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2
votes
1answer
21 views

Details behind Geographic Jurisdictions for IRS Form 2555

For the Housing Exclusion and/or Deduction, Line 29b limit on the maximum deduction - How can one establish a level of confidence in the geographic borders drawn up by the IRS? https://www.irs.gov/...
2
votes
2answers
90 views

US: House bought in Feb '16 and tax returns for '15

My wife and I bought our first house in February, 2016. We used a conventional loan to acquire the property. Now (March, 2016) I am preparing a tax return statement for 2015 year. I haven't made any ...
2
votes
2answers
150 views

What should I do financially if I suspect a housing bubble is arising and might soon burst?

Background In my country (Norway, though the same principles apply everywhere), there's a huge discrepancy between loans in terms of how much equity you need to put up when getting a housing mortgage....
0
votes
1answer
93 views

How can I find an inexpensive studio or 1bdrm apartment in a safe, clean area?

I live in the Greater Seattle area and will be moving this summer. I am trying to cut expenses by moving to an inexpensive area but each time that I've found an inexpensive area and check Google ...
2
votes
3answers
334 views

Buying a property for 3 years and then selling

I have recently taken on a fixed-term contract for three years, which is giving me a salary significantly higher than I am used to. After the three years, however, it is very likely that my salary ...
-1
votes
2answers
205 views

Paying off a mortgage early

I am thinking about buying a property with a mortgage in the UK, living in it for 3 years, and then selling it. This is because at that point, I will probably be moving out of the city I am currently ...
0
votes
2answers
301 views

Should I take out a bigger mortgage, or pay a greater cash deposit?

Let's say I want to buy a house worth £400k. I can get a mortgage up to £300k, and I have £150k cash sitting in the bank. Which would be my best option: 1) Take out the maximum mortgage of £300k and ...
3
votes
3answers
92 views

Budget for an Internship in NYC?

I will move in NYC in the next months as an Intern for 6 months. I will earn 1800$/month (I assume before taxes), work in Jersey City and want to live in Manhattan or Brooklyn with roommates. I have ...
0
votes
2answers
74 views

minimize personal property coverage on homeowners insurance

This month, my homeowners insurance is due for renewal. I noticed that the personal property coverage is beyond $100k, which exceeds my needs by at least two orders of magnitude. Honestly, my personal ...
7
votes
1answer
1k views

Turning 30 and making the right decision with my savings and purchasing home

I just turned 30, I have a job which paying me $100k in Los Angeles, I have zero debt, excellent credit score and $65k in my bank account. I am single and I am paying more than 30% in income tax (...
4
votes
5answers
683 views

How come the government can value a home more than was paid for the house?

If you buy a house at a foreclosure for $100,000... how is the government allowed to value that house at $180,000 for tax reasons. How is what the house cost not exactly the value of it.
0
votes
1answer
80 views

Submitting my property for section 8

I have a tenant who wasn't section 8 qualified when they started renting from me. The main breadwinner however has just passed away and the remaining family members (spouse and kids) now qualify for ...
3
votes
3answers
297 views

Effective returns on investment in housing vs other financial instruments

In One Up on Wall Street, Peter Lynch recommends housing as the best first investment: Because of leverage, if you buy a $100,000 house for 20 percent down and the value of the house increases ...
3
votes
2answers
316 views

Lost job a week before closing with a mortgage. Options?

I unexpectedly lost my job a week away from closing on a condominium with a mortgage. I wasn't worried… until I realized that the mortgage is conditional on my creditworthiness remaining the same. ...
3
votes
1answer
97 views

Latest China devaluation (24/08/2015) and the affect on house prices in UK

Are there any strong bases for worry that house prices will fall considering the latest FTSE 100 issues regarding China... and todays (25/08/2015) slight rise. This is regarding house prices in the ...
0
votes
2answers
164 views

Is It Possible to Get Out of an Apartment Lease?

My daughter is in a bad situation and I need advice. She recently moved into a new apartment near school. There were a lot of problems, she doesn't feel safe, and wants to move out. But her lease ...
0
votes
1answer
125 views

How to fund sabbatical to prepare house for sale?

