Reverse Mortgages: Part I

I just saw a number of celebrities promoting Reverse Mortgages. As such, I thought I would devote several posts to this subject in order to make sure that my Facebook friends and their parents don’t get shafted. Part II will be posted tomorrow. What is a reverse mortgage: This is where older people , generally …

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Records Needed if You Are a Participant in a Qualfied College Saving Plan

If you are a participant in a qualified tuition plan such as a Prepaid Tuition Plan or Section 529 Savings Plan for college, you will need to read over this post. When these plans pay the college tuition, you will receive an IRS form 1098 for the payment as income to you! You will probably …

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Home Mortgage Interest

Deducting Home mortgage Interest: There seems to be a lot of confusion about deducting home mortgage interest and there are traps that MANY people don’t know.   Home mortgage interest is deductible IF: It is use to either acquire or improve your principal residence or a second home (only 1). Thus, if you refinance your …

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Health Warning: air out your car before entering it.

Health Warning: It is well known that exposure to benzene fumes has been linked to development of leukemia and other forms of cancer, as well as poisoning your bones; anemia can even cause a miscarriage. The problem found is dangerous levels of benzene, according to snopes.com, can build up in closed automobiles. Do not turn on …

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Classification of costs found on closing statement for investment property purchases

PartII: Treat of items on closing statement for investment property: 1. Cost of obtaining title: These are added to basis. Examples would be Commissions, Legal fees, title search, title policy charges, transfer taxes etc. 2. Costs incident to Purchase: These are deductible. They include prorated real estate taxes, condo fees, utilities and hazard insurance. 3. …

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