How will the home buyer tax credits be applied to me and my fiance?
Q. In February 2010, I will have owned my home for 5 years, making me eligible for the $6,500 tax credit if I purchased another home by April. My fiance has never owned a home, making her eligible for the $8,000 tax credit as a first time home buyer. We're very eager to purchase a home before April. How would the tax credits on a purchase apply to a couple in our situation? Thank you.
Asked by Brian M - Fri Nov 13 10:45:07 2009 - - 2 Answers - 1 Comments
A. If you *don't* get married, and buy the house together, you would have to pick a credit and then split it. If you opt for her to get the $8000, she can apply for all of it. (And runs the risk of paying the entire amount back.) If you opt for the $6500 credit, the details aren't out, but presumably you would claim the entire $6500 and she would claim $0.
Answered by the tax lady - Fri Nov 13 11:15:58 2009
Q. In February 2010, I will have owned my home for 5 years, making me eligible for the $6,500 tax credit if I purchased another home by April. My fiance has never owned a home, making her eligible for the $8,000 tax credit as a first time home buyer. We're very eager to purchase a home before April. How would the tax credits on a purchase apply to a couple in our situation? Thank you.
Asked by Brian M - Fri Nov 13 10:45:07 2009 - - 2 Answers - 1 Comments
A. If you *don't* get married, and buy the house together, you would have to pick a credit and then split it. If you opt for her to get the $8000, she can apply for all of it. (And runs the risk of paying the entire amount back.) If you opt for the $6500 credit, the details aren't out, but presumably you would claim the entire $6500 and she would claim $0.
Answered by the tax lady - Fri Nov 13 11:15:58 2009
Ending a home based business - what are the tax implications?
Q. I've been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes? Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off? I see lots of information on how/what to write-off for a home based business, but can't seem to find anything on what to do when that ends.
Asked by Eric M - Fri Mar 21 00:33:34 2008 - - 3 Answers - 0 Comments
A. You don't show on your tax that you ended the business, but keep track of the depreciation allowed or allowable while you were claiming the home office deduction - you'll need that number when you sell the house.
Answered by Judy - Fri Mar 21 00:45:27 2008
Q. I've been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes? Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off? I see lots of information on how/what to write-off for a home based business, but can't seem to find anything on what to do when that ends.
Asked by Eric M - Fri Mar 21 00:33:34 2008 - - 3 Answers - 0 Comments
A. You don't show on your tax that you ended the business, but keep track of the depreciation allowed or allowable while you were claiming the home office deduction - you'll need that number when you sell the house.
Answered by Judy - Fri Mar 21 00:45:27 2008
Can I get home contents insurance if my landlady works from home?
Q. My landlady teaches piano from home as a full time job, would I be able to get contents insurance? I went to an online insurance site and it said I would have to call them if I share my home with renters/lodgers (which I do) and also it assumes that 'You do not use your home for any business purposes or for the storage of business goods'. What insurance would I need or would it be my landlady's responsibility to get cover? Could I be included in her insurance?
Asked by afosa_ragazza - Tue Apr 14 15:20:37 2009 - - 1 Answers - 0 Comments
A. The concept of health insurance was proposed in 1694 by Hugh the Elder Chamberlen from the Peter Chamberlen family. In the late 19th century, "accident insurance" began to be available, which operated much like modern disability insurance.This payment model continued until the start of the 20th century in some jurisdictions (like California), where all laws regulating health insurance actually referred to disability insurance.
Answered by Meteora - Thu Apr 16 23:56:11 2009
Q. My landlady teaches piano from home as a full time job, would I be able to get contents insurance? I went to an online insurance site and it said I would have to call them if I share my home with renters/lodgers (which I do) and also it assumes that 'You do not use your home for any business purposes or for the storage of business goods'. What insurance would I need or would it be my landlady's responsibility to get cover? Could I be included in her insurance?
Asked by afosa_ragazza - Tue Apr 14 15:20:37 2009 - - 1 Answers - 0 Comments
A. The concept of health insurance was proposed in 1694 by Hugh the Elder Chamberlen from the Peter Chamberlen family. In the late 19th century, "accident insurance" began to be available, which operated much like modern disability insurance.This payment model continued until the start of the 20th century in some jurisdictions (like California), where all laws regulating health insurance actually referred to disability insurance.
