Monthly Archives: June 2012

Second Homes Treated Differently

While a principal residence and a second home have some similar benefits, they have some major differences. A principal residence is the primary home where you live and a second home is used for personal enjoyment while limiting possible rental activit...

If I’d Only Bought

We've probably all said or at least thought "if I knew then, what I know now, I would have done things differently." We should have stayed in school longer. We should have listened to our parents. We should have bought Apple stock in 2002 for $8.50 or ...

Gift or Inherit

Transferring the title of a home from one person to another may seem simple but it could have a significant tax implication. When a person inherits property, the basis is "stepped-up" to fair market value at the time of the decedent's death. On the oth...

Assumption Opportunity

The low interest rates secured by borrowers recently on FHA mortgages may become valuable in a different way in the future. FHA and VA mortgage are assumable at the existing interest rates subject to buyer qualification. Buyers wanting to assume an exi...