1
vote
2answers
47 views

Withdraw from IRA or regular savings for First Time Home Buyer?

What is the optimal way to source the funds for down payment of a first time home buyer? I understand if I withdraw 10k of an IRA account there will be no 10% tax penalty, but there will be taxes to ...
2
votes
1answer
69 views

renter's insurance for causing property damage

It seems that renter's insurance only covers the tenant's property and perhaps guests. I suspect that a far bigger financial risk for a tenant is in liability due to causing a fire, flood or other ...
2
votes
1answer
67 views

Traditional IRA - First Home Purchase - Does the $10K limit apply to each spouse or the entire household?

One can withdraw up to $10K for first time home buyer. My question is if each spouse can make the withdraw or is 10K by purchase?
9
votes
4answers
1k views

Who pays the property tax on a home for the year of sale?

I sold a condo on the 2nd of January this year, and I was a bit taken aback when I got a property tax assessment for that property from the county for this year (this was not a bill just an assessment ...
5
votes
4answers
252 views

Home owners association for houses, pro/cons

(there is a question about home owners associations for condo communities here, so this is a) not a duplicate and b) fit for this website) In most contexts where I hear about a home owners ...
11
votes
2answers
2k views

If I sell my house, will I have to pay taxes on the profit?

I am in the United States, in Colorado. I purchased a house in July of 2013. It was in poor condition, so I spent the first two months repairing things before moving in. Now, 11 months after moving ...
3
votes
1answer
48 views

What will be the capital gains tax after we sell a rental home?

I'm in desperate need of some help. I've been asking different tax consultants about this situation, and I keep receiving different answers. My parents purchase a Tudor style home about 30 years ago ...
1
vote
1answer
62 views

1031 Exchange and Taxes?

We were given a property by my father in 2001 who was doing a 1031 Exchange on an investment property. Once we were given the deed and title of the property a year later, we started using it as a ...
0
votes
1answer
47 views

Is there an equivalent of writing calls on personal real estate holdings

Where possible I like the ability to write calls on the underlying asset for the residual income in a low-medium volatility environment Is there the equivalent of doing this with real estate? I am ...
5
votes
3answers
539 views

Settling house with husband during divorce. Which of these two options makes the most sense?

This is the scenario: Our house is worth about $250,000 (we think). We owe about $200,000, so we have $50,000 equity. We are divorcing amicably and both want a solution that is fair and makes sense. ...
8
votes
2answers
252 views

What benefits do “title search companies” have over physically visiting a land records offices?

I am looking into buying my first piece of real property. Basically my question is "why do title search companies even exist?". Who uses them? And why? Are they doing something special apart from ...
6
votes
4answers
822 views

Why do I need an attorney to buy a house?

I thought my real estate agent would cover the whole thing. How does an attorney get involved? Why do I need to hire one on my side? I ask this because I have read about it in first-time buyer help ...
4
votes
2answers
193 views

Working with Real Estate Agents

So first off I have worked with about 10 real estate agents over the past year or so. I find most of them are quite horrible. You explain what you want and they either don't call you back or show ...
1
vote
1answer
60 views

How do I determine capital gains tax on a vacation property for 2014?

In 2003, I bought a property in New Jersey for $465,000 to use as a vacation home. I'm planning to sell it, and I think that I'll get around $685,000. I rented it out for several weeks the first year ...
2
votes
1answer
96 views

Finance the land on a non-financeable house?

A local real estate listing that I'm interested in says the house is non-financeable(it is an old mobile). However, it is on an acre of land. I have 20000 to put down, and I was wondering if it's ...
1
vote
1answer
295 views

Buying property in India: paying loan/mortgage

I am on a H1B visa in USA and thinking about buying property in India. What is the best way to make payments from USA bank ac to pay loan/mortgage in India? Can I get tax relief for loan/mortgage ...
0
votes
1answer
149 views

Selling property in India and gettting back money to USA

I am on H1b visa in USA and thinking about buying property in India. Suppose I alraedy bought some property in India, now in future if i sell the property in India, then how can i get that money back ...
1
vote
2answers
333 views

Buying property in India : FBAR declaration.