Answered by Meteora - Thu Apr 16 23:56:11 2009
What home business can I start if I am a stay home mother.I need to help financially.Any ideas?
Q. I have a 6 month son. My husband works 12 hour shifts and we barely have enough to pay for bills.Daycare is so expensive and I prefer to take care of my son. I need ideas in starting a home business.I need to work from home, I have a BFA although I don't know what to do with it.What can I do.
Asked by home mom - Mon Mar 16 16:36:47 2009 - - 10 Answers - 4 Comments
A. The best home business that you can be sure is not a scam is one that you start yourself. It will depend on what you want, how you define to be interesting. A person may consider a pet sitting business to be the most exciting work in the world, while another person would rather watch TV than take care of dogs. The key is to determine what your interests are, what you want to do, what is suitable for your lifestyle and your overall goals, and what can fit with your resources. Dan Ramsey in his book "101 Best Home Businesses" has a chapter on how to find YOUR best home business. He suggests these 10 steps: 1. List 5 things you do best 2. List how others would benefit from what you do best 3. Find out how to give people what they want 4.… [cont.]
Answered by imisidro - Fri Mar 20 15:01:03 2009
Q. I have a 6 month son. My husband works 12 hour shifts and we barely have enough to pay for bills.Daycare is so expensive and I prefer to take care of my son. I need ideas in starting a home business.I need to work from home, I have a BFA although I don't know what to do with it.What can I do.
Asked by home mom - Mon Mar 16 16:36:47 2009 - - 10 Answers - 4 Comments
A. The best home business that you can be sure is not a scam is one that you start yourself. It will depend on what you want, how you define to be interesting. A person may consider a pet sitting business to be the most exciting work in the world, while another person would rather watch TV than take care of dogs. The key is to determine what your interests are, what you want to do, what is suitable for your lifestyle and your overall goals, and what can fit with your resources. Dan Ramsey in his book "101 Best Home Businesses" has a chapter on how to find YOUR best home business. He suggests these 10 steps: 1. List 5 things you do best 2. List how others would benefit from what you do best 3. Find out how to give people what they want 4.… [cont.]
Answered by imisidro - Fri Mar 20 15:01:03 2009
What is the lifespan of the average home?
Q. I live in a 1 1/2 storey home built in 1922. I have totally updated the home, (wiring, plumbing etc.). There has been some settling mainly on the second floor, not enough to prevent doors from closing. I purchases the home in 1999. I have not noticed any new settling since. I am wondering how long a lifespan a home built in 1922 has. I like my home but it is 84 years old. I will be entering retirement when this house turns 100. I maintain this home accordingly but I wonder if it is wise to have a 100 year old retirement home. I would appreciate some comments on my delima. Thank you.
Asked by mikey - Sun Mar 5 12:13:48 2006 - - 2 Answers - 0 Comments
A. you shouldn't have too much to worry about. older homes were built to last with first generation wood. my house is a 1949 and i love it. they were built so much better back then compared to what they slap together today. as an insider to construction, the trades have gone down dramatically in terms of quality.
Answered by bbq - Mon Mar 6 13:47:02 2006
Q. I live in a 1 1/2 storey home built in 1922. I have totally updated the home, (wiring, plumbing etc.). There has been some settling mainly on the second floor, not enough to prevent doors from closing. I purchases the home in 1999. I have not noticed any new settling since. I am wondering how long a lifespan a home built in 1922 has. I like my home but it is 84 years old. I will be entering retirement when this house turns 100. I maintain this home accordingly but I wonder if it is wise to have a 100 year old retirement home. I would appreciate some comments on my delima. Thank you.
Asked by mikey - Sun Mar 5 12:13:48 2006 - - 2 Answers - 0 Comments
A. you shouldn't have too much to worry about. older homes were built to last with first generation wood. my house is a 1949 and i love it. they were built so much better back then compared to what they slap together today. as an insider to construction, the trades have gone down dramatically in terms of quality.
Answered by bbq - Mon Mar 6 13:47:02 2006
How do you turn a second home into a primary home?
Q. My husband and I sold our primary home this year, but still own another house in a different state. We are now renting in the city of our primary home, but would like our second home to be considered our primary for capital gains reasons. I spend at least 50 % of my time at our second (now only) home. What do we need to do to make our 2nd home our primary?
