How to Calculate Discount Points in Real Estate Pocketsense

Multiply your projected loan amount times the points for a specific interest rate. The result will be the dollar amount added to the loan closing costs for the selected interest rate. Using the example rates and a $250,000 loan, the one point for a 4.75 percent rate would equal $2,500 and the 2.5 points at 4.5 percent equals $6,250. 00:00.

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Tax Credits for Real Estate Investing Pocketsense

(7 days ago) Real estate investing can be lucrative, but it also comes with a hefty tax bill. Each real estate tax credit can reduce that burden significantly, but it's important to know which apply in a given tax year. Additionally, there are tax deductions real estate investors can take to help.

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How to Report a Sale of Real Estate Property to the IRS

(1 days ago) Real estate is a capital asset, so the sale of real estate creates a capital gain. Because real estate is such a high value asset, capital gains from the sale of real estate can create a huge tax bill, particularly if you sell the asset within one year of buying it. However, real estate sales are subject to certain exclusions for homeowners

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Should an S Corporation Own Real Estate

(1 days ago) Real Estate Investments. An S corporation is not an ideal business structure for real estate ownership. Most real estate investors do not manage their investments as they would another type of business that sells goods or services. If you are buying real estate by yourself or with another person, you will not need shareholders in your business.

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What Does Detached Mean in Real Estate

(9 days ago) Real estate listings can describe a dwelling's architecture in terms of roofline such as mansard, or with characteristics such as Queen Anne, which features a turret that distinguishes it from being simply Victorian. Descriptions also denote building style in terms of proximity to other structures. The term "detached" represents a common way to

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The Pros & Cons of Real Estate Auctions Pocketsense

(5 days ago) Real estate auctions are frequently used to either sell properties that need to be sold very quickly, to sell properties that are hard to price, or to sell properties that have not sold through other means. Their advantages and disadvantages vary greatly depending on whether you're a buyer or seller.

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Negotiating Furniture in the Sale of a House Pocketsense

(6 days ago) Buyers and sellers should instruct their real estate agents to closely monitor the conditions included in the final contract, especially when the parties negotiated for certain pieces of furniture to be included in the sale. As a rule, furnishings and appliances that are naturally connected to a house are part of the sale.

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What Happens if a Home Seller Cannot Close by the Date

(5 days ago) Real estate transactions typically involve contracts for the sale of property. As such, contract law applies when either the buyer or the seller breaches the contract. Not being able to close on the agreed-upon date might constitute breach of contract, for which there are remedies.

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How to Avoid Paying Capital Gains Selling a Gifted House

(1 days ago) Inherited real estate: Your basis is usually the fair market value of the property on the day the previous owner died. Gift: Your basis is the donor's adjusted basis immediately before she transferred title to you. The exception is if you sell at a loss and the fair market value is less than the adjusted basis. In that situation, you figure the

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Difference Between Private Property in Capitalism

(Just Now) The approach to private property is one of the biggest differences between the economic philosophies of capitalism and communism. Capitalist systems support strong private property rights and a free market. Under communism, property ownership is maintained as an exclusive right of the state.

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What Does "Certificate of Redemption" Mean in Real Estate

(9 days ago) When you fall behind on your property taxes, the taxing authority will place a lien on your home. In order to prevent your home from being sold at a lien sale, you'll need to pay all of the taxes owed plus any penalties and interest. Once this is done, you'll receive a certificate of redemption.

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How to Figure Capital Gains on the Sale of Rental Property

(6 days ago)

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The Importance in Having a Professional Real Estate Agent

(2 days ago) Real estate agents have connections in the market that benefit buyer and seller. Agents work with many people involved in the real estate transaction process, including loan officers, home inspectors and attorneys. If you have a problem or need a service, your agent has the contacts necessary to help you immediately.

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How to Get Real Estate Records With an APN Pocketsense

(Just Now) A real estate APN is a number identifying a property or parcel of land. You can usually find it by looking with your local county or municipal land records either online or in person. A real estate agent might also be able to help you find APN numbers for properties you are interested in.

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Rules on Property Sale Capital Gains in Texas Pocketsense

(3 days ago) Real Estate Gains. When you sell a property in Texas, the profits, or capital gains, on that property equal the selling price of the property minus the original price that you paid for the property. If you buy a house for $100,000, for example, and sell the house for $150,000, you must declare the $50,000 difference as a capital gain for taxation.

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How Do Bidding Wars Work in Real Estate

(4 days ago) The real estate bidding wars that delight sellers often leave buyers frustrated and disappointed. War can erupt almost as soon as a home hits the market in neighborhoods with strong demand and low supply. What happens next thrusts the seller into the line of fire, as frenzied buyers pull out the stops in an effort to

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How to Prorate Real Estate Taxes Pocketsense

(2 days ago) A real estate closing can be very complicated, especially when it comes to determining who owes what. One of those determinations is real estate property taxes, which are usually prorated on the day of closing. That is, the seller pays what would be owed for his or her portion of ownership and the buyer does the same.

