Have real estate questions? Here, you’ll find helpful articles and other resources that cover issues related to real estate, buying, selling, financing, refinancing, credit and debt, insurance, second homes, vacation homes, real estate investment, new construction, and renovation.
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.
Buyers Taken Advantage Of Without Agent
Buyers and sellers should be represented by independent agents. In this case, after making a verbal offer on a condo, the sellers raised the price $500 dollars. It may be unethical, but it is not illegal. You may think you'll be able to get a better deal by avoiding the commission of a broker or agent, but you might be setting yourself up to be taken advantage of.
Calculating Profits On Home Sale
The cost basis of a property is calculated by adding the costs of purchasing the home to the costs of sale plus the costs of any capital improvements. Then, subtract the cost basis from the sales price. If your sales prices minus the cost basis doesn't equal a profit, you won't owe capital gains.
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.
Metrocities Mortgage
Many real estate firms have brought mortgage lending inside the four walls of their office. But finding a good fit between a real estate broker and mortgage lender isn't always easy. Here's how in-house mortgage lenders work and how to be a smart buyer when negotiating with mortgage lenders.
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".
Benefits of Lease to Sell
A building owner is thinking about building a commercial office and selling it with a lease to sell agreement. Rather than leasing it, holding onto the building could bring tax benefits for owning commercial property. Using a "lease with the option to buy" could also be an incentive to get additional buyers to consider purchasing it.
Divorce Could Lead to Eviction from Rental Property
After a divorce is completed, can a spouse be evicted from his home? It depends on where the spouse lives and who owns the property. If the home used to be the primary residence of the married couple and the spouse who lives in the home did not win the home in the divorce settlement he can be evicted. If it's a regular rental property, eviction depends on the terms of the lease. And if there's no lease, it's likely the spouse is living there on a month-to-month basis, which means the landlord must give only 30 days notice for eviction.
Rental Property, Equity And Taxes
When you own property with a parent or manage a rental property for a parent and then want to get money out of that investment property, it can result in tax consequences. When you want to get some equity out of a rental property you need to think carefully about how to proceed. If the parent quit claims the property to the child, the child inherits the cost basis of the property when it was purchased, which may be high.