I own a large home in a recently gentrified and revitalized, very, VERY desirable urban neighborhood in the U.S. I purchased it for $400K 8 years ago, while the neighborhood and the house were not in ...
1
vote
2answers
250 views

How could I find someone to find a room for me to live in? (For a fee, of course.)

I am a young adult looking for a room near the college I'll be attending. I am not experienced or good at looking for housing, and I don't really have the time to shop around because I work full time. ...
2
votes
1answer
128 views

Income Tax rebate on Housing Loan on rental property and HRA rebate?

I had purchased an under construction Flat with loan of 30 lacs in Indirapuram, Ghaziabad in Year 2011 for which I got possession in June,2015. I am staying on rent in East Delhi and claiming HRA ...
1
vote
2answers
298 views

How much money should I put on a house?

My mother passed away and left me with 100,000 dollars. My boyfriend and I decided that we would go ahead and buy a house. We are living with my dad right now and have 2 kids and we are both 22. I am ...
3
votes
4answers
211 views

How to buy a house without being over-exposed to real estate

Buying a house can all-of-a-sudden make 90%+ of a person's portfolio be invested in real estate, actually one very specific piece of real estate! Which is against all the advice we're given to ...
1
vote
2answers
156 views

Thoughts on a condo vs apartment

I'm 22, living by myself, going to graduate school (in mathematics) next year. I've been living in an apartment the last few years and almost have been almost entirely supported by my father. This is ...
2
votes
2answers
149 views

Is “affordable housing” being added across the street from my condo likely to decrease my condo's value?

I live in a pretty nice condo in a growing area. There are several open fields around my neighborhood, and the city has decided to build "affordable housing" apartments directly outside the perimeter ...
1
vote
3answers
508 views

Sell or keep rental Property?

My father has an old single-family home he purchased at the height of the real-estate bubble. He lived in the property for about 5-years, refinanced to 3.25%, purchased another brand new home designed ...
1
vote
3answers
314 views

Does this Budget Make Sense for a New Condo?

I’ve been obsessively reading for the past week or two about how much of your gross/net income to be spending on Mortgage/Insurance/Taxes/HOA. More conservative estimates were at 25% of your gross ...
1
vote
2answers
89 views

Exposure to Irish Housing Market

I have the majority of my savings in Swedish fonds, with the rest in Global or European (non-Euro) fonds. Current value = €50k. I also own property in Stockholm. Current value = €200k. I am 35 and ...
-3
votes
1answer
87 views

Upside down at closing [closed]

I am about to close on my house. After all the fees and realtor commission I will need to pay @ $7000 to pay off the mortgage. Is it possible that I can make a payment to my principal that would ...
2
votes
1answer
211 views

What does it mean that: “Home loan must be secured within 90% of the value of the property”

I am applying for a home loan and I am unsure about some of the text received from the bank. What does it mean that a home loan must be secured within 90% of the value of the property? Does it mean ...
-3
votes
2answers
168 views

How to quantify quality of lifestyle (specifically, housing) [closed]

I am about to move and am looking for a place to live. I am having some issues determining which standard of living to go with. On one hand, I want to spend the least amount of money possible and on ...
6
votes
2answers
791 views

Where to save money in preparation of buying second house?

We just purchased a house last year with 20% down payment on a 30yr fixed mortgage. Everything finally settle down (remodeling, new furniture etc.) and we're on track of saving again. We don't have ...
3
votes
4answers
549 views

Is investing in housing considered an adequate hedge against inflation?

Does the price of a home or apartment generally increase, at least, with the rate of inflation in the United States? Could such a purchase be viewed as effective protection against inflation?
6
votes
2answers
141 views

If the housing market is recovering, why would a REIT index ETF (e.g. VNQ) not be performing well?

As you can see below, the Vanguard REIT ETF fund hasn't been doing very well for the last 6 months, but the housing market seems to be improving every month. Why do we have this difference? VNQ ...
1
vote
2answers
114 views

What sustains residential real estate prices in California when household incomes are low? [closed]

I have a question which assumes the accuracy of two links (here, for median income, and here, for median home price, both of which are in California). I'm going to make an erroneous assumption and ...
3
votes
1answer
731 views

Is it to my advantage to refinance with an LPMI option (Lender-Paid Mortgage Insurance)?

