Posts Tagged ‘home’

by jps246

Question: Whats the best (and safest) way to prepare a real estate contract when buying a FSBO home?
I don’t want to get a real estate agent involved but I’ve been reading about real estate attorneys. Can someone provide an in depth description to this process. We will also have a unique situation that will need to be expressed in the contract. We are asking them to raise the price $ 10K and then give us that money back after closing to pay off two of our loans. We are doing this because our lender told us you can no longer borrow extra money on a mortgage for “improvements” or whatever else. Thanks
@ acermill. The lender suggested this to me and said it did not violate any laws or regulations and the homeowner I am buying from said this option was given to him when he bought the house but he did not pursue it.

Answer:

Answer by My Take on It
You need to open up the yellow pages and hire a good real estate attorney. Do not attempt to do this on your own without an attorney or real estate agent.

“No,No Godot” An Episode Featuring a cameo appearance by RACER Robby Gordon

by PB-PSBear

Question: Advice from someone who seriously knows Real Estate Tax Please.. Need to make home ‘investmt property’?
Bought a “fixer upper” house (SC, USA) in 2008 and live in it now. I know I have to wait 2 yrs to sell if I don’t want to pay taxes at all. I’d like to sell it now though.

If it is my ‘personal” residence and I sell now, then I cannot deduct repairs etc..maybe only “improvements” but not paint or repairs for sure.

Now I live in a vacation spot, so if I go on my own vacation and rent this out for a week or two in Nov. & Dec. Does that then turn my ‘residence’ into an ‘investment’ property so I can then deduct those things so I can pay less tax on my profit?

We knew we would flip it but really thought we’d stay 2 years so we got a normal homeowner loan, not an investment loan. We have to prove to the IRS that we meant it as an investment to deduct these things. We did mean it, but since we did not get an investment loan I think the only way to go is to actually rent it out. But I only want to do that if it would definitely work.. Or would that just make it a 2nd home?

Would this work? Thanks for your expertise!

K
Ok, so it sounds like Judy is right.. I have sold 2 other investment properties (that do pass the test) in 2009… so we do have a history of being investors. Those investments went poorly (house in MI) Is there any other way to prove we intended to make this an investment? I’d like to balance out the books with a profit here.

Also can I possibly offset my loss their with a profit here next year? Or do I have to keep deducting 3k/year on my schdedule K (I think that’s the right letter)

Answer:

Answer by Judy
You can’t turn it into “investment property” with a week or two of renting it out – and you’d have to have not used it yourself those years except for a minimal time. And anyway, you could only deduct the repairs AFTER it’s rental property.

by PB-PSBear

Question: I’m a junior in college and come home for breaks…?
and I sometimes can’t stand living at home. My dad has been a widower for a little over a year now and took in his mother when she wasn’t able to afford rent. With no one to stop him (no wife and my grandma doesn’t do much, shes aging), he just makes “improvements” to the house. He got some new shelving put in the garage. This wouldn’t have been a problem except for the fact that I keep some of my stuff up there that I don’t bring to school.
I’m an artist, well I paint on the side when I have some time, and had a box of 1-2 big canvases in the garage. I looked for them and I couldn’t find them so I asked if he had moved them. He claims he doesn’t remember them being there and his only answer was “A dump run?” Great, so those canvases that I bought on my nickle (and weren’t cheap) just get thrown out because they aren’t of use to him. And this isn’t the first time something like this has happened either.
What can I do? When I come home from school, everything is his rules, what he wants and it seems as though he has no regard for what others want and/or use. How can he justify throwing away canvases? He doesn’t know when I’m going to use them next.

Answer:

Answer by ppsutt
I can tell you EXACTLY what to do. Move out, pay for your own place and quit tolerating that fool that thinks just because it’s his home and he’s paying the bills, he can do whatever he wants, including not charging you rent or storage fees. The nerve of him!

2nd episode of 1st season

Question: Anyone else HATE the new Yahoo! home page? I’m not enjoying the non-click ‘pop-up’ window action. It’s annoyin?
Laying your cursor on the side menu opens up a pop-up window can be very annoying. They should of made them click to execute. The ‘TODAY’ menu also has gimmicky feel when you have to hold your cursor over a thumbnail to bring up the article. I just don’t see the so called “Improvement”

Answer:

Answer by NOUB
yeah

okay

now giv me BA

Using less than in materials, Green Dream demonstrates insulating windows, stopping drafts and reducing conduction of heat to outdoors.

The Red Jumpsuit Apparatus-Home Improvement, Track 02 From The Red Jumpsuit Apparatus The Red Jumpsuit Apparatus Own The Song And The Album Art ————————————– Lyrics ————————————– A silhouette waits outside my window I jump up and I shout to see if you’re there There’s nothing but cold sharp air I wake up Another day without you Take a breath from cigarettes I got time to spare It’s better when you’re not here Say you love me You can lie if it is comforting and I won’t even mind it so bad Won’t even find it so sad Please see that I’ve changed I sealed the cracks in my window panes and I won’t even mind it so bad Won’t even find it so sad: I’m not sick I’m not weird I’m simply in love You must try to understand you were sent from above You say you hate me well that’s just fine I will wait till the end of time Say you love me You can lie if it is comforting and I won’t even mind it so bad Won’t even find it so sad Please see I’ve changed I sealed the cracks in my window panes and I won’t even mind it so bad Won’t even find it so sad today Say you love me You can lie if it is comforting and I won’t even mind it so bad Won’t even find it so sad Please see that I’ve changed I sealed the cracks in my window panes and I won’t even mind it so bad Won’t even find it so sad Loving you is the only thing I ever knew letting go is the hardest thing I’ll ever do I don’t even mind it so bad I don’t even find it so sad today

Question: Is putting my Home Address ‘really safe’ on JOBS.com ?? I mean why do they need to ask me for my Home Address?
Jobs.com is a great place to look for a Job for myself on the Internet.
But……there’s a web page on Jobs.com where if I want more “dramatic improvement” on my Job Search, I gotta give my whole Address on there. NOT Safe if ya asked me. The page is *My Profile*
on Jobs.com

Buy how Safe is this??
I’ve always been scared to put my Home Address online. To many smart-butt computer hackers out there.

Answer:

Answer by Milton
Do they have a security lock key at the bottom of the page assuring that everything they collect is safe from hacking? Most of the major sites have that. Even if someone has your address, what would they do with it? If you are looking for work, you are unemployed and have nothing to steal!

They need your address because how else can they hook you up with a job near you? It also says you are a stable person who is not some drifter looking to take a week of pay and move on.

They have the same right to know as you have the right to know about the employer. After all, you get his address and he has lots more to lose than you do.

This is the way they do things and if you want to use their services, you have to go along with their program. They do not open these records except when there is a connect between an employer and you.