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Reduce capital gains tax on 2nd home, convert into primary?
Referring to article written by Kelsey Heath, she says: a second home can be converted into primary residence and therefore, would qualify for a primary residence capital gains tax exclusion. To qualify for the exclusion, you must meet both the ownership and use tests. This means you must have owned the home and lived in it as your primary residence for at least two of the five years preceding the sale, but the two years do not need to be consecutive." I currently am in the process of selling my Huntington Beach Ca home. We have owned the home for 5 years now. I am a resident of Utah. In the past 5 years, we have spend between 45-50% of our time at this home here in Huntington Beach, which would mean in the past 5 years we have lived here more than 2 years. Would this not qualify for the reduction of capital gains tax along with the real estate withholding exemption?
Asked by Devon OBrien | Huntington Beach, FL | 09-30-2024 | 766 Views | Finance & Legal Info | Updated 1 year ago
How do I know when to refinance?
I bought a house about a year ago. My interest on the loan is pretty high. How do I know when it's the right time to refinance? I want a lower rate. I'm worried if I jump on the first rate drop that I'll miss out on something better later.
Asked by Drew | El Paso, TX | 08-12-2024 | 838 Views | Finance & Legal Info | Updated 1 year ago
What do I do to get a quick sale of my parents home ?
There is no will . Just myself and sister. I been paying the mortgage for 4 years now. I just want the deed in our name. Chase mortgage will transfer the mortgage over to our names if we can transfer the deed over.
Asked by Anthony | i don't know, FL | 08-03-2024 | 467 Views | Finance & Legal Info | Updated 1 year ago
Executed Contract + addendum not signed
Already closed but sellers didn’t sign contract. Only has a date on the signature line. Addendum and amendments that were part of the contract wasn’t given to the lender or signed by the sellers. We signed them but I don’t know what happened after I sent them to the Realtor. No one caught this error and now I have to sue the sellers for fraud and non disclosure. Agent said it was an executed contract, nothing to worry about? Is she correct?
Asked by Alison Honea | ANDERSON, FL | 07-07-2024 | 926 Views | Finance & Legal Info | Updated 1 year ago
Real estate contract addendums ?
I am a beneficiary of a 2016 addendum for a commercial building adjacent to a income property the addendum was to separate mine from the sale. The owner and buyer both named I was an intentional beneficiary it covers necessary work and upgrades to the apartment and detailed use of property i now have none although I pay for out -of - pocket while the other tenants have social services and other perks. My landlord has done nothing to rectify the discrepancy nor has she offer or intend to fulfill the obligation she made to me and accepted bythe buyer
Asked by Amme | West York, PA | 06-14-2024 | 813 Views | Finance & Legal Info | Updated 1 year ago
Can our agent demand their commission B4 closing?
Our listing company is insisting that we bring a cashier's check to them before closing because the lender the buyers are using doesn't work with them. Our listing agreement states that they will receive their money AT closing. They want $3000 prior to closing the deal.
Asked by Elizabeth Hanning | Ocala, FL | 05-13-2024 | 614 Views | Finance & Legal Info | Updated 1 year ago
Why is a 15-year fixed rate mortgage better than a 30 year?
Why is a 15-year fixed rate mortgage better than a 30 year mortgage? Are there other factors that I should think about?
Asked by Kayla | Portland, OR | 04-10-2024 | 1,210 Views | Finance & Legal Info | Updated 2 years ago
What are mortgage points?
What are mortgage points? And how do they work? What are the benefits or drawbacks of mortgage points? Is there a reason why a lender would offer that option and another lender wouldn't?
Asked by Will | Concord, NH | 03-13-2024 | 826 Views | Finance & Legal Info | Updated 2 years ago
What are the different types of mortgages?
What are the different types of mortgages? I know there's different lengths of time. And it seems like then the interest rates changes with the different lengths?
Asked by Alicia | Boise, ID | 03-13-2024 | 685 Views | Finance & Legal Info | Updated 2 years ago
How do I decide what mortgage is right for me?
How do I decide what mortgage is right for me? With the rates being so high I'm trying to figure out the best way to go forward. It feels like there are a lot of options and I don't know what's best for me.
Asked by Alex | Houston, TX | 03-13-2024 | 1,019 Views | Finance & Legal Info | Updated 2 years ago
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