Asked by Tracy S - Wed Jan 17 15:03:29 2007 - - 9 Answers - 0 Comments
A. Consult a tax professional. Residency is a big issue for the tax guys, as so many try to claim they live in state-income-tax-free states like Florida. You will likely need to start keeping a detailed log book of when you were actually living in which place. You need 183 days in your home to consider it your primary residence. But, to qualify for the exemption, you may need to actually log 2 full years out of the past 5 actually living in that home, so if you're only there half the year, it may take you 4 of those 5 years just to get 2 full years that actually qualify. It's too complex to just guess. Spending a couple hundred bucks with a tax advisor now could save you thousands and thousands in taxes or penalties if you do it wrong.
Answered by NONAME - Wed Jan 17 15:23:43 2007
Q. My husband and I sold our primary home this year, but still own another house in a different state. We are now renting in the city of our primary home, but would like our second home to be considered our primary for capital gains reasons. I spend at least 50 % of my time at our second (now only) home. What do we need to do to make our 2nd home our primary?
Asked by Tracy S - Wed Jan 17 15:03:29 2007 - - 9 Answers - 0 Comments
A. Consult a tax professional. Residency is a big issue for the tax guys, as so many try to claim they live in state-income-tax-free states like Florida. You will likely need to start keeping a detailed log book of when you were actually living in which place. You need 183 days in your home to consider it your primary residence. But, to qualify for the exemption, you may need to actually log 2 full years out of the past 5 actually living in that home, so if you're only there half the year, it may take you 4 of those 5 years just to get 2 full years that actually qualify. It's too complex to just guess. Spending a couple hundred bucks with a tax advisor now could save you thousands and thousands in taxes or penalties if you do it wrong.
Answered by NONAME - Wed Jan 17 15:23:43 2007
What is a home equity loan and what is the process to applying/being accepted for one?
Q. I paid roughly $90,000 for my home. It was a TLC home and I've fixed it up in the past 9 years dramatically. New roof, new walls, siding, porch, heating system, well etc. My home and property was valued at $275,000 last year. Does equity play a part in this. Am I eligable for an equity loan? I don't want to go into it without fully understanding what it is--I also don't want to go to my banker with stupid questions...Another thing. Im looking to build my own home--hence the loan inquisition.
Asked by Phoenix - Sun May 20 15:16:18 2007 - - 4 Answers - 1 Comments
A. Let's say you owe around $70K for your house & it now appraises for $275K, you can "cash out" some of your equity. Equity is the difference between what you owe & what the home is worth or appraised at now. There are many programs for "cashing out" equity. You could get up to 100% of your equity out. I do not suggest this &your interest rate on your equity loan will be a lot higher. You could cash out say 80%, based on my #'s above that would total about $164,000. & you could use this money towards a down payment & for construction costs with the home you're interested in building. You want to make sure you're using your money with the best programs. Talk to a lender who will show you the pros & cons. Don't use all of your liquid… [cont.]
Answered by Miss Emily1 - Sun May 20 15:44:34 2007
Q. I paid roughly $90,000 for my home. It was a TLC home and I've fixed it up in the past 9 years dramatically. New roof, new walls, siding, porch, heating system, well etc. My home and property was valued at $275,000 last year. Does equity play a part in this. Am I eligable for an equity loan? I don't want to go into it without fully understanding what it is--I also don't want to go to my banker with stupid questions...Another thing. Im looking to build my own home--hence the loan inquisition.
Asked by Phoenix - Sun May 20 15:16:18 2007 - - 4 Answers - 1 Comments
A. Let's say you owe around $70K for your house & it now appraises for $275K, you can "cash out" some of your equity. Equity is the difference between what you owe & what the home is worth or appraised at now. There are many programs for "cashing out" equity. You could get up to 100% of your equity out. I do not suggest this &your interest rate on your equity loan will be a lot higher. You could cash out say 80%, based on my #'s above that would total about $164,000. & you could use this money towards a down payment & for construction costs with the home you're interested in building. You want to make sure you're using your money with the best programs. Talk to a lender who will show you the pros & cons. Don't use all of your liquid… [cont.]
Answered by Miss Emily1 - Sun May 20 15:44:34 2007
What percentage of a home does the average American home-owner own?
Q. That is, if an average American home-owner were to appraise their home today what percent would they own in equity? More specifically, how much does this percent vary between different home-owner age brackets? And, considering this, what are the odds that the average American home-owner will ever pay off their mortgage? Sorry for the barrage of questions. It would seem that answers to these could be of value to those of us that are younger and hoping to set somewhat realistic, lifelong financial goals. Thanks!
