AgentWorld Blog : Page 1
Reduce Taxes with Expense and Loss Deductions
An investment in knowledge pays the best interest.-Benjamin Franklin
Ben Franklin spoke the truth, especially if you own real estate. Knowing how to use expense and loss deductions properly can increase your after tax return. You can even start at home. This is convenient because the first significant real estate purchase most people make is their home. The second is a rental property. Fortunately, the Internal Revenue Code provides tax incenti
Posted on : 4/19/2009 8:15:00 PM
An FLP is not a unique entity; it is simply a limited partnership or limited liability limited partnership like those explained in Chapter 10 except that the partners are normally family members. Typically, you and your spouse are the general partners, and your children or grandchildren are the limited partners. The general partners manage the business of the FLP, so you retain control of the partnership assets. The children start out as, and many times remain, limited partners. Limited partners do not participat
Posted on : 4/16/2009 9:14:00 AM
THEN AND NOW
Ten years ago, a search for real estate would have started in the office of a local real estate agent or by just driving around town. At the agent's office, you would spend an afternoon flipping through pages of active property listings from the local Multiple Listing Service (MLS). After choosing properties of interest, you would spend many weeks touring each property until you found the right one. Finding market data to enable you to assess the asking price would take more time and a lot more driv
Posted on : 4/15/2009 10:35:00 AM
What is a Reverse Mortgage?
Before we begin the story, you should understand a little bit about what is a reverse mortgage. Otherwise, the story will not have any meaning.
A reverse mortgage is the true home equity loan. –Ken Scholen
To understand the simple truth of Mr. Scholen’s statement, think back to when you bought your home. If you purchased your home with the assistance of a loan, a lender evaluated your income and loaned you
Posted on : 4/15/2009 10:22:00 AM