Rental property can be easier than owning a home, but it requires its own special set of circumstances. Whether you’re the renter or the landlord, look at the articles, columns, blog posts, radio shows and videos for more information about rental property.
Is It Better To Sell or Will Property to Your Family?
When transferring rental property to your child, is it better to sell it to them or leave it to them in a will? Both ways have their advantages and disadvantages. Q: First, I always enjoy reading your advice column in the Torrance CA Daily Breeze home guide magazine. Your article today, "Selling a rental property [...]
How to Avoid Paying Taxes When Selling a Rental Property to a Child
How can you avoid paying taxes when selling a rental property to a child? You could try an installment sale. Q: We have a rental property that we would like to sell to our son and his wife. The problem is that we have not lived in the house as our primary residence for the [...]
Buying Rental Property: Costs to Consider
If you have the financial means, buying rental property may sound like an easy way to make extra income: purchase a house, rent it out, and relax as the profits roll in each month. Unfortunately, many would-be investors go into the home rental process without preparing a budget or fully understanding all the costs involved. [...]
The Ilyce Glink Show On WSB Radio: October 26, 2014
Here are a few of the topics covered on this week’s radio show. Caller question: I’m moving to a new city for five years—should I buy a new house in cash or take out a mortgage? [3:22] Consider a 10-year mortgage. The interest rates are so low that you can borrow money cheaply, while keeping [...]
What to Look For When Buying an Investment Property
There’s nothing new about buying a house and renting it out to make some extra income, but the flood of foreclosures that began in 2007 sparked fresh interest in purchasing rental real estate for investment. Today, millions of individual investors, as well as huge Wall Street hedge funds, have invested billions of dollars into purchasing [...]
Putting a Rental Property in an LLC to Minimize Taxes
Before putting a rental property in an LLC to minimize taxes, be sure you can depreciate the building to reduce your tax liability. Q: I recently inherited a rental property. The property is rented and cash flow is positive, despite the fact that there is a mortgage on the property. Currently, I do not need [...]
Tax-Free Exchange on Rental Property: What Taxes Do I Owe When Selling?
Tax-free exchange on rental property, what taxes do I owe when selling? Did you purchase the home as an investment or as a primary residence? Q: We purchased our present home in 2005 for $225,000. It was a tax-free exchange on a rental property we owned previously. We rented the current home for two years right [...]
Prepayment Penalty | Do Lenders Allow Mortgage Prepayment?
Wondering if your lender allows mortgage prepayment? Most lenders today have stopped carrying out mortgage prepayment penalties. Q: You recently answered a question about a rental property owner deciding whether to refinance into a 15-year vs. a 30-year loan. I bought my house in 1976 for $70,000 with a 30-year loan where the mortgage payment [...]
Gifting a House to a Relative
Gifting a house to a relative will affect your income tax and real estate property tax. Know the consequences of gifting vs. inheriting. Q: I thought you might have said on your radio show that you didn't advise giving a home away. My uncle is thinking of giving me an old house, but I didn't [...]
Selling a Rental Home: What Are the Tax Implications?
When selling a rental home, understand the tax implications of selling the rental home and the 1031 exchange rules if you buy a new home. Q: I was wondering if you would be so kind and clarify something for me. I have a rental home that I have rented out for the past 18 months. [...]