They wanted care-free time to travel and not worry about problems back home. Finding a buyer for their duplex was easy, and the sale closed with the proceeds going into escrow. About a week later, their Realtor found a five-acre parcel for sale that appeared to be in the path of eventual development and would [...]
Posts Tagged ‘Rental’
When You Sell: Capital Gains Taxes Part (6)
September 26th, 2011
No Comments
The equity from one home was transferred to Georgia with no capital gains taxes due. Norm and Sandy’s other rental had six months to go on the lease. If the tenants couldn’t or didn’t want to buy it, the property would go on the market and the process would be repeated. As you can see, [...]
The Tax Advantages of Owning Rental Property Part (5)
September 2nd, 2011
No Comments
The sellers were upset because now the genie was out of the bottle and the home couldn’t be sold as a duplex, lowering its value considerably. And no mortgage lender would finance an illegal duplex. Rather than walk away from the deal, the buyers offered to pay the appraised value for the home.
The Tax Advantages of Owning Rental Property Part (4)
August 29th, 2011
No Comments
So if you have an apartment or rental home and are intending to sell, look ahead and plan a way that will minimize the tax bite. If you’re buying a home with an apartment, added garage, or major remodeling job, you’ll want to verify that building permits show the house is zoning compliant.
The Tax Advantages of Owning Rental Property Part (3)
August 25th, 2011
No Comments
Uncle Sam allows homeowners to deduct the following costs of turning part of a home into a rental space: You can prorate your utilities by the square footage, as above for office space. You can prorate the cost of your homeowners insurance along with related riders and policies, such as additional liability coverage.
