Property is anything you own, whether it’s land, a house, electronics, a car, or collectibles. Learn more here about buying and selling property, taxes, and protecting your assets.
Tax Implications Of Flipping Real Estate Before Construction
This reader is hoping to flip a property before it is constructed but is concerned about the tax implications. Ilyce explains if you make a profit by selling something that you own, even if it's real estate that gets flipped before construction is complete, you have a taxable gain. Just what kind of tax gain you would get flipping pre-construction real estate, hinges on the question of what it is that you bought and when you are considered to have made the purchase under tax law.
Property As Gift: How To Avoid IRS Gift Tax
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.
Inheritance Property Sold To Investor, Other Heirs Want Property Back
What should you do if you inherit a portion of a home, but another heir sold his portion of inheritance property to an investor. The other two heirs want to keep the inheritance property and wants to get it back from the investor. Ilyce helps explain how to proceed with this inheritance property, and how to best protect your interests from the investor.
Transfer Tax Requires Declaring Personal Property
A buyer is purchasing a home in a community that requires the buyer to pay a transfer tax. The buyer is allowed to deduct the amount of "personal property" that is part of the deal. Now the buyer is trying to figure out exactly what qualifies as "personal property".
Real Estate Agent: Great Local Agent Key To Great Property Deal
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.
Never Too Old For Real Estate Investments
Is it too late to start investing in real estate property? To be successful with investment property you must be willing to take the good with the bad when it comes to managing tenants. Ilyce reminds the reader that 50 is the new 30 if you are cut out for the landlord business.
Holding Title As Tenants By Entirety
Titles can be confusing especially in regards to ownership clauses. There are differences and benefits between tenants by the entirety, joint tenancy and tenancy in common. Some real estate attorneys feel that married couples have even better protection with tenancy by the entirety than with joint tenancy with rights of survivorship.
Interest Only Loan Helps Home Owner Reduce Mortgage Payments And Purchase Property
A home owner would like to know how to reduce monthly mortgage payments to purchase another property. Ilyce discusses the history of the increase of mortgage rates and suggests taking out an interest-only loan to reduce his current mortgage and finance another property. The home owner should talk to several loan officers to determine where to get the best interest only loan and purchase another property.
Selling Off A Portion Of Home Lot
A homeowner selling a portion of their lot and continuing to live in their current home wants to know what capital gains will need to be paid on the sale. You are not required to pay capital gains taxes on the sale of residential property as long as you have lived in the home for 2 of the past 5 years. The capital gains exclusion is up to $250,000 if you're single and up to $500,000 if you're married.