Asked by A - Sat Jun 13 18:22:22 2009 - - 5 Answers - 0 Comments
A. I too own 100% and if it helps the age bracket is..well...over the age of 60 if that helps you any. Added I totally agree with George G's assessment. People now want 40 year mortgages, nothing down, and even interest only for a few years. My home has been paid off for many years, I took on a 15 year mortgage with high interest rates and paid it off in 9 years. How? Because I could comfortably afford the house.
Answered by Rebecca - Sat Jun 13 18:30:09 2009
Q. That is, if an average American home-owner were to appraise their home today what percent would they own in equity? More specifically, how much does this percent vary between different home-owner age brackets? And, considering this, what are the odds that the average American home-owner will ever pay off their mortgage? Sorry for the barrage of questions. It would seem that answers to these could be of value to those of us that are younger and hoping to set somewhat realistic, lifelong financial goals. Thanks!
Asked by A - Sat Jun 13 18:22:22 2009 - - 5 Answers - 0 Comments
A. I too own 100% and if it helps the age bracket is..well...over the age of 60 if that helps you any. Added I totally agree with George G's assessment. People now want 40 year mortgages, nothing down, and even interest only for a few years. My home has been paid off for many years, I took on a 15 year mortgage with high interest rates and paid it off in 9 years. How? Because I could comfortably afford the house.
Answered by Rebecca - Sat Jun 13 18:30:09 2009
Easy home improvements to speed up the sale of my home?
Q. I am planning on listing my home later this month, are there any tips to make my home seem more appealing? I was thinking about getting some flower baskets by the front door.
Asked by EspressoRx - Sun Sep 14 14:00:06 2008 - - 6 Answers - 0 Comments
A. Start packing! It may seem like a huge chore but you have to do it anyways and the less personal things in the rooms the better. Pack all non essentials that are not purely decorative...even pack the frames with family pictures, it is distracting to buyers. The cheapest but majorly annoying thing is to paint. Fresh paint can change a house in an instant and when buyers see the fresh paint they instantly think that you have kept up with all sorts of repairs and general upkeep...it's a psychological thing. Another thing is to make sure your windows are sparkling and if you have any heavy drapes or anything blocking the windows get rid of them. If you have the money put up some shears or some light curtains. Most showings are during the day… [cont.]
Answered by Glimmer - Sun Sep 14 16:02:49 2008
Q. I am planning on listing my home later this month, are there any tips to make my home seem more appealing? I was thinking about getting some flower baskets by the front door.
Asked by EspressoRx - Sun Sep 14 14:00:06 2008 - - 6 Answers - 0 Comments
A. Start packing! It may seem like a huge chore but you have to do it anyways and the less personal things in the rooms the better. Pack all non essentials that are not purely decorative...even pack the frames with family pictures, it is distracting to buyers. The cheapest but majorly annoying thing is to paint. Fresh paint can change a house in an instant and when buyers see the fresh paint they instantly think that you have kept up with all sorts of repairs and general upkeep...it's a psychological thing. Another thing is to make sure your windows are sparkling and if you have any heavy drapes or anything blocking the windows get rid of them. If you have the money put up some shears or some light curtains. Most showings are during the day… [cont.]
Answered by Glimmer - Sun Sep 14 16:02:49 2008
How long after owning a home are you considered a first time home buyer again?
Q. I sold my home in November 2008. How long do I have to wait from the date of my sale to be considered a first time home buyer again. Also is it from when you last owned a home or is it from when you last purchased your home?
Asked by Jay - Mon Jun 29 17:24:36 2009 - - 5 Answers - 0 Comments
A. Three years for the tax credit. From when you last owned a home.
Answered by jlf - Mon Jun 29 17:34:34 2009
Q. I sold my home in November 2008. How long do I have to wait from the date of my sale to be considered a first time home buyer again. Also is it from when you last owned a home or is it from when you last purchased your home?
Asked by Jay - Mon Jun 29 17:24:36 2009 - - 5 Answers - 0 Comments
A. Three years for the tax credit. From when you last owned a home.
Answered by jlf - Mon Jun 29 17:34:34 2009
home owner rights when neighbor plants a large tree blocking view?
