Assets are everything that you own that can be used for the payment of debt. Assets could include cars, a house, land, bank accounts, stocks and bonds, even items like furniture, clothing, jewelry and collectibles. To calculate net worth, subtract everything you owe from the sum total of your assets. Learn more about your assets and what they mean in different transactions on this page.
Mom’s Unpaid Bills
A mother and child co-own a home, though the child is the only one on the mortgage, and the mother has many unpaid bills and debt problems. The mother's creditors may pursue the home to make up for the mother's debt if they were to sell it. A quit claim deed may be the answer to ensuring the home doesn't get caught up in the mother's debts.
Tax Implications For Elderly Selling Property
You may have to sell some assets to pay for assisted living for an elderly family member. If the asset being sold is a home, what taxes will have to be paid and at what rate? It depends on who owns the home and how the property is sold. Learn about the factors you should take into account for financial planning for elder care.
Mortgage Payment After Divorce
Mortgage payments become tricky after a divorce is final. All of the parties listed on the title and the mortgage are responsible for the mortgage payment. Even if a judge has determined that one party is only responsible for a certain amount of the mortgage payment, the mortgage lender can hold all parties responsible if their names are listed on the mortgage.
Protecting Yourself When Co-Signing A Loan
A mother wants to co-sign or help secure a loan for her daughter. What does she need to do to protect herself? There are options the mother can exercise to provide her with financial security.
Documentation Required For Mortgage Loan
When you apply for a mortgage loan a lender is going to need to verify that you have a job, what you earn, how much you have saved, what kind of assets you have, and assess what kind of credit risk you're likely to be. If you're going to be shopping around for your mortgage, it's a good idea to make a few complete copies of all the documents, and keep them in a separate mortgage loan file.
Selling A Home You Got As Inheritance
When you receive a real estate inheritance you may decide you want to sell it. But how can you sell a home that's a real estate inheritance without paying too much tax? And how large does an estate have to be for estate tax to be triggered? The best way to resolve these inheritance questions is to consult with an estate attorney and accountant.
Calculating Your Net Worth
What is your net worth? Quite simply, it's what you have minus what you owe. The reason you want to pinpoint your net worth is that it gives you a snapshot of your financial life today, which becomes a point of comparison down the road.
Using Real Estate Agent In Family
If you have a real estate agent in your family, should you use them when buying or selling a home? Not having the right agent can hurt you financially, so it's important to think about what you need and want from an agent before recruiting a family member as a real estate agent.
Capital Gains Tax Cut Could Help Sellers
Today, you can keep up to $250,000 in profits tax-free when you sell your home, as long as you've lived in the home for two of the last five years. If you're married, you and your spouse can keep up to $500,000 in profits tax-free. But what happens if you have profits that exceed those astonishing numbers? If you've owned your home for 30 or 40 years, it's entirely possible that your profits will exceed the tax-free limit.