BAP site syndication http://www.morechoices.com Wed, 22 Feb 2012 20:01:19 +0100 FeedCreator 1.7.2 http://www.morechoices.com/images/M_images/ http://www.morechoices.com BAP site syndication http://www.morechoices.com/buyer-information-pages/down-payment-gift-a-leg-up-to-home-ownership-but-know-tax-rules-for-glendale-az.html Down Payment Gift a Leg Up to Home Ownership, But Know Tax RulesBy: Dona DeZubePublished: December 28, 2011We explain the tax details around giving the gift of a <strong>home down payment</strong> for purchasing a home in<strong> Glendale AZ.</strong>With lots of inventory and low home prices, your gift of a <strong>down payment</strong> to your credit-worthy children can be a stepping stone to getting into a first or next house in <strong>Glendale AZ</strong>. A nice thought at this time of year. (I’m speaking both of the holidays and the upcoming tax season.) Speaking of which, there are rules — like there’s no tax deduction for giving a non-charitable gift. But your gift of up to $13,000 can be given tax-free. My husband and I used our parents’ generous wedding gift as a <strong>down payment</strong> rather than spend it all on the wedding. And we’re not the only couple boosted into home ownership by parents, according to blogger Amy Hoak. She says about one-quarter of first-time home buyers get a <strong>down payment</strong> gift from relatives or friends (note to my friends: My birthday is coming up in February and nothing says you’re my BFF like a down payment!).“Many times a gift will allow a buyer to make a down payment without severely depleting their savings — a big plus in an uncertain economy,” writes Hoak. “Most lenders will require borrowers to have some money in the bank after closing. And some parents would rather their adult children keep saving for a rainy day than use all of their funds to make a <strong>down payment.</strong>”The rules for using down payment gifts differ depending on which lender you use and whether your loan is guaranteed by Fannie Mae, Freddie Mac, or FHA. Hoak outlines the rules for each in her blog.If you’re the one making the down payment gift, you won’t have to pay federal income tax, nor will the recipient, as long as you give $13,000 or less in 2011 or 2012. You can give up to $13,000 per person without tax implication to any number of people in one year.In addition, you and your spouse can each give separate gifts to your child. The IRS calls this gift splitting. For instance, if you’re planning to give to your two children, you and your spouse can each give each child up to $13,000 for a total of $52,000 ($13,000 x 4), says CPA Sue Medicus, owner of Liberty Tax Service in Catonsville, Md.If you want to give more, you still may not owe taxes, but you have to inform the IRS of your gift using Form 709. Check with your tax adviser to see if the amount above $13,000 counts against a lifetime exclusion that we all get to use to pass along assets via gifts and estates, Medicus says.You can’t deduct the value of gifts you make (other than gifts that are deductible charitable contributions) or any federal gift resulting from making those gifts.For more, IRS Publication 950 outlines the rules about gift and estate taxes.What do you think about making down payment gifts to children? Have you done it? Would it have helped you?For more information on property in Glendale AZ, visit www.morechoices.net or call Fred Shocklie 1t 602-330-1840 Main Content - Buyer Information Pages Sat, 31 Dec 2011 15:25:15 +0100 http://www.morechoices.com/buyer-information-pages/down-payment-gift-a-leg-up-to-home-ownership-but-know-tax-rules-for-glendale-az.html http://www.morechoices.com/buyer-information-pages/using-a-glendale-az-home-inspector-how-it-will-benefit-you.html These days when you’re thinking of buying a new home, the trend is to get a [Profile.market2] home inspector check it first. A home inspection is an independent and objective visual examination of a home that potential buyers like you are considering. The [Profile.market2] home inspector is an expert when it comes to assessing the overall condition of the house, including all its external structures such as roofing, ceiling, walls, foundation, etc. and its systems, like air conditioning, heating, and such. His role is very important in that he is able to give you unbiased observation of how good a condition the house really is or how bad, and from his report, you can then make your own intelligent decision whether or not to buy the house.A Professional AssessorThe most important component of a good home inspection is the [Profile.market2] home inspector. He must be thorough and professional in his assessment. A common misconception among home buyers and even real estate agents is that the [Profile.market2] home inspector is someone who assesses the real value of a property and examines whether or not it conforms to the building code of the community, when in fact, he only sees to it that both parties know the actual condition of the house. On that thought, the [Profile.market2] home inspector therefore not only focuses on the bad aspects of a house (e.g. leaky bathroom faucet, roof leaks, faulty electrical system), but also on the good aspects. Not only that, he also gives the home buyer some pointers on the maintenance and increasing the good shelf life of the property.What He InspectsA [Profile.market2] home inspector will