Q. my home was built a number of years before my neighbor built their home. now they have planted a ash tree that will block my view of the valley. I live on a mountain bench above the city. we have an excellent view of the valley and sunsets. their house sits directly behind and lower than ours which took out some of our view. now they are planting trees to give them privacy from our rear decks. what can we do?
Asked by Paul O - Tue May 20 22:22:54 2008 - - 8 Answers - 0 Comments
A. You know what, it's your own fault for being too cheap to buy the vacant lot next to you before your neighbor built his home on it. If you wanted to ensure that you would have your view for the rest of your life then you should have spent the money, bought the lot, and kept it mowed. It is now his property and he can do what he wants with it, so keep your mouth shut and mind your own business. I have had neighbors try to tell me what I should and shouldn't plant in my yard over the years and I responded to them by putting up a tall privacy fence. Quit being so selfish and realize that your neighbors have rights too and you are way out of line trying to control what they do with their own property. If you really think that you have a… [cont.]
Answered by Augydoggy - Sat May 24 12:05:27 2008
Q. my home was built a number of years before my neighbor built their home. now they have planted a ash tree that will block my view of the valley. I live on a mountain bench above the city. we have an excellent view of the valley and sunsets. their house sits directly behind and lower than ours which took out some of our view. now they are planting trees to give them privacy from our rear decks. what can we do?
Asked by Paul O - Tue May 20 22:22:54 2008 - - 8 Answers - 0 Comments
A. You know what, it's your own fault for being too cheap to buy the vacant lot next to you before your neighbor built his home on it. If you wanted to ensure that you would have your view for the rest of your life then you should have spent the money, bought the lot, and kept it mowed. It is now his property and he can do what he wants with it, so keep your mouth shut and mind your own business. I have had neighbors try to tell me what I should and shouldn't plant in my yard over the years and I responded to them by putting up a tall privacy fence. Quit being so selfish and realize that your neighbors have rights too and you are way out of line trying to control what they do with their own property. If you really think that you have a… [cont.]
Answered by Augydoggy - Sat May 24 12:05:27 2008
What to do before home study for adoption?
Q. I'm just starting the adoption process. I have found two special needs children that are currently in foster care. To be able to adopt either of them I need to complete a home study. Both boys are toddlers. What types of things can I prepare in my house before the social worker comes to increase the ease of the home study? Will I need to have a room already completed for a child? Will I need to have the home "child-proofed"? Any tips on the home study process, or on adoption from foster care are much appreciated.
Asked by sweet_ottalie - Thu May 3 05:13:19 2007 - - 7 Answers - 0 Comments
A. the inspection of the house will be the same as for foster care. You can usually ge the book from your foster care co-ordinator. Basically safety covers on light sockets, no chemicals under sink or locked. Locked medicine box, power tools and paint and things out of reach in garage. In our case the inspection was the last meeting to be had,. The homestudy also involves interviews and paperwork. Make copies of all birth certificates, marriage lisence, divorce papers, tax records, pay check stubs, home, life and care insurance papers. Make doctors appointments for physicals of adult members. You do not need a room ready yet, just to show that you have room to put them. there is a site called adoption.com that has all kinds of info and… [cont.]
Answered by mom of many - Thu May 3 08:42:57 2007
Q. I'm just starting the adoption process. I have found two special needs children that are currently in foster care. To be able to adopt either of them I need to complete a home study. Both boys are toddlers. What types of things can I prepare in my house before the social worker comes to increase the ease of the home study? Will I need to have a room already completed for a child? Will I need to have the home "child-proofed"? Any tips on the home study process, or on adoption from foster care are much appreciated.
Asked by sweet_ottalie - Thu May 3 05:13:19 2007 - - 7 Answers - 0 Comments
A. the inspection of the house will be the same as for foster care. You can usually ge the book from your foster care co-ordinator. Basically safety covers on light sockets, no chemicals under sink or locked. Locked medicine box, power tools and paint and things out of reach in garage. In our case the inspection was the last meeting to be had,. The homestudy also involves interviews and paperwork. Make copies of all birth certificates, marriage lisence, divorce papers, tax records, pay check stubs, home, life and care insurance papers. Make doctors appointments for physicals of adult members. You do not need a room ready yet, just to show that you have room to put them. there is a site called adoption.com that has all kinds of info and… [cont.]
