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Credit Repair,Taxes

Credit Card Chip Technology: It’s Going to Take Awhile

8 Feb , 2016  

As seen here, the expectation is people may be wary about the whole credit card switch thing from magnetized strip to tiny computer chip (especially with credit card fraud always being a problem) despite these three reasons why we shouldn’t be scared. We’re protective over our plastic! However, fear not: this isn’t a change that’s […]

The post Credit Card Chip Technology: It’s Going to Take Awhile appeared first on THE INCOME TAX PLANNING NETWORK.

The post Credit Card Chip Technology: It’s Going to Take Awhile appeared first on Independent Credit Solutions.

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Condominiums,Credit Repair,HOAs,Home Mortgages,Home Renting,Home Selling,Land Contracts,Landlords,Real Estate Market,Rent-to-Own Homes,Taxes

Divorced Couples Living Together: It Does Happen! (For Tax Reasons)

22 Jan , 2016  

Think about the future here. Let go of the animosity (especially if you have kids!), because sometimes while the pain and tumult of divorce can be overwhelming, sometimes the money issues, especially with the house, can hurt even more! Something you honestly don’t want….

You Might Be Divorcing Your Spouse, But Try Not to Divorce Your Entire Life

Might be asking much, but when it comes to your taxes, you have an option here (as crazy as it may be). You can live in the home together. Promote stability. Be civil. Care. This also keeps all tax obligations amicable and mutual, neither side benefiting or hurting more than it should.
And here’s the bonus: you get more bonus tax advantages when you do eventually sell the home!
Also do keep in mind that just because you also own the home, doesn’t mean you always have to technically live there either. However, your mail will continue to arrive at that house. So make sure the ex-spouse realizes that and doesn’t shred the material every time he/she sees your name.

It’s the Simplest Way to Get Taxes Figured Out About the House

But it’s not for the faint of heart. Talk to a consultant with the Income Tax Planning Network about it some more and see if this may be an option for you. Check out this guide on taxes during a divorce as well for more possibilities. Because, remember: it’s just a house.

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Home Renting,Real Estate Market,Rent-to-Own Homes,Taxes

What to Do With Rental Properties on Taxes When Getting Divorced

22 Jan , 2016  

RTO is one thing; what about rental properties? What if you are the landlord/homeowner? What if you are the one offering that rent-to-own property? What if you are the one offering that rent-to-own property, and you get divorced with your spouse? What can you do with those rental properties? How does that affect your taxes? What will happen to your tenants?

Questions, Questions, Questions — Stressful, Stressful, STRESSFULrental properties knot

Whenever on the subject of taxes, the prospect’s overwhelming. You’ve got that tax return to file. You’re not great with numbers — and let’s not forget about the fact that you’re dealing with divorce, and there are plenty of options on your plate about what to do with the home (and the kids, finances, cars, etc. etc.). Now you have to also worry about rental properties, tenants, and other stuff. It can be a headache.

Here’s what you have to understand about rental property: they’re not your primary residences. Hence tax issues will be a bit different than when considering your actual home, the actual place you live in.

We all know there are tax benefits when selling a home (only when it’s your actual place of residence, though). When you divorce, the question is this: do you want to share ownership of those rental properties (in which case you’ll both pay taxes on them)? Or do you want to transfer ownership to the ex-spouse? It’s good to know that transfer of ownership won’t cause any tax repercussions for either spouse. However, you most likely will pay taxes if and when you ever sell those rental properties; so keep that in mind.

Those Rental Properties Need to Be Addressed

Of course, rental properties are a source of revenue. You want it, you pay property taxes for it; you don’t want it, transfer ownership. If both spouses don’t want the rental properties in question — be prepared. Consult with an attorney, if you will, but be sure to discuss your situation with an expert from the Income Tax Planning Network immediately. You don’t want to leave this loose end untied.

 

The post What to Do With Rental Properties on Taxes When Getting Divorced appeared first on RentToOwnReviews.

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Home Selling,Taxes

Maximizing Tax Benefits for Selling the Home After Kids Grow Up

6 Jan , 2016  

Divorce doesn’t have to destroy the kids. There are options out there, and they’re not to blame. So it just so happens that many divorcing couples find the option to keep the home when dealing with a divorce until those kids move out when they’re older. There’s a specific reason to doing this, in that it’s not going to be a forever thing when owning the home indefinitely — eventually, that home will get sold!

The Tax Benefits Are Obvious, But Keep This Important Point in Mind….divorce tax-5

If you’re going to sell that home later on, make sure you get that attorney on your side to stipulate in the divorce agreement that the home still is your “main residence” for tax purposes. The law states that you won’t get the tax benefits of selling the home if you’re not living in the home for at least two of the last five years of that primary residence.

So if the son and daughter are only in their teen years, and you’ve moved out, selling the home leaves you high and dry while the ex-spouse reaps the tax benefits. Therefore make a point to research with the Income Tax Planning Network and find out what you need to do to settle the issue correctly.

Because Selling a Home Can Be a Benefit

Tax benefit, to be exact. It just takes timing. And divorce is anything but timely. Make it a point to sign up with ITPN and talk to an expert immediately. Get the lawyer, too, while you’re at it. Divorce doesn’t have to destroy the finances, especially when you’re facing the issue of selling that home. Either you sell the home and make anywhere around $250K in profit, or you’re not paying attention to those tax laws and have to fork over a ton of that profit to the IRS. You pick.

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Home Mortgages,Real Estate Market,Rent-to-Own Homes

The Calculated Real Estate Risk on Interest-Only Mortgages

31 Aug , 2015  

We’d like to say that we’re probably a lot more responsible with the real estate market these days given the massive Armageddon we experienced about nine years ago. Here’s the hope that we are — because the very thing that contributed to the real estate crash, that toxic anomaly causing our houses of cards to crumble called interest-only mortgages, is just now starting to make a serious revival in the real estate industry, but here’s the shocker:

Interest-Only Mortgages Might Be a Welcome Hand in This Rising Real interest-only mortgagesEstate Market!

After all, with reputable services offered by a collaborative conglomerate like the BBB A-rated H.O.P.E. Program, credit repair and tax services with the ITPN (Income Tax Planning Network), and Ultimate Identity Protection — and, of course, us here at the Rent-to-Own Consultants — it’s no wonder that somehow, even after the disaster that was the housing crash all those years ago, our real estate market’s making a comeback.

This means more options for home buyers. More potential for prospective homeowners. More flexibility for mortgages in 2015. These interest-only mortgages are now an option. The interest-only mortgages are just another way for someone to secure approval for that home loan and get into that house.

Of Course, Lenders Are Still Calmly Cautious

It’s about responsibility when you think about it. So there are safeguards, like 20% down and a 720 FICO credit score, for example. Those interest-only mortgages come with them a sense of risk that might make lenders — and homeowners — fall flat on their faces. However, if homeowners are responsible enough with their finances, perhaps have built their credit through rent-to-own homes, and know what they’re getting into, they’re not only benefiting themselves, but an entire real estate industry.

I call that faith. Faith against the Armageddon that was the housing crash. We can just see the angels singing from above.

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