Entries by Steve

Tax-saving Section 1031 exchanges, or ‘like-kind’ exchanges, may be more valuable than ever, but it might pay to act sooner rather than later.

original article on marketwatch.com: https://www.marketwatch.com/story/this-tax-maneuver-is-one-big-reason-that-some-real-estate-investors-have-struck-it-rich-over-the-years-11638397583?mod=home-page As a real estate investor, you may want to unload one property and replace it with another. Real estate prices have surged in many areas. You may hold a property that you think has topped out and want to move on to what you think are greener pastures. Fair enough. […]

Looking for a Way to Test a Property’s Condition

Although putting a professional inspection contingency in the contract will help protect you from surprises, doing your own inspection before making an offer could save you considerable time and money. How can you tell if a property is worth buying? Here’s how to look at the big picture—for structural concerns, major repairs that are needed, […]

4 Ways to Save on Utility Bills in the Hot Summer Months

Although the summer months are a favorite for so many of us, homeowners can get stressed by the skyrocketing energy bills as your struggle to keep things cool inside the house. If you want to cut back on how much you’re spending on utility bills, a few behavioral strategies can make a huge difference. Consider […]

Capital Gains and Home Sales

There’s a good chance that the profit from your home sale will not be taxable. Unmarried individuals can exclude up to $250,000 in profits from capital gains tax when they sell their primary personal residences, thanks to a home sales exclusion provided for by the Internal Revenue Code. Married taxpayers can exclude up to $500,000 […]

What to Expect as an Executor or Trustee (Wells Fargo)

Being asked to serve as an executor or a trustee for a family member’s estate is certainly an honor, but it’s also a considerable responsibility. Knowing and understanding your responsibilities — and asking the right questions — can help you be prepared. Here are five things you need to know now if you’ve been asked […]

Pre-Paid Funeral Plans: Buyer Beware | Chambliss, Bahner & Stophel, P.C. – JDSupra

Funerals rank among the most expensive purchases many consumers will ever make. A traditional funeral costs about $7,000, although “extras” like flowers, obituary notices, acknowledgment cards and limousines can bring the total to well over $10,000. Moreover, people often “overspend” on a funeral or burial because they think of it as a reflection of their […]

Tax Treatment of Canceled Mortgage Debt (thebalance.com)

Mortgage debt may qualify to be excluded from income under the Mortgage Forgiveness Debt Relief Act. This law provides that certain types of canceled mortgage debt can be excluded from taxes. This exclusion is important for people whose homes have been foreclosed, or who sold their house short, or who restructured their mortgage. Read the […]