examine more or less ten key aspects of your home. These are the structures, the exterior, roofing, plumbing, electrical system, heating and air conditioning, home interior, ventilation, appliances, and fireplaces. When examining your potential home, it is always best if you accompany your [Profile.market2] home inspector. That way, you can ask him detailed questions as to how bad things are or how good and how you can prevent further damage or maintain their working condition. Your [Profile.market2] home inspector is trained in all this and he possesses all the technical skills and knowledge to satisfy all your questions.In conducting an exterior inspection, your [Profile.market2] home inspector will be doing a visual assessment of entry ways, foundations, siding and porches. He will be looking for problems or symptoms of problems, such as sagging roof lines, gaps in or damage to the siding, porches pulling away from the building, obvious signs of rot or insect damage settlement, and certain types of cracks in the foundations. Most of what he does is only visual examinations. He might probe the cill or rim, that wooden support that sits on the foundation and into which the framing is fastened, and framing where it is exposed, to test for soft or hollow spots caused by rot or pests. But anything more than that, he won’t be able to do.The purpose of this, of course, is to make sure that your potential home is safe place to be, and whether or not, it is worth the price touted by the seller.There is a lot of free information available to you about buying, selling or investing in [Profile.market2] real estate. For complete information about the [Profile.market2] real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 602-330-1840 or email me at fred.shocklie@gmail.com (mailto:fred.shocklie@gmail.com). Main Content - Buyer Information Pages Thu, 09 Jun 2011 14:52:09 +0100 http://www.morechoices.com/buyer-information-pages/using-a-glendale-az-home-inspector-how-it-will-benefit-you.html http://www.morechoices.com/buyer-information-pages/using-a-glendale-az-home-inspector-how-it-will-benefit-you-2.html These days when you’re thinking of buying a new home, the trend is to get a [Profile.market2] home inspector check it first. A home inspection is an independent and objective visual examination of a home that potential buyers like you are considering. The [Profile.market2] home inspector is an expert when it comes to assessing the overall condition of the house, including all its external structures such as roofing, ceiling, walls, foundation, etc. and its systems, like air conditioning, heating, and such. His role is very important in that he is able to give you unbiased observation of how good a condition the house really is or how bad, and from his report, you can then make your own intelligent decision whether or not to buy the house.A Professional AssessorThe most important component of a good home inspection is the [Profile.market2] home inspector. He must be thorough and professional in his assessment. A common misconception among home buyers and even real estate agents is that the [Profile.market2] home inspector is someone who assesses the real value of a property and examines whether or not it conforms to the building code of the community, when in fact, he only sees to it that both parties know the actual condition of the house. On that thought, the [Profile.market2] home inspector therefore not only focuses on the bad aspects of a house (e.g. leaky bathroom faucet, roof leaks, faulty electrical system), but also on the good aspects. Not only that, he also gives the home buyer some pointers on the maintenance and increasing the good shelf life of the property.What He InspectsA [Profile.market2] home inspector will examine more or less ten key aspects of your home. These are the structures, the exterior, roofing, plumbing, electrical system, heating and air conditioning, home interior, ventilation, appliances, and fireplaces. When examining your potential home, it is always best if you accompany your [Profile.market2] home inspector. That way, you can ask him detailed questions as to how bad things are or how good and how you can prevent further damage or maintain their working condition. Your [Profile.market2] home inspector is trained in all this and he possesses all the technical skills and knowledge to satisfy all your questions.In conducting an exterior inspection, your [Profile.market2] home inspector will be doing a visual assessment of entry ways, foundations, siding and porches. He will be looking for problems or symptoms of problems, such as sagging roof lines, gaps in or damage to the siding, porches pulling away from the building, obvious signs of rot or insect damage settlement, and certain types of cracks in the foundations. Most of what he does is only visual examinations. He might probe the cill or rim, that wooden support that sits on the foundation and into which the framing is fastened, and framing where it is exposed, to test for soft or hollow spots caused by rot or pests. But anything more than that, he won’t be able to do.The purpose of this, of course, is to make sure that your potential home is safe place to be, and whether or not, it is worth the price touted by the seller.There is a lot of free information available to you about buying, selling or investing in [Profile.market2] real estate. For complete