Buy New Car Or Fix The Old?
Rather than spend as much as a car is worth to make needed repairs, selling and using the cash to buy new is an option.
Is Playing The Lottery A Waste Of Money?
One in five Americans believes that winning the lottery is the only practical way to become wealthy. But a better alternative to winning the lottery to become a millionaire is to save. Here’s how to turn those lottery investments into profitable savings.
Estate Planning In Second Marriage
When a married couple each has their own children, estate planning must be specific to ensure the couple’s assets are left to all the children as desired. Putting a home in a trust with the children as beneficiaries will leave it to them all equally. A life estate as part of the trust will give the other spouse right to survivorship.
Tax Burden On Selling Vacant Land For New Home
Selling vacant land and using the profits to buy a home may result in a 15 percent capital gains tax. Capital gains taxes can be deferred if he used the profits to buy another investment property. To avoid paying capital gains tax on vacant land, a home would have to be build and lived in for two years.
Estate Planning With Minor Children
It’s not a good idea to put real property or assets into a minor’s or child’s name while you’re still alive. Turning assets over to your children also turns over control of those assets while you’re still alive. Taxes may also be incurred by the children if they don’t inherit the property.
How To Thank A Great Agent
Agents know that, even if they work very hard, a sale won’t always go through. It’s a thoughtful gesture to thank an agent for their diligent work and to ensure them you’ll call them when it’s time to buy again. Here are a couple of appropriate gifts to thank your great real estate agent.
Capital Gains Exemption In Home Sale
If you’ve lived in a home for two of the past five years as a primary residence, you may sell and keep up to $250,000 in profits tax free, or up to $500,000 if you’re married. If the property was rented for part of that time and any tax deductions taken, those will need to be recaptured. A tax advisor can ensure there are no other issues you need to consider when selling the home.
Raise Credit Score Before Refinancing For Better Rate
If your home loan has a high interest rate because of a low credit score, you’ll want to take time to raise it before refinancing for a better rate. Raising your credit score can be done my paying all of your bills on time for up to a year. You can stay on top of your credit history by getting your annual free credit report.
Bad Behavior From Agent Upon Terminating Listing
A home seller had her agent sign a listing agreement that stated the listing could be terminated upon the seller’s request. When the seller did cancel the listing, the real estate agent became very angry and yelled at the seller. This agent’s bad behavior could be reported to a local association.
Pinpointing The Right Time To Buy
How do you know when interest rates and home prices will align and make the perfect time to buy a home? If you’ve found the right house, in the right neighborhood for the right price, it’s always a good time to buy. An agent can help you find a home that will make you confident you’ve bought at just the right time.