6 votes
Accepted

When are capital gains realized if I sell a house and do owner financing?

First of all you should probably spend a couple of hundreds dollars on a proper tax advice and tax planning with a professional (CPA/EA licensed in your state). Do I still have to pay the full ...
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  • 128k
2 votes

Why do homes lose 50% of their value every decade in Turkey?

Many reasons could cause homes to lose value instead of appreciate. I won't opine about Turkish real estate per se, since I know next to nothing about their economic, cultural, and institutional ...
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  • 313
2 votes

How to split equity fairly when contributions differ?

One way to do it would be to divide the equity pro rata based how much has been paid in overall at each point in time. At the time of purchase, Party A had paid 220k/240k (91.7%) and Party B had paid ...
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  • 114k
1 vote

Itemizing property tax deduction on California state taxes?

California doesn't conform and there's no limit. See here on the FTB FAQ: State and local taxes Federal law limits your state and local tax (SALT) deduction to $10,000 if single or married filing ...
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  • 128k
1 vote

Can first time home buyer loan apply for second house if not utilized on first?

These first time home buyer loans have special terms and conditions that will lower the interest, or lower the minimum down payment percentage, or both. Some could even give you a break on closing ...
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1 vote

What type of accounting practice is this and is it good, bad or depends on other circumstances?

This is called "guaranteed payments" in partnership accounting. Guaranteed payments are usually used in lieu of salary to partners (partners are not employees of the partnership and cannot ...
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  • 128k
1 vote

How to split equity fairly when contributions differ?

'fair' can be very subjective. Others might consider fair as it is considered by default in a marriage 50/50 to both parties. Certain parties might have offered their knowledge and experience as ...
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