale of a home, a homeowner will have to pay capital gains taxes and, in addition, may have to pay taxes on any depreciation taken on the property over the years. A 1031 exchange may be used to avoid taxes on investment property. Buying a like-kind property could allow the homeowner to use a 1031 exchange on the investment property.

Capital Gains Taxes On Farm Property

By | January 16th, 2004|

Even if your property is considered farm land, if you use the property as your primary residence, you are eligible to take the capital gains deduction. To take the deduction, you must have lived there as your primary residence for at least two of the past five years.

Fixer-Upper Or New Construction?

By | January 16th, 2004|

Ilyce answers a reader's question about whether to remodel a fixer-upper or demolish and begin new construction. A fixer-upper can be remodeled and appreciate in value, but a new construction will also increase the value of your property. You may not have to decide between a fixer-upper or new construction at all: check out your zoning laws. You may be able to rent the fixer-upper and live in the new construction home.

Investment Property Tax Deduction Requirements

By | January 9th, 2004|

Investment property may qualify for certain tax exemptions, but it must follow strict requirements. In general, if you live in a property for two out of the prior five years (the order of when you've lived there is not important), and the property was your primary residence for two years, you are entitled to exclude $250,000 of the gain in the sale of the home from any taxes. Contact a tax account for more information.

Seller Disclosure: Damage After Home Inspection And Closing

By | January 9th, 2004|

What is the seller's responsibility as far as seller disclosure once the home inspection and closing are over? Does seller disclosure still apply, if hail damages the home after the buyer has the home inspection and closing. Months after the home inspection and closing the buyer is still trying to get the seller to file an insurance claim.

Capital Gains Taxes And Selling Real Estate

By | January 1st, 2004|

Homeowners will get a tax break in the form of capital gains if they sell real estate 2 years after its purchase date. The capital gains tax law allows homeowners to take the first $250,000 for a single homeowner or $500,000 for a married couple tax free, if they've lived there for 24 months before selling real estate. The capital gains tax break is worth it to the homeowner if they can live in the home for 2 years before putting the real estate up for sale.

Questions About Capital Gains Taxes

By | January 1st, 2004|

There is no way for a home seller to save on capital gains taxes on investment property. Tax law requires that you live in the home for two of the past five years in order to save on capital gains. Here are the answers to some common questions about capital gains taxes when selling a home.

50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market – Bob Bruss Review Of Ilyce Glink’s Book

By | December 31st, 2003|

Bob Bruss reviews Ilyce Glink's book, 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money in Any Market.

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