In recent years, short-term home rentals have soared thanks to online services such as Airbnb and VRBO. Renting your property to short-term guests can be easy to earn cash to build home equity. But there are six things you should consider before becoming a short-term rental host. Guests who damage property: yours and others You… Read more »
You may rent out a guest bedroom to short-term tenants through Airbnb or another home-sharing site. If so, it’s essential that you understand the tax rules for using your home to earn short-term rental income. Here’s a tutorial. Federal and local taxes The IRS has rules regarding the reporting of rental income. Municipalities may have… Read more »
If you own a house that you use as a vacation rental but also use the property yourself at times, you should know some important federal income tax rules. Here’s our guide. The number of days is key. The IRS treats situations differently depending on the number of days spent renting and using the property… Read more »
Moving is much more than packing boxes, hiring a mover or renting a truck. Here is a checklist of “must-do” tasks to ensure a smooth move. At least one week before the move File a new address notification with the U.S. Postal Service. Everything will forward to your new address for one year, except magazines… Read more »
Proper estate planning can be a dreaded task but think of it as a gift to your heirs. Two primary legal entities are used in estate planning: wills and trusts. This summary provides a general comparison. Please consult an estate-planning attorney and financial adviser on your specific situation. Basics of wills A will is a… Read more »
You’ve finally bought your first home and have little money available to furnish it, or you’re a traveling medical professional who just signed a six-month lease on an apartment. You’ve looked at the cost of buying furniture, and your eyes are bugging at the price. Is renting furniture your best option? Maybe, but maybe not…. Read more »
You might wonder why someone would turn down an inheritance, but it happens and often for good reason. Refusing to accept an inherited asset is known as disclaiming. An heir might disclaim an inheritance in several situations. Here’s how you can disclaim an inheritance if you need to. Why would you disclaim an inheritance? An… Read more »
If you run your business from home, you should know the IRS rules for claiming the home office tax deduction. Taking the deduction is a great way to save on your taxes, but you must follow these qualifying rules to avoid an audit. Who qualifies for a tax deduction? If you are a W-2 employee… Read more »
Homeowners may want to use electronic monitoring equipment — video and audio — to monitor guests in their home in two situations. One is when a homeowner is selling her house and wants to monitor potential buyers during showings. The other is when the owner rents out a house via Airbnb. Is this sort of… Read more »
incCountless Americans have built enormous wealth by owning investment real estate. However, the biggest challenge for entry into this lucrative field is raising the capital to buy properties and pay for renovations and repairs. Here’s a quick study on investment property financing. Two main categories of investment properties Although there are several ways that investors… Read more »
Does living in a rented space mean you’re stuck with drab floors, the same blah neutral paint in every room, and no pictures on your walls? Not necessarily. If you cooperate with your landlord, you may be surprised how much freedom you have to make your rental your own. Communication is key. Here are our… Read more »
The federal government offers housing assistance to allow low-income families, disabled people and the elderly to rent decent, clean homes through the Section 8 Housing Voucher program. Here’s how it works. A Section 8 overview The Housing and Urban Development agency of the U.S. government funds the Section 8 program. HUD channels vouchers to local… Read more »
If you want to begin investing in real estate, you may find that traditional financing sources like conventional and government-backed loans don’t work for you. Where can you turn to find real estate financing? Here are five ways to invest in real estate with other people’s money. Using your own funds Some traditional mortgage loan… Read more »
When you buy an investment property to rent out, you put lots of money and effort into the purchase, renovation and repair to make it ready. Great tenants make your investment pay off, but to get them, you must also put time and money into finding and keeping them. Here’s how to screen potential tenants…. Read more »
You probably think first of an apartment when it comes to renting a place to live. But it’s also possible to rent a single-family home. Let’s consider the differences between apartments and rental homes and how the process of renting a home works. Differences between renting a home vs. an apartment Space. Usually, a rental… Read more »
Those antiques your grandmother left are lovely, but you may nonetheless choose to sell them. Perhaps you don’t have space for additional furniture, or maybe grandma’s style just doesn’t fit with your own. You may simply need some easy cash. Where’s the best place to sell family heirlooms? How can you be sure to get… Read more »
Owners of residential investment property often spend money on repairs or renovations. These expenses can be written off on your taxes, but the rules vary depending on the nature of the work. Here’s what you need to know about how the Internal Revenue Service treats expenses for repairs and renovations. Repairs and renovations are two… Read more »
Financial success requires certain disciplines. You need to know what you’re spending your money on, spend less than you earn, and set aside some savings every month. You also need to be disciplined about monthly bill paying. Bills for your monthly expenses probably fall due on different days, and if you lose track, you’ll miss… Read more »
Estate sales can offer quality used goods at great prices. But in addition to cash or credit card, it helps to come armed with information. Here’s how an estate sale works, what you can expect to find and what you should avoid buying. Not a garage sale An estate sale is different from a garage… Read more »
When a homeowner is forced to give up a home because of financial hardship, the house is referred to as distressed property. Buyers can often purchase distressed properties at a deep discount, but these transactions are not always easy. Here are three categories of distressed properties and how a buyer can purchase each of them…. Read more »