Answered by mom of many - Thu May 3 08:42:57 2007
How can I start a group home for the disabled in Wisconsin?
Q. I have two teenage children with disabilities and I regularly babysit for a third. I currently rent a home, and we live on disability. I would like to purchase a home and have this home become a group home starting with the 3 children and possibly adding a fourth disabled foster child. I have some help from family members and home health aides, and a limited committment of financial help to get started. What is available to help me go to the next step?
Asked by Ideoform - Thu Apr 17 15:22:21 2008 - - 1 Answers - 0 Comments
A. You need the different licenses from the government agencies. Once you start with one the others will let you know what you need. A building up to code. Also a trained staff.
Answered by Whats Up Doc - Mon Apr 21 15:16:03 2008
Q. I have two teenage children with disabilities and I regularly babysit for a third. I currently rent a home, and we live on disability. I would like to purchase a home and have this home become a group home starting with the 3 children and possibly adding a fourth disabled foster child. I have some help from family members and home health aides, and a limited committment of financial help to get started. What is available to help me go to the next step?
Asked by Ideoform - Thu Apr 17 15:22:21 2008 - - 1 Answers - 0 Comments
A. You need the different licenses from the government agencies. Once you start with one the others will let you know what you need. A building up to code. Also a trained staff.
Answered by Whats Up Doc - Mon Apr 21 15:16:03 2008
Any good home based businesses that actually work and don't cost a fortune to start?
Q. I want to do a home based business. I would prefer one that is below $30 or even free! I want actual home business ideas...not this survey stuff or surfing things, so please NO information on survey/surfing things! I want ideas for things i can do that actually generates some money. I am not looking to be a Millionaire or anything but I am looking for a good home business that can bring in good money. Thanks!
Asked by savinjas_slave - Fri Jan 25 04:15:45 2008 - - 14 Answers - 4 Comments
A. You can start your own business through direct sales making a percentage of what you sell however not sure what business you can start with only $30 maybe Avon. Remember with any business you have business expenses and overhead but these things are also tax advantages. I started my business with Mary Kay it is one of the highest paying direct sales companies I work less then 10 hours a week because that's what works for me and my family there are no sales quotas no territories and no parties to submit you work your business in the way that fits you life. You buy directly from the company for wholesale and sell to the customer for retail just as any store owner would do making the same amount of commission as a new consultant as a top… [cont.]
Answered by SandraD - Fri Jan 25 08:22:35 2008
Q. I want to do a home based business. I would prefer one that is below $30 or even free! I want actual home business ideas...not this survey stuff or surfing things, so please NO information on survey/surfing things! I want ideas for things i can do that actually generates some money. I am not looking to be a Millionaire or anything but I am looking for a good home business that can bring in good money. Thanks!
Asked by savinjas_slave - Fri Jan 25 04:15:45 2008 - - 14 Answers - 4 Comments
A. You can start your own business through direct sales making a percentage of what you sell however not sure what business you can start with only $30 maybe Avon. Remember with any business you have business expenses and overhead but these things are also tax advantages. I started my business with Mary Kay it is one of the highest paying direct sales companies I work less then 10 hours a week because that's what works for me and my family there are no sales quotas no territories and no parties to submit you work your business in the way that fits you life. You buy directly from the company for wholesale and sell to the customer for retail just as any store owner would do making the same amount of commission as a new consultant as a top… [cont.]
Answered by SandraD - Fri Jan 25 08:22:35 2008
How many home can I be deducting mortgage interest for?
Q. For tax return, how many home can I be deducting mortgage interest for? Is it just 1st and 2nd home only? or can I also deduct mort. interest for my 3-4th home?
Asked by ibkid i - Sat Sep 23 21:03:38 2006 - - 6 Answers - 0 Comments
A. Primary residence can be directly deducted. Investment properties (anything other than your primary residence regardless of use) can be deducted when you itemize. Since you will be taxed on the investment property and any income it generates you will offset this with your maintenance costs and interest on the mortgage.
Answered by sunsetsrbest1 - Sat Sep 23 21:13:55 2006
Q. For tax return, how many home can I be deducting mortgage interest for? Is it just 1st and 2nd home only? or can I also deduct mort. interest for my 3-4th home?