I am on H1b visa in USA and thinking about buying property in India. If I buy any property in india,do I need to report my property in USA income tax return, FBAR or anywhere else? Do i need to pay ...
5
votes
2answers
225 views

How do I calculate the (likely) property taxes on a new home in a new area?

I live in Texas where there is no personal state income tax, but there is a significant tax on real estate. I am considering buying a new home, built to my specifications (ehh, to an extent...) in ...
11
votes
5answers
1k views

Rent or own, given these circumstances

Option A: $3600 (RENT) for a 3/2.5 condo. Option B: $629,000 (BUY) for a 3/1.75 house. This is in the Los Angeles area. Looking to live in this area for at least a year, maybe more. The house ...
5
votes
3answers
179 views

Walking away from an FHA loan

I'm currently looking into the idea of buying a multi-family home in Brooklyn via an FHA loan. FHA loans seemed like they could take some of the risk away of putting down 20% (i.e. a high % of all my ...
3
votes
4answers
326 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?
1
vote
1answer
187 views

How to calculate amortization table with pro-rated first month

From what I understand, banks prefer to have loan payments due on the 1st of the month. To that end, if you close on a property on, say, the 15th, they will charge you a pro-rated payment to get you ...
2
votes
4answers
248 views

What to do with savings for 3-5 years?

Here's the situation: Married, late 30's, combined income around $170k. 2 toddlers. We owe $360k on a house worth $600k. Only other debt is $20k each in student loans. 401k plans are in order. We have ...
1
vote
2answers
90 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 ...
5
votes
1answer
337 views

Should I sell the home in 2014 or continue to rent it out?

The home was bought in Dec. 2010, and we lived there from Dec. 2010 to Jan. 2013. It's been a rental property since Feb. 2013, when we moved into a rental home to be closer to work (about 30 miles ...
5
votes
1answer
611 views

Tax implications for buying property in another country

Are there are tax implications for buying an apartment in another country (as a US resident with Green Card)? Does the IRS require to pay taxes in the country in which you live or do you pay property ...
2
votes
1answer
80 views

Gift tax on investment property bought below appraisal value from a non-related person?

I have a friend who I am purchasing an investment property from at the same price they paid for it but the appraisal value is about a 1/3 higher than what I will pay for it. Will the seller owe gift ...
1
vote
1answer
351 views

Gift Tax owed on the transfer of a Home Equity Loan

I'm in a bit of a conundrum here: My sister owns an investment property outright (no loan on it...) She lives with me in my primary residence. Now, my family and I are moving to another house, with ...
2
votes
2answers
419 views

Should I pay off more of my principal before selling my house?

If I'm selling my home for a profit, does it make sense to pay more off the principal before doing so? On one hand, it seems a greater percentage of the sale would go to you, but on the other hand, ...
1
vote
2answers
133 views

If mortgage payments are deductible, how much of my income is left over each month after the mortgage

I'm currently renting and thinking of buying a house. Say I make 8k/mo. After rent (1000) and taxes (2000) I'm left with 5k/mo. If I were to get a mortgage at (say) 2500/mo, how much money is actually ...
0
votes
2answers
123 views

How does investors' finders fee work in the USA?

I am going to a few investors club in the US and I got approached by a person offering me a deal (buying a property that rent rooms) that will provide $3K monthly net cash flow. He initially called it ...
4
votes
1answer
412 views

Will being a guarantor impact my ability to rent an apartment for myself?

I am considering being a guarantor for my brother (for his apartment in NYC) because he doesn't make enough money. I'm also considering moving in the next 6 months or so. If I am the guarantor for ...
4
votes
3answers
443 views

How can I challenge or confirm a shady home appraisal?

