Posted on February 25th, 2010 by Carlo Capomazza
IRS issues new guidelines on obtaining home buyer tax credits
The Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers.
MAKING SENSE OF THE STORY FOR CONSUMERS
The federal tax credit for home buyers was extended and expanded late last year. [...]
Filed under: Buying, Current Events, Economy, L.A. Times, Real Estate Market, Tax Issues, VRN | No Comments »
Posted on January 24th, 2010 by Carlo Capomazza
With all the rules now available, here’s the action message to potential tax-credit seekers: Speed up your search for the house you want to buy. Get moving. There are only 14 weeks to sign a contract and just five months to go to closing.
Filed under: Buying, Commentary, Current Events, Money-Saving, Mortgage, Real Estate Market, Tax Issues, VRN | No Comments »
Posted on January 23rd, 2010 by Carlo Capomazza
The law that allows homeowners to exclude up to $500,000 of gain is not a “once-in-a-lifetime” situation. It can be used over and over again. The only conditions are that the property must be owned and lived in two out of the five years before it is sold.
Filed under: 1031 Starker Exchange, Buying, Legal Advice in Common Scenarios, Money-Saving, Renting, Tax Issues, VRN | No Comments »
Posted on January 9th, 2010 by Carlo Capomazza
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Contemplate writing a codicil that has this language:
Codicil to my Last Will & Testament
Upon my passing my estate’s executor will cause my estate to hire the services of a private investigator to investigate the events leading up to my death or incapacitation, the cause of my death or incapacitation, and to then, if [...]
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Posted on January 1st, 2010 by Carlo Capomazza
Last year, lenders often took three to six months to respond to a short-sale offer. If the response was no, the buyer was out looking for another home after having wasted a lot of time. Many buyers who expected short sales to be good deals shied away from them altogether after having a few bad experiences.
Filed under: Business Services, Buying, Listing Presentation, Real Estate Market, Short Sale | No Comments »
Posted on November 7th, 2009 by Carlo Capomazza
It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
Filed under: Buying, Current Events, Real Estate Market, Tax Issues, VRN | No Comments »
Posted on August 16th, 2009 by Carlo Capomazza
First-time home buyers had better get a move on if they hope to take advantage of the $8,000 federal tax credit. The window of opportunity is closing rapidly.
Filed under: Current Events, Foreclosure, LA Area, Money-Saving, Mortgage, Real Estate Market, Tax Issues | No Comments »
Posted on May 31st, 2009 by Carlo Capomazza
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DEAR BENNY: My partner and I have a very serious decision to make quite soon. Can unmarried, co-titled adults on a property, having fulfilled the 24-out-of-60-month occupancy requirement each be eligible for the $250,000 exemption? –Pamela
DEAR PAMELA: The answer is yes. So long as both of your are on title, and have owned [...]
Filed under: Legal Advice in Common Scenarios, Money-Saving, Real Estate Market, Tax Issues | No Comments »
