Home values aren’t the only thing at risk when a house in the neighborhood goes through foreclosure. When the neighbors move out, rats move in. If there are foreclosed or neglected properties in your neighborhood, here’s what you can do to prevent rats and other pests from being attracted to your home. . . .
Read more about How to Prevent Pests
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The first question this week comes from Ali, who writes: “We bought a piece of land in 2006 for $75,000. We sold it this year for $50,000. However, we did an owner-financing: 30-year fixed with a balloon in 5 years. A payment of $214 a month with a $4000 check in the beginning. So how do I file this land sold. Very confused!” . . .
Read more about Installment Sales, Self-Directed IRAs and LLCs
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For the first time in what seems like half a decade, housing inventories are down. Way down. In fact, according to reporting by the New York Times, citing the National Association of Realtors®, the number of homes currently for sale is the lowest it’s been since 1999. A surge in demand for single-family homes – fueled by rock-bottom interest rates on . . .
Read more about Flipping Properties in a Buyer’s Market
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This week, I wanted to take a closer look at real estate tax questions that begin with the phrase, “Can I deduct,” and then mention the cost of fixing or upgrading something in the house. Sometimes the writer mentions that it’s a personal residence, and other times the writer doesn’t specify whether the property is a personal residence, an investment property, . . .
Read more about Deductions for Personal and Investment Property
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It’s human nature to want to amass as many tax deductions as you can when you purchase a home. Many taxpayers, though, are too aggressive, confusing personal property and investment property tax rules. They wind up trying to take deductions they are not entitled to, risking fines and penalties (and perhaps missing other tax breaks). It is vital to . . .
Read more about Homebuyer Tax Deductions
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Welcome back to our Tax Corner column – where we take your tough, real estate-related tax conundrums and bring them to the attention of some of the top tax professionals in the country. Today’s question, along with a couple of follow-ups, comes from a reader named Heidi: “I bought a house in another state. I intend to move into it as soon as I can find a job in that area . . .
Read more about Deducting Losses From Money-Losing Rentals
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This week’s Tax Corner question comes to us from Rick Chase, who posted the question in a column on the taxation of real estate flipping: “I am new to real estate investing and recently purchased rental properties held by two separate LLCs. One of the LLCs is held in a self-directed IRA, and the other LLC is not held in an IRA. My question is not about taxation of . . .
Read more about Depreciation on Investment Properties
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Today’s Tax Corner question comes to us from one of our reader comments: I am married and file jointly with my wife in N.J. I purchased a two-family house and spent about $40,000 renovating the rental apartment – I live in the other part of the home. I have a full-time job but spent most of my nights and weekends working on the house, making countless trips to . . .
Read more about Deducting Rental Losses
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It wasn’t raining when Noah built the ark. Likewise, you shouldn’t be waiting until you get an audit notice to get your paperwork together, gather receipts, dot your i’s and cross your t’s. Understand that the federal government is hungry for money just now. For all the talk of recovery (how many “recovery summers” are we at just now?), tax revenues . . .
Read more about Audits of Real Estate Professionals
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Rick is a beginning real estate investor in New York City. He owns a rental property in Tampa and is now in the process of closing a property in Jacksonville, Fla. Both properties are financed with conventional investment loans with 20 percent down. He wrote us with two questions: . . .
Read more about Tax Information for Investors
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