Asked by ibkid i - Sat Sep 23 21:03:38 2006 - - 6 Answers - 0 Comments
A. Primary residence can be directly deducted. Investment properties (anything other than your primary residence regardless of use) can be deducted when you itemize. Since you will be taxed on the investment property and any income it generates you will offset this with your maintenance costs and interest on the mortgage.
Answered by sunsetsrbest1 - Sat Sep 23 21:13:55 2006
Is there a magazine dedicated to manufactured home life?
Q. Looking for a magazine for mobile home owners, they have mags. for old homes, log homes, country homes, beach homes, even apt. living.. Just want one for us mobile home owners.
Asked by wanni62 - Tue Aug 15 19:31:16 2006 - - 1 Answers - 0 Comments
A. The mobile home parks around here all distribute a monthly called the Newsette that is personalized for each park. It is not something you can subscribe to, so I know it isn't what you are looking for, but I don't think there is any such animal. The Newsette, is not very interesting and is mostly advertisements anyway.
Answered by surelynotme - Tue Aug 15 19:43:05 2006
Q. Looking for a magazine for mobile home owners, they have mags. for old homes, log homes, country homes, beach homes, even apt. living.. Just want one for us mobile home owners.
Asked by wanni62 - Tue Aug 15 19:31:16 2006 - - 1 Answers - 0 Comments
A. The mobile home parks around here all distribute a monthly called the Newsette that is personalized for each park. It is not something you can subscribe to, so I know it isn't what you are looking for, but I don't think there is any such animal. The Newsette, is not very interesting and is mostly advertisements anyway.
Answered by surelynotme - Tue Aug 15 19:43:05 2006
Can you connect home theater system to your TV and watch normal TV programs (free) with Home theater effect?
Q. Basically I am planning to buy a home theater system with a DVD player but want to know if i can use that even without the DVD player. If i am just watching TV, is my home theater system is used or sitting idle?
Asked by adeodhar1 - Fri Dec 21 19:02:43 2007 - - 3 Answers - 1 Comments
A. Depends on your home theater systems and if it allows additional hook -ups to it. If it does then there should be no problem hooking up your TV for surround sound. But remember it will not sound as good as your DVDs because DVDs are digital or 5.1, normal TV signals are analog or 2.0 . If your home theater had Dolby Pro Logic ll, it will convert the 2.0 signal to 5.1.
Answered by coco2591 - Sun Dec 23 16:08:54 2007
Q. Basically I am planning to buy a home theater system with a DVD player but want to know if i can use that even without the DVD player. If i am just watching TV, is my home theater system is used or sitting idle?
Asked by adeodhar1 - Fri Dec 21 19:02:43 2007 - - 3 Answers - 1 Comments
A. Depends on your home theater systems and if it allows additional hook -ups to it. If it does then there should be no problem hooking up your TV for surround sound. But remember it will not sound as good as your DVDs because DVDs are digital or 5.1, normal TV signals are analog or 2.0 . If your home theater had Dolby Pro Logic ll, it will convert the 2.0 signal to 5.1.
Answered by coco2591 - Sun Dec 23 16:08:54 2007
What are the steps involved in buying a home?
Q. My family's home was destroyed by a tornado last week. It was a family home frome previous generations - paid for. Neither my husband nor I have ever bought a home before. We both rented before living in the now gone home. It's in the country. We have the deed to the land the old home was on. What are the steps we need to go through to get a home? We will need a deep well, septic tank, bank loan, everything. Where do we go to know what to do first - bank first or call the well-driller and septic tank person? We really don't know which way to get started. We are hoping to be able to get a double wide mobile home to put on this land. The land is only one acre. Unfortunately we have no insurance. The home we were in was an older… [cont.]
Asked by Plaid B - Tue Jul 10 10:34:27 2007 - - 4 Answers - 0 Comments
A. The first thing to do is decide if you are going to buy an existing home or have one built on the land you own. If you are buying an existing home you will need to obtain financing through a bank or mortgage company. Get pre-approved before looking for the home.Find a REALTOR that you are comfortable working with. Be sure to have the purchase of the home contingent on it passing an inspection. If you will be building a home on the land you will still need to obtain the financing to construct the house. Before getting the loan you will need to find a REALTOR who works with new construction and have them help you find the builder for you. I could go much further but this will set you on the right path.
