Hey there, homeowner! We’re happy you’ve got a slice of the American dream, and you’ll get the tax breaks that go along with it. In fact, some of these tax incentives apply to even a second home. Ooh la la!
Whether you bought, sold or just happily lived in your home this year, we’ll walk you through all the tax stuff you need to know.
Just skim the “If you …” headers to find the sections that affect you.
If You Paid Interest on Your Mortgage … Read more
Buying a house has never been more affordable. Low prices coupled with record low mortgage rates have made purchasing a primary residence, second home or investment property very appealing for many. Read more
After months of searching for the perfect home, writing multiple offers, and dealing with sellers who won’t budge on price, you’ve finally got a contract on the perfect home. It took you and the seller weeks of negotiations and several rounds of offers to get there. But, you have a deal at last.
Or do you?
Too often, getting a signed contract and putting your money into escrow is simply the beginning of what can become yet another round of negotiations. Here are five things every home buyer and seller should know about last-minute credits. Read more
For many, homeownership is still a dream. Moving from renting can seem like it’s an impossible mission.
But if you plan ahead and carefully budget, the goal of homeownership can be yours.
When budgeting how much home you can afford, it’s important to understand and anticipate the costs of owning and maintaining a home. Here are a few things that some first-time buyers forget to include. Read more
Regardless of the current state of our economy and the housing market, buying a home is still a great investment. However, the resulting taxes that accompany owning a home can lead to confusion and uncertainty.
In most cases, you need to itemize your taxes in order to take advantage of all the tax breaks that accompany home ownership. This might seem overwhelming, but the benefits of completing this process make up for the inconvenience. Read more
Two-thirds of baby boomers say they want to help their children or grandchildren with a home down payment, according to a study of more than 1,000 baby boomers age 45 and up conducted by Meredith Research Solutions for Better Homes and Gardens Real Estate.
In fact, one in five boomers surveyed say they’ve already loaned their children money, cosigned a mortgage, or given a cash gift for a down payment on a home.
Even baby boomers not considered wealthy are willing to offer help on down payments. While baby boomers who make more than $75,000 a year were found to be the most willing to offer help, 46 percent of baby boomers who make less than $75,000 per year say they also plan to help their child with a future home purchase, according to the survey. Read more
NEW YORK (CNNMoney) — For the last three years, my husband and I have been renting a house. But I would rather buy than throw my money away on rent. Still, even though we have about $120,000 in savings, great credit and no debt, my husband is reluctant. The job he’s had the past two years took 15 months to find, and it pays a lot less than his previous job. He’s afraid buying now isn’t a good idea because of the shaky economy. What do you think: Should we buy or continue renting? — Jean J.
First things first, I want to dispel the belief that you are throwing money away on rent.
Ultimate Guide to Retirement
401(k)s & company plans
Pensions and benefit plans
Living in retirement
This is a self-serving notion real estate agents often spout that not only isn’t true, but isn’t a basis for making a rational decision when it comes to buying versus renting. Read more