AgentWorld Blog : March 2009 - Page 1
If you are looking to buy a home, now could be a very good time. But don’t expect it to be easy, many homes currently on the market will be short sales. A short sale is a sales transaction in which the seller’s mortgage lender must agree to accept a payoff of less than the balance due on the loan in order to complete the transaction. Short sales are very common in the current market. However, they can also be very frustrating. Consent from the lender sometimes takes
Posted on : 3/28/2009 6:31:00 PM
A like-kind exchange allows a real estate investor to defer the payment of taxes. This in turn allows the investor to keep and reinvest otherwise taxable profit which results in accelerated wealth accumulation. The general rule is that no gain or loss will be recognized on the exchange or property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like-kind which is to be held either for productive use in a trade or business or for investment.&
Posted on : 3/22/2009 8:25:00 PM
As popular as vacation homes are, you might think the tax rules would be simply but they are fairly complex. Your tax strategies will depend on how you use the property; and you will need to carefully count and track days of personal use and rental use. Below are several must-know vacation home tax rules for the smart real estate investor.If you rent a vacation home for 14 days or less in a year, the income can be tax-free but you cannot deduct any rental expenses. If you rent a vacation home for more than 14 days,
Posted on : 3/17/2009 8:35:00 AM
The first major purchase most people make is their home. For good reason, it typically becomes their greatest source of wealth, yes...even in this terrible market. But in addition, the tax Code practically begs taxpayers to buy a home. The tax Code provides generous tax incentives to owners of principal residences including residential mortgage interest deductions and property tax deductions. In fact, home ownership coupled with these tax benefits have created more net worth for more Americans than proba
Posted on : 3/13/2009 10:57:00 AM