The Medicaid lookback period is 5 years. Any changes made to assets within 5 years of applying for Medicaid could come back to haunt you. Medicaid creditors are able to look at any transfers of property made during that time.
This week on the Ilyce Glink Show, Ilyce spent some time going over year-end tax tips with Barbara Weltman, a tax expert from J.K. Lasser. She also discussed how women can better handle their money with Kiplinger's Magazine editor Janet Bodnar, and took calls about credit cards, being self-employed, and selling a house after a divorce. All this and more on this week's Ilyce Glink Show,.
Credit card debt can hurt your chances of closing on a home even if you have already been approved for a mortgage. What many borrowers don't realize is that the lender may take another financial snapshot of their lives just before the closing. The second pull of your credit history and credit score could come any time within a week or two of your scheduled closing date. Keep your debt-to-income level the same as it was at the time the loan was approved.
A homeowner bought his parents' house for $10 and wants to know what his tax burden will be. The IRS views the profit on the property as the sales price minus the $10 and any costs to sell or improve it, so he will pay taxes on a large profit. Since it is investment property, he'll owe long-term capital gains taxes on the profit.
A home buyer says the builder of their new construction problem didn't disclose a water pressure problem. The homeowner now has more problems from lack of water problem that the builder will not fix. The owner needs to determine what caused the problem and what is in the contract before going after the builder.
With the housing crisis well under way, both lenders and home sellers are trying to squeeze as much value out of homes as they can. This has driven so...
When you buy a home with an FHA loan you have to follow their rules, including one where you can't close on a home if it was just sold 90 days earlier. If a seller is eager to sell he may not want to wait that long. Can the seller keep the buyer's deposit if the closing gets delayed or canceled?
Selling inherited property will have its tax implications. To determine what taxes you would pay on selling inherited property, you'll have to get an estimate for the value of the property when it was inherited. You may also own capital gains taxes and state income taxes for the inherited property.
Real estate sales are down- does that mean the economy is next? Will the decline in real estate sales and home values push us into a recession? Ilyce evaluates the state of the economy in light of the down real estate market.
If you want to spend $3,500, you’ll learn how you can merge your money into one account: a money merge account (MMA). Money merge accounts claim to help you pay down your mortgage faster. But there are ways to do that without buying into a money merge account.