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Capital Gains Tax Breaks for a First-Time Seller Pocketsense

(5 days ago) In some situations, you will owe tax on the sale of real estate. Fortunately, the government offers a special tax break for gains made on the sale of a home used as your residence. The tax break for home sale gains is not exclusive to first-time sellers, although people who have sold homes in the past face additional requirements to qualify.

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Can You Deduct Commission Paid to the Realtor When Selling

(6 days ago) By adding your real estate commissions to the home's basis, you reduce your total capital gain taxes from the sale of the property. Section 121. The IRS provides an additional deduction against capital gains from the sale of a primary residence through the Section 121 exclusion. By electing Section 121, a single taxpayer may exclude up to

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How Long Do You Have Before You Pay Capital Gains Tax

(3 days ago) The IRS does allow you to avoid paying tax on some of the capital gains from many common real estate sales, assuming the property in question is your main residence. If you're single, you can exclude up to $250,000 in capital gains on your primary residence when you sell it for a gain.

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What Percentage of Your Net Worth Should Your Home's Value

(Just Now) People who live in areas with high real estate values tend to have a higher percentage of their total net worth represented by their primary residences. Equity. Equity is the part of your residence that you own free and clear. If you live in a $300,000 house, but you have an outstanding mortgage of $250,000, your home equity is only $50,000.

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How to Deduct Real Estate Taxes on Both 1040 & 706 Returns

(9 days ago) Deducting Real Estate Taxes on Form 706. Fill out Form 706, which includes Part 1 (information about the decedent and executor), Part 2 ( the tax computation), Part 3 (elections by the executor) and Part 4 (general information). Fill out Schedule K in order to get the number you will insert on item number 14 of Part 5 – recapitulation.

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How Much Does a New Bathroom Increase the Value of a House

(2 days ago) Real Estate.com notes that on the West Coast, homeowners recoup about 67 percent of the cost of an added bath when they sell; East Coast homeowners get back only about 48 percent. On average, expect to recoup about half of your investment. If your home has fewer bathrooms than similar-sized homes in your neighborhood, making the addition can

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What Does 'Encumbered' Mean in Real Property Assets

(Just Now) An encumbrance in real estate means someone besides the owner has a claim on the property. If you plan to count the real estate as an asset, you need to know what encumbrances could affect the value. The seller must disclose all encumbrances before the sale, and although some of them are the seller's responsibility, others may not be.

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Ratio of Assessed to True Value of Real Property Pocketsense

(7 days ago) The true or market value of real property is the amount that a seller would receive from a buyer in the real estate marketplace. Determination of true property values usually occur by a combination of a real property appraisal along with comparable sales in the area.

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What Is a Breach of Contract in Real Estate

(4 days ago) Real estate contracts are generally governed by state law. As a rule, a real estate contract will have a choice of law provision that indicates which state's law will govern any disputes. The contract may also specify that the parties must submit to arbitration or mediation before seeking remedy in a court of law in the case of a dispute.

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Claiming Property Taxes on Your Tax Return: Rules for Tax

(5 days ago) Taxpayers in states with high real estate property taxes – such as New York, New Jersey and California – will easily reach the $10,000 TCJA cap and will also likely have high mortgage interest deductions. The itemized deductions for these taxpayers will probably exceed the standard deduction.

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How Binding Is a Real Estate Contract

(2 days ago) A real estate contract is a legally binding agreement between a seller and a purchaser. Each party agrees to the terms of the contract, including any contingencies upon the sale. After each party signs the contract, and each is in possession of the signed document, it becomes legally binding.

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How Do I Transfer Property With a Pennsylvania Quitclaim

(6 days ago) A property deed is the evidence of ownership in real estate. Just like a car title proves that you own a car, a deed proves that you own a house. Property deeds are public record, and they are recorded with the register or recorder of deeds in the county where the property is located.

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What Is a Buyers Premium in a Real Estate Auction

(1 days ago) A real estate auction can be held to sell a single-family home, multi-family home, commercial property or real estate notes. During a real estate auction, a licensed real estate agent auctions the property that's sold to the bidder who places the highest bid.

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How to Determine Tax Basis on Real Estate Pocketsense

(8 days ago) The cost basis of real estate is the price you paid to buy the property. Add to the down payment and amount of the mortgage loan, the cost of fees and expenses you paid to close the deal. You can find settlement costs such as title insurance, recording fees, transfer taxes and legal fees on the closing statement you receive.

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What Does "Revocable Trust" Mean on a Deed to a House

(9 days ago) A real estate deed contains a description of a piece of real estate and lists the names of the property owners. People and legal entities can own real estate, and if the name of a revocable trust appears on a deed, it means that the real estate in question belongs to that trust.

