Renting a home can be easier than owning a home, but it requires its own special set of circumstances. Whether you’re the renter or the landlord, look at the articles, columns, blog posts, radio shows and videos for more information about renting a home.
Avoid Large IRS Bill With 1031 Exchange
Whenever you sell rental properties, you will not only owe capital gains tax on the sale, but if you have been depreciating those properties, you will also have to recapture the depreciation for the IRS. The only way to defer paying capital gains tax is with a 1031 exchange, which you can use to purchase a replacement property that is as much or more as the property you are selling. If you are looking to sell multiple properties, sit down with an accountant to strategize when to sell properties to take advantages of tax benefits.
Estate Planning Helps Avoid Excessive Taxes
When you have rental property that you want to bequest to your children you should do some estate planning. You can change the real estate title while you're alive or wait until your passing depending on your estate planning. Depending on how you pass along the property your children may face an increased cost basis when they sell the home, resulting in higher taxes. To reduce taxes on an estate it's helpful to set up a trust as part of estate planning.
Protect Assets From Lawsuit On Rental Property
When you own rental or investment property you may be concerned about liability. You may want to transfer your property into a limited liability corporation (LLC), but that could cause your mortgage lender to call your loan in for full payments. There are other ways to protect yourself from lawsuits when you own rental property and aren't ready to pay off the mortgage.
Impending Nuptials Require Real Estate Moves
Before getting married, couples should lay their financial cards on the table and set up a framework in which major financial moves are openly discussed throughout the marriage. Real estate is an important thing to discuss before getting married.
Vacation Home Rental Property: Become A Vacation Home Owner And Landlord
Owning vacation home rental property can actually earn you an income as home owner and landlord. Ilyce's column discusses Christine Karpinski, a vacation home owner and landlord who uses her vacation home as rental property. It can be time consuming, but vacation home owner and landlord Karpinski says vacation home rental property can make a meaningful income.
Home Remodeling Projects
If you are going to remodel, you may as well increase your net worth in the process. When deciding what home renovation projects to undertake, make the home remodeling projects that increase the value of your house the most your first priority.
The Ins-and-Outs Of A 1031 Exchange
The IRS doesn't have hard and fast rules on how long you have to keep a purchased property as income-producing and thus are able to use a 1031 exchange. Some say the safe route is holding the property for two years and others say you can change your mind and make a home your primary residence and use a 1031 exchange.
Landlord Keeps Deposit On Apartment
A landlord does not return a deposit that was put on an apartment. A would-be renter should only make a deposit if there's a clear statement from the landlord as to what will happen to the deposit if you don't rent the apartment. Without this information up front, the landlord should not keep a deposit.
Renting A Home Better For Short Term
When relocating to a new city, should you buy or rent? It depends on how long you will live in your new city. If you're relocating for only a short time, it's better to rent a home. Buying may make sense if you buy a fixer upper and repair it to increase its value.
Good Landlords Treat Tenants Well
Want to know how to be a good landlord? For starters, landlords should treat their tenants with respect and courtesy. This renter thinks he's being mistreated by his landlord and wants to know his rights as a renter.