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So far GlinkAndTamkin has created 323 blog entries.

Paying Taxes On The Sale Of Commercial Land

By | May 13th, 2005|

When selling commercial land and you might be making a large amount of money in capital gains. To defer the payment of taxes on the sale of commercial property, there are two types of tax free exchange mechanisms that you can use. Both involve Section 1031 of the Internal Revenue Code and they are sometimes referred to as Starker Trusts or Exchanges. If you don't want to buy a replacement property and don't want to invest with others, then once you close on your sale you will have a large tax liability.

“No Source, No Seasoning” In Mortgage Lending

By | May 6th, 2005|

"No source, no seasoning" is a term used in the underwriting process of mortgage lending. The mortgage lender's underwriter must make sure the prospective borrower has properly obtained the funds to buy a home. The mortgage lender also must ensure the home-buying funds have been in an account for some time.

New Construction Deposit In Jeopardy

By | April 29th, 2005|

A home buyer has put a deposit down on a home in a new subdivision. After two years, they learn that the developer has not gotten final approval for the development. When a developer or builder has been unable to obtain the required approvals for the subdivision after two years but has started work on it, it's a huge red flag. The buyer should hire an attorney to help get their escrow money back.

Condo Board Charges Entertainment Fee

By | April 22nd, 2005|

A condominium homeowners association board hires comedians and singers for the common area and then asks residents to pay extra fees. If the resident doesn't pay, they are not allowed in the common area. Sam and Ilyce talk about reviewing the condominium documents for your homeowners association and the laws in your state.

Loss On Property Sale Not Deductible

By | April 22nd, 2005|

A profit on selling your home is calculated by the sales price minus the costs and improvements. So what if costs and improvements cost more than the sales price? Unfortunately, the difference cannot be considered a loss for income tax purposes.

Taxes On Sale Of Rental Property and Primary Residence

By | April 15th, 2005|

A couple bought a home on a 2-acre lot. They lived in it while they built a second home, and then moved into the second home after it was completed. They now rent out the original home to another couple. If they sell the property and both homes, how will the transaction be treated at tax time?

Balloon Payment Looming Due To HUD Regulations

By | April 8th, 2005|

A homeowner owns a home that was seller financed and is having difficulty finding a new lender because of HUD regulations. A local community bank, savings and loan or credit union might be able to lend the homeowner money to refinance their home. The real issue is whether the agent and seller should have disclosed the HUD regulations when selling the home.

Financing A Mortgage On An Investment Property Without U.S. Citizenship

By | April 1st, 2005|

Financing a mortgage for an investment property where one of the owners is not a U.S. citizen can be tricky. Most mortgage lenders are reluctant to finance a mortgage on an investment property to an immigrant who does not have a long-term visa or has become a resident of the United States. Ilyce and Sam help this reader figure out the best way to finance a mortgage on an investment property where his potential co-owner does not have U.S. citizenship.

The Basics About Easements

By | March 25th, 2005|

Why do we have easements? Easements can be necessary to distribute water and other utilities to the many lots within a development. In some cases, cable companies have easements to bury cable to service a community. In other cases, easements allow the public to walk through private land to reach a public beach. A community can have an easement to walk along your property to reach a boat house on a body of water. Generally, you should never build anything on easement land that could prevent the user of the easement from making use of the easement.

Home Buyers Need Real Estate Attorney Especially At Closing

By | March 18th, 2005|

Home buyers need a real estate attorney to help them navigate buying a home, especially during the closing of a sale. Real estate attorneys will protect the home buyer during the home sale, especially at the closing. It's still up to the home buyer to learn about the real estate process, but having a good real estate attorney will protect your investment.

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