10 Common Errors Home Owners Make When Filing Taxes By: G. M. Filisko Published: January 5, 2012 Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit. Sin #1: Deducting the wrong year for property taxes You take a tax deduction for property taxes in the…
Spring Cleaning Checklist
With springtime at our doorstep, take the time to polish your home to perfection. 1. Let the sun in. Make any room look brighter with clean blinds and windows. Mix a solution of one part white vinegar to eight parts water, plus a drop or two of liquid dishwashing liquid, for a green window…
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January 2011 California Sales Wrap-up
Pending home sales were up 13.6 percent in California from December to January, with distressed properties accounting for more than half of pending transactions, according to a new index compiled by the CALIFORNIA ASSOCIATION OF REALTORS®. C.A.R.’s pending home sales index surveys more than 70 REALTOR® associations and multiple listing services, and uses 2008 sales…
Common Ways of Holding Title
One of the most common questions asked by real estate buyers is how the title to their property should be held. There are a number of different ways to hold property title-each with different legal consequences. It’s advisable before closing to ask for legal financial or tax advice about which of the following methods of…
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Fed Gvt Increases Oversight on HAMP Loan Mods
The Federal Government has stepped up efforts to complete home mortgage modifications under it’s banner HAMP program. This initiative, a part of the Obama stimulus program began in February 2009. The comprehensive Financial Stability Plan intended to address the key problems at the heart of the Country’s economic downfall. A critical piece of that…
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Cherish Your Freedom? Thank a Military Veteran
On November 18, 1918, an armistice, or temporary cessation of hostilities, was declared between the Allied nations and Germany in the First World War, known than as “the Great War.” Commemorated as Armistice Day starting the following year, November 11th became a legal federal holiday in the United States in 1938. In the aftermath of…
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Bank of America Fights Charges
Bank of America has gone on the offense, rejecting claims by a lawyer for several large investors that it should buy back troubled mortgages because the loans were improperly made. Several investors, including the Federal Reserve Bank of New York and Pimco are pressing Bank of America to buy back a portion of some $47…
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Do Commercial Property Owners Get a Free Pass?
The August 25th edition of the Wall Street Journal Digital Network contained an article entitled Commercial Property Owners Choose to Default. The article reported that several large commercial property owners with high-profile names such as Macerich Co., Vornado Realty Trust and Simon Property Group Inc. have recently stopped making mortgage payments to put pressure on…
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What is Mello-Roos?
One of the more misunderstood terms in home ownership is “Mello-Roos Taxes”. I’m often asked why some properties include these special taxes and others do not. This article will give you a bit of history and the reasons that some properties require payment of “Mello-Roos Taxes”. Mello-Roos refers to “Special” Tax Districts. Senator Henry…