Real Estate downturn creates an estate planning opportunity
Real estate prices have been falling all over the country. While no one likes to think that their home is worth less than it used to be, the downturn has created an opportunity to give your home to your eventual heirs while saving a large amount of estate and gift taxes. This can be done […]
Fannie Mae makes it harder to get a condo mortgage
New rules from Fannie Mae are making it harder to get a mortgage for a condominium unit. Effective this past March 1, the mortgage giant will no longer purchase mortgages for condo units in new buildings unless at least 70% of the units are sold or under contract. Previously, Fannie would purchase mortgages as long […]
Vacation homes, investment properties may be cheap
While the average price of a primary residence declined last year, the average price of vacation homes and investment properties declined even further, suggesting that many of these properties might now be available at an attractive cost. The median sales price of a vacation home was $150,000 last year, down from $195,000 in 2007, according […]
Chicago ‘historic area’ zoning case being watched across the country
Can a city block property owners from making improvements to a building or a neighborhood on the grounds that doing so would destroy its value as a historic landmark? A closely watched case in Chicago could answer that question. Although the case is specific to Chicago, cities and property owners across the country are paying […]
Most landlords make mistakes on their income tax, U.S. says
A majority – some 53% – of individual landlords in the U.S. make mistakes on their income tax when it comes to reporting rental income and expenses, according to a study by the U.S. Government Accountability Office. That means that out of about 8.9 million individual landlords in the country, nearly 5 million aren’t paying […]
Accused employee can’t sue his accuser
A manager at the Cambridge Marriott hotel who was fired after he was accused of sexually harassing a bartender can’t sue the bartender, according to the state Appeals Court. The manager sued the bartender for defamation, claiming she slandered him to the hotel and wrongly caused him to lose his job. But the court said […]
Getting divorced? Be careful with tax returns
If you’re in the middle of a divorce and your spouse is preparing a joint income tax return, remember that even though you’re splitting up, you’re still jointly responsible if you sign the return and your spouse has done something wrong. In a recent case, a couple was still married but living separately with separate […]
Woman can’t be turned down for job because she has children
A company can be sued if it didn’t promote a woman because it was afraid she would have trouble balancing her job and raising four children. That’s the result of a ruling from the federal appeals court in Boston. The woman, who worked for an insurance company, was one of two finalists for a management […]
Watch out for ‘business compliance’ scams
A number of Massachusetts companies have been receiving official-looking letters recently offering to file corporate minutes with the government for a fee. These appear to be scams designed to trick business owners, according to the Secretary of State’s office. Many businesses have received letters from something called “Compliance Services” offering to file corporate minutes statements […]
Resident sues condo association after slipping on snow and ice
A condo resident can file a lawsuit after he slipped on snow and ice while taking out his trash, according to the state Appeals Court. After a 16-inch snowfall, a landscaping company hired by the condo association plowed out the area. However, it plowed a large pile of snow up against the dumpster. The resident […]