Capital gains taxes may be owed on a home that was quit-claimed. Generally, if you live in a home for two years as a primary residence, a certain amount of profits can be kept tax-free. With property acquired through a quit-claim, capital gains taxes will be owed on the difference between the price the original owner paid and the sales price.
An investor is interested in taking out a home equity loan to buy rental income property and is wondering if the home equity loan interest will be deductible as a business expense. More than likely, the interest on the home equity loan cannot be written off as an expense. But taking out a home equity loan on the business property could make it possible to write off the interest on a loan tied directly to the property.
A husband and wife are ready to buy a home, but the husband is entering graduate school and isn't sure if he'd be better off taking out student loans or a mortgage loan. While mortgage rates are low, student loan rates are even lower. Plus, the interest paid on student loans is deductible on your federal income taxes.
The difference between a regular loan and a reverse loan is that, in a regular loan, all of the proceeds are usually given to the homeowner at the time the loan is taken out and the homeowner pays back the loan over time. In a reverse loan, the lender may pay the homeowner over time and the lender is repaid when the home is sold. The homeowner still bears the risk of what is going on in their home, even if there is a reverse mortgage.
Raising your credit score takes time. How long you've had your individual credit accounts, as well as how long you've lived at your current address is important to your credit score. A credit score over 720 is considered "perfect" to a lender.
With a fixed-rate interest loan, you know how much you will pay every month throughout the life of the loan. A variable rate loan means that the interest rate will fluctuate over time. A fixed-rate loan will provide you with security in knowing what they payment will be, but the interest rate will be higher than a variable-rate loan.
A real estate investor has found himself with extra cash each month and isn't sure whether to pay down the mortgages or spend it on additional investment property. When it comes to investment property, every dollar that goes into the property is written off against the income the property brings in. It's always a good idea to prepay a mortgage, but an additional investment property could bring in more positive cash flow as well.
Foreclosure filings increased 30 percent in February, as compared with February 2008, according to RealtyTrac. The increase of foreclosure filings, w...
Teardowns have become commonplace in many parts of the U.S. where the value of the land is worth more than the property that sits on it. When a property is purchased as a teardown, the one home is replaced with two or even more. Teardowns are a way for developers to maximize profit in in-fill communities.
A financial planner can help you make investment decisions when it's time to draw on retirement funds. Shorter-term investments might be wise to ensure that money is available on short notice. Mutual fund investments will also allow you to have access to the cash if needed.
