All Posts Tagged With: "taxes"
Are You Keeping Up With Work & Wages?
If you’ve been getting more money each year and maybe a bonus here and there you might think you’re doing pretty well. After all, part of the American dream is to get better at what you do and therefore earn more money as a result. Unfortunately, you’re likely to notice that even with a bigger [...]
2Jan2009 | Peter G. Miller | 0 comments | Continued
Should You Prepay Your Mortgage?
Does it make sense to prepay your mortgage or buy real estate with a big downpayment? Buying with no money down in a rising market can be — with caveats — attractive. The caveats? First, there are no guarantees that either prices or rental rates will eternally rise. Second, less down means more debt and [...]
18Sep2008 | Peter G. Miller | 1 comment | Continued
How Investment Discrimination Powers Real Estate Taxes
For the past several years real estate prices in my community, like many, have risen with a speed and certainty that has been a delight to behold. Now the government is getting even with vast assessment increases that will lead to steeply-higher property taxes. What’s interesting about the projected tax rises is that they are [...]
17Sep2008 | Peter G. Miller | 0 comments | Continued
Let’s Make Military Incomes Tax-Free
The past few weeks have seen battles on two fronts, the fight to take Iraq and the debate in Washington regarding how best — if at all — to cut taxes. Allow me to confess that I am one of those opposed to tax-relief for the rich, my thinking being that our gilded elite have [...]
17Sep2008 | Peter G. Miller | 0 comments | Continued
Will Is The Way To Preserve Your Property
If it were possible, there’s little doubt that we would each opt for immortality, vitality, and endless good health if such choices were available. We would most likely agree with Clarence Darrow, the defense attorney at the Scopes trial, who explained in his autobiography that “I shall no doubt act as others do at the [...]
10Sep2008 | Peter G. Miller | 0 comments | Continued
Smart Growth Equals More Congestion, Bigger Tax Bills
“Smart Growth” is here, a collection of proposals, guidelines, and goals that will ultimately make homebuying less feasible and commuting more difficult. And that’s the good news. The essential idea behind various “Smart Growth” initiatives is to move zoning decisions from local communities to Washington. This is necessary, it’s alleged, because we have too much [...]
4Sep2008 | Peter G. Miller | 0 comments | Continued
Adjustments At Closing
Question: We’re selling our home and have prepaid our property taxes through June — two months from now. How do we get this money back? Answer: A sale agreement should contain a clause that deals with adjustments. The prepaid property tax, for example, should be a credit to you at closing and a cost to [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Why Does Closing Cost So Much?
Closing is expensive for several reasons. First, state transfer taxes are typically based on the sale price of the property or the amount of mortgage debt. These tend to be very large sums, so even a small percentage can be a lot of money. Second, payment for many services occurs at closing — title insurance, [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
What Is A Mortgage Lender Escrow Account?
When homes are bought with 80 percent or more financing from a single lender, the lender generally requires the borrower to make monthly payments to a lender “escrow” (trust) account. The purpose of the lender escrow account is to accumulate money to assure that the borrower’s property taxes and property insurance are paid (and thus [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
Can I deduct moving costs?
In some cases, yes. If your new job site is at least 50 miles further than the old one (that is, if you current work is 5 miles from home, the new workplace would have to be 55 miles from your old home), and if you work at least 39 weeks during the first year [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
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