I just built a new home and am finishing up the loan process. In the initial paperwork, the purchase price of the home was supposed to be 270k, but due to additions I wanted it ended up being around ...
6
votes
2answers
3k views

Tax considerations for selling a property below appraised value to family?

I own a property that recently appraised for $350,000 in the state of Maryland that I purchased for $300,000 7 years ago. I wish to sell this property for a value of $240,000. Here are my questions: ...
7
votes
1answer
5k views

How do I sell a home that's owned jointly if my partner doesn't want to sell?

I own a home jointly with a partner. I have made all the payments, taxes and insurance since the beginning. I have a buyer for the home but my partner does not want to sell. How can I override his ...
8
votes
1answer
263 views

Insurance for a house which is not homeowners insurance?

My wife and I moved last summer, and our former home is still on the market. We were recently informed by our homeowners insurance company that because the house is no longer owner occupied, they will ...
3
votes
3answers
1k views

What are the tax implications of selling an investment property?

I'm planning on selling an investment property (a condo in WA state). I've owned this property since 2004. I lived in it as my primary residence from 2004 to October of 2007. I'm planning on taking ...
5
votes
1answer
591 views

Is a lease still binding if not all of the parties sign it?

My wife and I were leasing a house with another couple. Two weeks into the lease, the other couple left in the middle of the night and we have yet to hear from them. My wife never got to sign the ...
6
votes
3answers
220 views

Is there anything I can do to prepare myself for the tax consequences of selling investments to buy a house?

I have about $500k in Vanguard funds, in a regular (i.e. taxable, non-retirement) account. I've been building these positions over the past 12 years or so. There's a chance that I'll want to buy an ...
3
votes
1answer
65 views

What are the tax implications of a normal sale of a house?

What are the tax implications of a normal sale of a house, where the owner would make a "profit"? Does it make any difference if the house is owner occupied and for how long they have owned the ...
0
votes
1answer
32 views

Transferring a Property (with a loan) to a relative in Maryland

We have a property in Maryland, currently in my name, on a loan with a bank. Other than selling the property and having my relative buy it, is there a more cost-effective manner, in which the property ...
4
votes
1answer
152 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 ...
6
votes
4answers
1k views

Buying a home without a Real Estate Agent - Who should I get to do the paperwork?

I'm considering buying a home from a friend without the aid of a real estate agent in the hopes of saving everyone the unnecessary 6% commission (since the property didn't need to be marketed). ...
2
votes
1answer
146 views

How do you go about buying a house directly from an owner? I.e. no broker involved?

I live in California. Usually when people buy a house here, they just entrust a broker. The broker deals with all the paper work, etc. for both parties. There are 4 parties involved...seller, buyer, ...
0
votes
1answer
55 views

Homebuyer Credit - 2008 Installment Repayment

I bought my house in 2008. I took the $7,500 credit. I remembered that I have payed $500 each year in 1040. Now I have to fill the tax form this year. How to fill the two textboxs.
6
votes
1answer
221 views

Are commissions paid to realtors for finding tenants for my rental property tax deductable as a rental expense?

I used a realtor to find a tenant for my rental home. I paid her a commission of the amount equal to the first months rent. Is this what turbotax means by Commission Expenses "Commissions paid to ...
10
votes
4answers
308 views

Buying a house for a shorter term

I've lived under the impression that it is never wise to buy a house (as your home) unless you are planning to live there "at least five years" (or something like that). But is this necessarily ...
1
vote
1answer
74 views

Equity or alternative compensation in an LLC?

I am currently working for a real estate startup (LLC) that wholesales REOs nationwide. I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
3
votes
1answer
170 views

New construction closing in a year; how can I lock in mortgage rate?

I've just contracted for a new house in Florida to be built. The closing won't occur for approximately a year. Is there a way to lock in a mortgage interest rate for so long in the future? It will ...