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How to Calculate the Market Value of a Property Pocketsense

(8 days ago) Real estate professionals typically find these figures through their multiple listing service. Note the differences between the comparable properties and the subject properties. Compare the features listed for the subject property with the comparable properties. For example, if the subject property was built in 1990 and the comparable property

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Taxes on Joint Owners' Rental Income Pocketsense

(9 days ago) Taxes on Joint Owners' Rental Income. If you own rental real estate property with your spouse or business partner, the Internal Revenue Service tax rules for calculating the amount of income you must report are the same as when you are the sole owner. However, the amount of losses you can deduct depend on both the

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What Is the Definition of Median Household Income

(9 days ago) Median household income is used in real estate to calculate the affordability of housing. The Housing Affordability Index calculates the cost of the median price home relative to median incomes. When it goes up, it means that more people can afford to buy homes, either because their incomes are higher or because the cost of home ownership is

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Capital Gains Tax Laws in North Carolina Pocketsense

(8 days ago) If you buy property in North Carolina, you may prove subject to the North Carolina real estate sales tax, also known as the excise tax. While the state excise tax is 0.2 percent, seven counties, consisting of Camden, Chowan, Currituck, Dare, Pasquotank, Perquimans and Washington, may levy an optional local real estate sales tax of up to 1 percent.

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How to Write a Counter Offer to the Purchase Offer

(9 days ago) If you're selling your house, and a potential buyer makes an offer, this signals the negotiation process. Typically, the buyer lowballs the first offer, to which you can make a real estate counteroffer. When you draft your counteroffer, address your negotiables as …

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Can I Sue My Realtor for Breach of Contract

(8 days ago) Most real estate agents require their clients to sign a brokerage or listing agreement or, for buyers, a buyer representation agreement. The reason a written contract is required is because state laws require contracts for real estate to be in written form. Oral contracts generally are insufficient when it comes to real estate.

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Capital Gains Tax Rules for Widows and Widowers on Selling

(7 days ago) The rules for capital gains taxation related to real estate vary depending on rules established by the IRS to determine if the real estate property was a primary personal residence or investment property. When the home is a personal residence, capital gains tax breaks allow for a set dollar amount of capital gains to be excluded from taxation.

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How to Buy Real Estate With a Cash Offer Pocketsense

(1 days ago) Buying real estate with cash should give you an advantage over other offers that may come in on the same property. However, weigh your offer and keep it as clean as possible. An abundance of contingencies, regardless of how the home is paid for, often puts a buyer at a disadvantage. Also consider the financial

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Who Pays Title Costs in a Real Estate Contract

(1 days ago) In a real estate transaction, the title company ultimately picks up those costs, and the seller is obligated to reimburse the title company. Additionally, if there was a mortgage on the property, the seller must pay the title company to record a document saying the mortgage has been paid.

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Real Estate Wholesaling Tax Strategies Pocketsense

(5 days ago) Taxation of real estate transactions falls under what the Internal Revenue Service (IRS) categorizes as capital gains. Aside from the exemption provided for one’s first residence, if declared as primary residence ($250,000 of profit for an individual, $500,000 for a couple), profits off a real estate sale are generally taxable under capital gains rates at 25%, according to the IRS.

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Real Property Assessment Guidelines Pocketsense

(9 days ago) Real Property Assessment Guidelines. While specific laws vary by state, the general process of assessing real property is similar across the country. If you own real estate, it will be assessed, and that assessment will be used to determine your property tax bill. Every community operates under a set of guidelines that specify how the appraisal

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Puerto Rican Real Estate Laws Pocketsense

(6 days ago) Puerto Rican Real Estate Laws. Puerto Rico is known for its low real-estate taxes, making it a great choice for vacation properties or investment properties. What is more, the country is an unincorporated territory of the United States, making it easier for U.S. residents to purchase property. But remember that Puerto

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Can a REIT Dividend Be a Qualified Dividend

(Just Now) A real estate investment trust, or REIT, can provide qualified dividends to investors. Consequently, these dividends will be taxed at significantly lower rates than capital gains. What is a REIT? A REIT, which stands for real estate investment trust, is a company that either owns commercial properties directly or provides financing for them. A

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Taxation of Rental Properties in a Family Trust Pocketsense

(6 days ago) A donor provides the trust with property, such as rental real estate, which is to be used for the beneficiaries' benefit. The trust is maintained by a trustee, who manages the trust’s property for the beneficiaries’ benefit. A family trust is a trust organized to benefit family …

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Who Pays the Sales Tax When a House Is Sold

(2 days ago) Because traditional sales taxes usually exempt real property sales, some states, such as Washington, or municipalities enacted an excise tax on the sale of real estate. These excise taxes effectively collect tax revenues in the same manner as sales tax, taxing the sales value of sold real estate.

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Tax Deductions for Realtors Pocketsense

(7 days ago)

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