How to help your adult child buy a home in today’s overheated market. As I’m sure you know, today’s home prices have skyrocketed, which means it can be very difficult for your adult child to buy a home. What you may not know is there are creative ways for you to help make home-ownership a reality for them. If you are planning to leave your home for any reason, here’s a … [Read more...]
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Selling Your Appreciated Vacation Home? What About Taxes?
Got a vacation home you want to sell? Be careful.The tax laws that apply can be tricky...and costly! What exactly is a “vacation home.”? Seems obvious, doesn’t it? Well, we’re dealing with the IRS so it isn’t. If you have a home that you rent outand use personally, the IRS defines it as a “vacation home.” So what? . . . you may ask. The answer is that the … [Read more...]
Deducting Mortgage Interest When Your Name’s Not on the Deed
Do you live in a house owned by someone else, but it’s you who pays the mortgage? Can you still deduct the valuable mortgage interest? Absolutely! But you have to know the rules and follow them carefully if you want to come out a winner. You can come out a winner because the tax law is surprisingly fair when it comes to mortgage-interest deductions. Want to find out … [Read more...]
Tax Issues When Your Vacation Home Is a Rental
Is your vacation home a personal residence or a rental property? It sure matters to the IRS! The distinction has serious implications for how big your tax bill will be. IMPORTANT FACT: If you have a home that you rent out and use personally, you have an IRS-defined “vacation home.” According to the IRS, your vacation home is either a personal residence or a rental … [Read more...]
How To Use a Reverse Mortgage as a Tax Planning Tool
To get my complete, FREE articlewith all the details… If you’re a senior, it’s possible you may need a sizable chunk of cash to meet expenses or maintain your lifestyle. That’s where a reverse mortgage can come in. A reverse mortgage is a kind of loan that lets homeowners, ages 62 and older, borrow part of their home equity as tax-free income. (In the full article, … [Read more...]