If taxes are owed on the sale of inherited real estate, they are typically paid by the estate. A determined amount of inheritance can be passed down tax-free. If inherited property is kept for six months or more before selling, taxes may be owed on the profits.
A prospective car buyer has saved enough to buy his next automobile in cash, but is considering financing it to build on his already-good credit. A car loan isn’t needed to keep your credit in great shape. If you’re able to buy a car with cash, you can use the Internet to research and negotiate and ensure you still get a great deal.
The average commission for a real estate broker is 5.1 percent of the transaction. If a home is difficult to sell, you’ll usually pay a higher commission. One option is to try selling the home yourself and saving on a seller’s commission all together.
Moving or withdrawing your entire retirement account will result in owed income taxes. If you’re ready to retire, a financial advisor can help you set up your accounts to help you live.
Here are a few resources on finding a financial planner who specializes in REITs.
A consumer has had trouble receiving their credit score along with their free credit report at annualcreditreport.com. If you’ve had trouble getting your annual free credit report or credit score, you’ll need to contact the site manager directly.
If you’ve got several debts you’re ready to pay off, start with the one with the highest interest rate. Once that debt is paid off, you can use the extra money to pay the debt with the next highest rate. By taking all the cash you’re pouring into paying off a balance and putting it toward your next balance, you’ll put a dent in your total debt much sooner.
If the house you want is more than you can afford, you’ll need to reevaluate the kind of home you’d like to buy. Having bad credit makes it even more difficult, because high interest rates will put that dream home even more out of reach. Working on your credit score will put you in a position to better afford a home in your price range when you’re ready.
There is a five-year look-back provision in which the government can unwind transactions if it proves that the assets were sold to avoid paying for nursing care. There is also a cap of $12,000 for gifting assets to their children. An estate attorney can walk elderly parents through their estate planning options.
If you sell real estate you’ve owned for less than a year, you will own income tax on the profit. If the property is sold more than a year later, capital gains tax would be owed. A 1031 exchange defers taxes when selling and buying like property.
