If you are going to give someone the gift of property, there are ways to minimize or avoid the gift tax. You can give the property and pay the gift taxes for the person. You can also give the property in increments of $12,000, the maximum amount anyone can give without having to pay the IRS' gift tax. There are several options to give property as a gift without having to pay gift taxes on it.
Baby Boomers, those Americans born between 1946 and 1964, are hitting their prime second home-buying years. A recent study from the National Association of Realtors confirms that the most popular ages to buy second homes are from ages 55 to 65, followed by 45 to 55. Even if the second home market slows a bit, the numbers are still impressive: 78.2 million Baby Boomers who have an estimated $2 trillion in disposable income, according to the 2004 U.S. Census, and are set to inherit trillions more.
A first-time home buyer already has a home that was quit claimed to them by a parent, making him ineligible for first time homeowner benefits. Ilyce talks about programs available to first-time home buyers and why this home buyer is ineligible for them because of the quit claim. Ilyce recommends the home buyer find a good real estate and real estate attorney to help him make decisions since he is not eligible for first time homeowner benefits.
A home seller fires their real estate agent because they discover they will not be able to cover their closing cost and commissions. Commissions are typically paid out of the closing proceeds from the sale of the property. A buyer or seller probably can't get a loan to cover closings costs and commissions when selling and buying a home.
A great local real estate agent is the key to getting a great deal on property. Ilyce notes that in order to get the great deal on property this person is looking for, they need to find a real estate agent that works the area on a daily basis. A great local real estate agent will tell the buyer what kind of deals are available and the best pieces of property available.
A homeowner purchases a vacation home in another state and has realized that some of the closing costs were paid by both the bank and the escrow company. Now the buyer is wondering if she was double billed, if it was an expensive lesson, or if she can get her money returned. Before the buyer accuses the lender of double-billing, she needs to make sure she understands the closing statement and fees and understands what she paid for at closing and what she paid for prior to closing.