Answered by bilbo baggins - Tue Jul 10 10:46:18 2007
Q. My family's home was destroyed by a tornado last week. It was a family home frome previous generations - paid for. Neither my husband nor I have ever bought a home before. We both rented before living in the now gone home. It's in the country. We have the deed to the land the old home was on. What are the steps we need to go through to get a home? We will need a deep well, septic tank, bank loan, everything. Where do we go to know what to do first - bank first or call the well-driller and septic tank person? We really don't know which way to get started. We are hoping to be able to get a double wide mobile home to put on this land. The land is only one acre. Unfortunately we have no insurance. The home we were in was an older… [cont.]
Asked by Plaid B - Tue Jul 10 10:34:27 2007 - - 4 Answers - 0 Comments
A. The first thing to do is decide if you are going to buy an existing home or have one built on the land you own. If you are buying an existing home you will need to obtain financing through a bank or mortgage company. Get pre-approved before looking for the home.Find a REALTOR that you are comfortable working with. Be sure to have the purchase of the home contingent on it passing an inspection. If you will be building a home on the land you will still need to obtain the financing to construct the house. Before getting the loan you will need to find a REALTOR who works with new construction and have them help you find the builder for you. I could go much further but this will set you on the right path.
Answered by bilbo baggins - Tue Jul 10 10:46:18 2007
Is home ownership possible for people with poor credit?
Q. I have poor credit, but I have a steady job and planning to enroll in a debt consolidation program. I have never owned a home before. Are there any programs for first-time home buyers with poor credit? Does anyone have any recommendations?
Asked by Tina R - Thu May 24 21:33:57 2007 - - 7 Answers - 0 Comments
A. If your credit score is poor and you are looking to buy your home, you can go for a bad credit home mortgage loan. Poor credit history includes series of late payments, bankruptcy or failure to pay bills. No matter how bad your credit history, with a bad credit home mortgage loan, you can easily borrow money to finance your house. This helps you to buy a home, redecorate your home or consolidate your loans. This type of loan reduces your total monthly payment because of lower interest charges and liabilities. As this loan gets tax relief, your tax liability reduces.
Answered by See Saw - Fri May 25 06:53:06 2007
Q. I have poor credit, but I have a steady job and planning to enroll in a debt consolidation program. I have never owned a home before. Are there any programs for first-time home buyers with poor credit? Does anyone have any recommendations?
Asked by Tina R - Thu May 24 21:33:57 2007 - - 7 Answers - 0 Comments
A. If your credit score is poor and you are looking to buy your home, you can go for a bad credit home mortgage loan. Poor credit history includes series of late payments, bankruptcy or failure to pay bills. No matter how bad your credit history, with a bad credit home mortgage loan, you can easily borrow money to finance your house. This helps you to buy a home, redecorate your home or consolidate your loans. This type of loan reduces your total monthly payment because of lower interest charges and liabilities. As this loan gets tax relief, your tax liability reduces.
Answered by See Saw - Fri May 25 06:53:06 2007
What home custodial care services are available for seniors?
Q. My father is a non-ambulatory Alzheimers patient in his 7th year in a nursing home. We are considering bringing him home, and are considering hiring daily or twice daily custodial care services. Do any of you know about the types of services, what they do and what they cost? General or specific answers are both helpful.
Asked by Jamestheflame - Sun Apr 27 08:40:38 2008 - - 1 Answers - 0 Comments
A. You will find Home health services in some states, they will send a nurse at least once a week to do vitals etc. and may have an aid from home health come and bathe the person a few times a week also. Care givers can usually be found through home health agencies, and you will want references from care givers, and check those references!!! there are alot of great care givers out there, I have personally worked with many of them over the years, I did home care for many years.
Answered by evelyntrusty - Sun Apr 27 09:06:55 2008
Q. My father is a non-ambulatory Alzheimers patient in his 7th year in a nursing home. We are considering bringing him home, and are considering hiring daily or twice daily custodial care services. Do any of you know about the types of services, what they do and what they cost? General or specific answers are both helpful.
Asked by Jamestheflame - Sun Apr 27 08:40:38 2008 - - 1 Answers - 0 Comments
A. You will find Home health services in some states, they will send a nurse at least once a week to do vitals etc. and may have an aid from home health come and bathe the person a few times a week also. Care givers can usually be found through home health agencies, and you will want references from care givers, and check those references!!! there are alot of great care givers out there, I have personally worked with many of them over the years, I did home care for many years.
Answered by evelyntrusty - Sun Apr 27 09:06:55 2008
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