Real estate issues from A to Z
Should I buy a house in California 2021? Anyone buying a home in California in 2021 should be able to take advantage of low interest rates. According to a recent forecast from the economic and housing research team at Freddie Mac, 30-year mortgage rates are expected to hover within the 3% range for most of …
What is the purpose of REIT? Real estate investment trusts (“REITs”) allow individuals to invest in large-scale, income-producing real estate. A REIT is a company that owns and typically operates income-producing real estate or related assets. What is the purpose of an investment trust? An investment trust is a public limited company that aims to …
Do you need a lawyer to purchase a home in Florida? Unlike some states, Florida does not require that buyers involve a lawyer in the house-buying transaction. Even if it’s not required, you might decide to engage a lawyer in special situations, for example if you are purchasing a house jointly with others and need …
Where is my rebate tax? Whether you owe taxes or you’re expecting a refund, you can find out your tax return’s status by: Using the IRS Where’s My Refund tool. Viewing your IRS account information. Calling the IRS at 1-800-829-1040 (Wait times to speak to a representative may be long.) Can you file pa rent …
Is a Realtor a real estate investor? A Realtor and a real estate investor both make money from the properties they work with. However, the manner in which they make money is different. A Realtor will earn commission off of the sales that they make. … Instead, they will make money by finding deals where …
How does owning an investment property affect taxes? This means you’ll pay capital gains taxes at your regular income tax rate for properties you’ve owned for less than a year. On the flip side, properties you sell that you’ve owned for more than a year should be taxed as long-term capital gains, which are currently …
Is rental income earned or unearned income? Net rental income is unearned income unless it is earned income from self-employment (e.g., someone who is in the business of renting properties). Does rent from a rental property count as income? You generally must include in your gross income all amounts you receive as rent. Rental income …
Do real estate agents decorate homes? After all, you’re a real estate agent, not an interior designer. Your job is to sell properties, not to decorate them. But here’s why home staging is an essential part of the selling process: … Staging also reduces “empty box syndrome.” When presented with an empty box of a …
Does a wife automatically inherit the house? Many married couples own most of their assets jointly with the right of survivorship. When one spouse dies, the surviving spouse automatically receives complete ownership of the property. This distribution cannot be changed by Will. Who inherits house when spouse dies? Spouses will now automatically inherit the estate …
Are upgrades to rental property tax deductible? You cannot claim as a standard tax deduction the cost of any initial repairs or improvements made to a property after purchase but prior to renting it to a tenant. Instead, these costs are classed as capital works and claimed at 2.5% per year over 40 years. Are …