My fiance and I bought a house in April 2013 using a FHA loan, 30-year fixed. We only had to put down 3.5% so of course a good bit of our monthly payment is PMI. I got a call today from the same ...
0
votes
1answer
84 views

What is the best way to borrow money to consolidate our multiple outstanding mortgages?

My wife and I are in our early 60's. What We Have We have a condo that is upside down. It appraised at $110,000 and we owe $105,000. The going market rate is $85,000. We pay 5% for this loan. Our ...
6
votes
2answers
363 views

Explain: “3% annual cost of renting is less than the 9% annual cost of owning”

I was reading this: http://patrick.net/housing/crash1.html and found this statement by Patrick: 3% annual cost of renting is less than the 9% annual cost of owning the same thing Source: http:/...
7
votes
2answers
455 views

What are some strategies to determine how much I should spend on rent when I have a lot of savings?

I'm fortunate enough to have saved a lot of money over the years, and have nothing specific that I'm saving for (it will be at least a few years before I start a family). This is great of course, but ...
-2
votes
2answers
420 views

What happens when a home is worth less than the amount the owner owes on the mortgage?

I hear that price of a house affects the mortgage on the house. For example if the price of the house goes lower than what is owed, debtors will have a risk to deal with. I am not sure why this is ...
1
vote
0answers
148 views

How can I hedge against local home value?

I'd like to hedge against my neighborhood home value. I'm not terribly concerned if the overall housing market fluctuates, since if I move and sell my home for less, I can buy a new home for less. I'...
3
votes
2answers
110 views

Can I invest in the housing market via the stock exchange?

Buying houses is expensive these days, and interest on mortgages is extortionate. Do investments via the stock market exist where you can invest in the housing market? Maybe shares in real ...
2
votes
1answer
378 views

Relocating and buying a house simultaneously - How to handle pre-approval on fluctuating yearly income?

The background is as follows. We are currently renting and want to buy our first home as we are relocating for a new job. My new job starts 1st June 2013. My current job ends May 31st 2013. My yearly ...
4
votes
1answer
224 views

Next option(s) after house is not selling on market?

Lets say I have a house which is pretty old and is not in the best neighborhood. I put in on the market and for one reason or another, even after dropping the price substantially I cannot get it to ...
9
votes
3answers
1k views

How can I realistically compare the Cost of Living for two locations?

I've recently applied for a position with a company and I think I have a fair shot at getting a job. If hired, I should have the option to move to one of two locations. However, I'm having a tough ...
5
votes
1answer
109 views

Apartment donation or gift for foreigner living in US

Some of my relatives would like to donate or move an apartment on my name. However, there are a few things... I am a Romanian citizen living in the US (on a non-immigrant visa) The apartment is in ...
2
votes
5answers
1k views

Why could rental costs for apartments/houses rise while buying prices can go up and down?

In this U.S. city, I have the impression that the rents of apartments and houses always go up, say, about a 5% per year, while the prices of buying them fluctuates throughout the same years. If my ...
3
votes
1answer
6k views

Tax implications of corporate housing

If my company provides corporate housing for me, am I required to claim the rent amount as income for my personal earnings? And is that taxable income? I'm trying to figure out how I can leverage ...
4
votes
1answer
192 views

Use my savings to pay out my mortgage on my rental apartment?

My rental apartment at this point is making me a 5% ROI per year. My bank is currently charging me a 5.87% Interest rate on the mortgage, which means I am putting from my pocket to keep this apartment ...
2
votes
2answers
153 views

Losing equity on a house, any feasible options?

I have had my first house for almost 3 years now. I have refinanced once already and I am about to refinance again. For this one I needed to get a new appraisal, which was expected. The only catch ...
1
vote
1answer
302 views

What needs to be considered when taking over a 2Br alone and living with a roommate

My housing experience has been me and my roommates signing leases with our landlord together. I am going to move soon, and am interested in a 2br apartment with $850 rent. The landlord of that ...
10
votes
1answer
3k views

How do Islamic Banking give loans for housing purposes?

Islamic banks do not give loans they invest in financial activities of their clients. Am I correct? If yes, then how can they provide loans for housings? Home loans have nothing to do with business. ...