News about properties and real estate
Late last year you caught a break. Congress reached a deal that extended the Bush-era tax cuts for two years and renewed perks like the sales tax deduction and the tuition write-off for non-itemizers. Through 2012, the top marginal income tax rate will continue to be 35%, and you’ll keep paying just 15% on long-term …
Continue reading “Answers to tax questions about homebuying”
Depressed real-estate values and changes in tax rules make this a good time for older homeowners to transfer property to their children using a specialized trust designed to save on gift and estate taxes. Known as “qualified personal residence trusts,” or QPRTs, these vehicles allow a homeowner to continue to live in a house for …
Ottawa-based Claridge Homes built the oceanfront Sonata Beach Club, a 64-unit luxury condominium building. Its suites, which are named after composers like Bach and Mozart, range from 2,763 square feet to 3,090 square feet. According to a media report, Claridge only sold 34 of those units and, in 2009, was the subject of a foreclosure …
Continue reading “Heafey picks up Claridge-built Florida condos”
How long must you wait to buy a new home if you have a foreclosure or short sale in your credit history? New rules from Fannie Mae spell it out, and the news is not good for short sellers. “Time periods for securing a new home loan after a short sale can be as long …
Phoenix Ackiss sat precariously on an upright suitcase in the clutter of belongings in his living room, striving for balance amid the disorder of his life. For more than a year, he’d been out of work, his three degrees and experience in fields from mental health to shipyard work spurned by employers. Ackiss knew he’d …
Continue reading “Out of work and losing his home, Norfolk man nears 65 with unease”
The Vasquezs are not unique; cash buys are becoming common. The number of homes bought with cash jumped to 32% in January compared to 26% a year earlier, according to the National Association of Realtors. In Southern California, about 30% of the sales in January were cash, according to DataQuick Information Systems. Same thing in …
Continue reading “More people are buying their homes with cash”