Get an $8,000 tax bonus if you buy a home by November 30, 2009
The recent economic stimulus law contains a big tax break for first-time homebuyers: If you buy a home by November 30, 2009, you can claim an $8,000 tax credit. Congress had previously approved a similar credit, but it had required homebuyers to pay back the money over time. In effect, it was an interest-free loan. […]
USDA program helps many people afford a home
A little-known mortgage program operated by the U.S. Department of Agriculture – that’s right, the same agency that inspects and approves the meat in grocery stores – is enabling many people to afford a home even if they can’t come up with a traditional down payment because of the economic downturn. The program is designed […]
Credit card companies make it harder to get a mortgage
Some people are finding it harder to get a mortgage these days … because of their credit card company. Why? Because credit card companies have reacted to the recent economic downturn by reducing many cardholders’ credit limits and cancelling inactive cards. The companies’ goal is to reduce the risk of non-payment. The problem is that […]
You might be paying too much in property taxes
Many people are paying too much in property taxes, and may be eligible for a reduction or a refund. Property taxes are calculated by taking the assessed value of your home and multiplying it by the local property tax rate. But since home prices in so many areas have decreased recently, it’s possible that the […]
Gift tax exclusion increases to $13,000 in 2009
The amount that you can give to someone without having to pay the federal gift tax has been increased to $13,000 a year, effective for 2009. The previous maximum was $12,000 a year. Many people will want to take advantage of this new limit to increase their annual giving as part of their estate plan. […]
Landlord can’t be sued for one tenant’s harassment of another
Even if a black tenant’s family was subjected to racist comments and verbal abuse by a white tenant’s family, the black tenant can’t sue the landlord, says the Ohio Supreme Court. The black tenant claimed she kept an extensive record of the harassment and reported each incident in writing to the landlord. However, the landlord […]
Estate tax takes less of a bite – but planning now is still critical
Starting in 2009, you can leave $3.5 million to your heirs before the federal estate tax kicks in – up from $2 million previously. And in 2010, the estate tax is slated to be repealed altogether. But contrary to what some people think, that doesn’t mean you don’t need to worry about estate planning!
Condo could prohibit religious displays on doorways
A condominium association can prohibit owners from displaying any objects on or in front of their doorways – including Christmas decorations and crucifixes, says a federal appeals court in Chicago. In this case a woman sued because the condo rule had prohibited her from placing a traditional Jewish mezuzah on her doorpost. She claimed this […]
Family Limited Partnership saves family $120,000
If you’ve been wondering how a family limited partnership can save your family taxes, here’s a good example. Bianca Gross was a widow who invested in stocks. She had two daughters. She decided to create a family limited partnership, in part so she could involve her daughters in her investment decisions and teach them about […]
It’s not always easy being green
Homebuyers, businesses, and residential and commercial tenants are all showing interest in “green” buildings these days – those designed to save energy, use sustainable materials and have less of an impact on the environment. Many buyers and renters are willing to pay a little more for a green building – especially if they can recoup […]
