In order to take advantage of the up-to-$500,000 exclusion of gain (or up-to-$250,000 if you file a tax return as a single taxpayer) the house you sell has to be your “principal residence”. Under most circumstances, we do not need a legal definition of this concept. “This is my house, and I have lived here […]
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Question. My wife and I are retired and are in our seventies. We have two children, and our house is currently worth approximately $300,000. We purchased the property many years ago for $32,000, and currently have a very small mortgage and a $40,000 home equity loan. We are debating on whether to sell the house […]
Are Millions Of Boomerang Buyers About To Ignite The Real Estate Market? Houston Prime Realty Remember all those people who defaulted on their homes during the last housing crisis? Well, those bankruptcies are about to be discharged, or they already have been, and that means we could soon see an avalanche of homebuyers hitting the […]
Congress is currently talking tax reform. Two very important real estate benefits are on the so-called “chopping block”, either to be completely eliminated or significantly curtailed. It is doubtful that the home owner exclusion of up to $500,000 (or $250,000 if you file a single tax return) of profit will be impacted; there are too […]
Question: The contract I just signed to purchaser a house contained the following language: “If the buyer defaults, the earnest money will be forfeited to the seller. This is to be considered liquidated damages and not as a penalty”. Can you please explain what this means? Beth.Answer: Shame on you, Beth, for signing a contract […]
Are you a landlord with frustrating tenants? You’re not alone. Many landlords find out the hard way that they have frustrating tenants in one of their rental properties. In this article, we’re sharing 4 ways to deal with a frustrating tenant in Locally and in the zip code. If you own a rental property, sooner […]
Do you own a rental property in Locally? Make sure you know the surprising truth of being a landlord in Locally because it’s not always what you think it’s going to be… Owning a rental property seems like a great idea. You buy it cheap, you find a tenant, and then you profit from the […]
Do you have tenants who just aren’t paying rent? It’s one of the most frustrating aspects of being a landlord. In this article, we’ll talk about how Locally landlords are dealing with tenants who don’t pay rent… If you have tenants who aren’t paying rent then you’re facing the same dilemma that many landlords go […]
If you own a rental property but had a tenant trash it when they leave then make sure you read this article because we’re addressing the all-too-common problem that landlords have when they say, “Help! My last tenant trashed my Locally house!” Do you own a rental property? Did you have a tenant leave it […]
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