information about the [Profile.market2] real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 602-330-1840 or email me at fred.shocklie@gmail.com (mailto:fred.shocklie@gmail.com). Main Content - Buyer Information Pages Thu, 09 Jun 2011 14:52:01 +0100 http://www.morechoices.com/buyer-information-pages/using-a-glendale-az-home-inspector-how-it-will-benefit-you-2.html http://www.morechoices.com/buyer-information-pages/using-a-glendale-az-home-inspector-how-it-will-benefit-you-3.html These days when you’re thinking of buying a new home, the trend is to get a [Profile.market2] home inspector check it first. A home inspection is an independent and objective visual examination of a home that potential buyers like you are considering. The [Profile.market2] home inspector is an expert when it comes to assessing the overall condition of the house, including all its external structures such as roofing, ceiling, walls, foundation, etc. and its systems, like air conditioning, heating, and such. His role is very important in that he is able to give you unbiased observation of how good a condition the house really is or how bad, and from his report, you can then make your own intelligent decision whether or not to buy the house.A Professional AssessorThe most important component of a good home inspection is the [Profile.market2] home inspector. He must be thorough and professional in his assessment. A common misconception among home buyers and even real estate agents is that the [Profile.market2] home inspector is someone who assesses the real value of a property and examines whether or not it conforms to the building code of the community, when in fact, he only sees to it that both parties know the actual condition of the house. On that thought, the [Profile.market2] home inspector therefore not only focuses on the bad aspects of a house (e.g. leaky bathroom faucet, roof leaks, faulty electrical system), but also on the good aspects. Not only that, he also gives the home buyer some pointers on the maintenance and increasing the good shelf life of the property.What He InspectsA [Profile.market2] home inspector will examine more or less ten key aspects of your home. These are the structures, the exterior, roofing, plumbing, electrical system, heating and air conditioning, home interior, ventilation, appliances, and fireplaces. When examining your potential home, it is always best if you accompany your [Profile.market2] home inspector. That way, you can ask him detailed questions as to how bad things are or how good and how you can prevent further damage or maintain their working condition. Your [Profile.market2] home inspector is trained in all this and he possesses all the technical skills and knowledge to satisfy all your questions.In conducting an exterior inspection, your [Profile.market2] home inspector will be doing a visual assessment of entry ways, foundations, siding and porches. He will be looking for problems or symptoms of problems, such as sagging roof lines, gaps in or damage to the siding, porches pulling away from the building, obvious signs of rot or insect damage settlement, and certain types of cracks in the foundations. Most of what he does is only visual examinations. He might probe the cill or rim, that wooden support that sits on the foundation and into which the framing is fastened, and framing where it is exposed, to test for soft or hollow spots caused by rot or pests. But anything more than that, he won’t be able to do.The purpose of this, of course, is to make sure that your potential home is safe place to be, and whether or not, it is worth the price touted by the seller.There is a lot of free information available to you about buying, selling or investing in [Profile.market2] real estate. For complete information about the [Profile.market2] real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 602-330-1840 or email me at fred.shocklie@gmail.com (mailto:fred.shocklie@gmail.com). Main Content - Buyer Information Pages Thu, 09 Jun 2011 14:52:01 +0100 http://www.morechoices.com/buyer-information-pages/using-a-glendale-az-home-inspector-how-it-will-benefit-you-3.html http://www.morechoices.com/buyer-information-pages/using-a-glendale-az-home-inspector-how-it-will-benefit-you-4.html These days when you’re thinking of buying a new home, the trend is to get a [Profile.market2] home inspector check it first. A home inspection is an independent and objective visual examination of a home that potential buyers like you are considering. The [Profile.market2] home inspector is an expert when it comes to assessing the overall condition of the house, including all its external structures such as roofing, ceiling, walls, foundation, etc. and its systems, like air conditioning, heating, and such. His role is very important in that he is able to give you unbiased observation of how good a condition the house really is or how bad, and from his report, you can then make your own intelligent decision whether or not to buy the house.A Professional AssessorThe most important component of a good home inspection is the [Profile.market2] home inspector. He must be thorough and professional in his assessment. A common misconception among home buyers and even real estate agents is that the [Profile.market2] home inspector is someone who assesses the real value of a property and examines whether or not it conforms to the building code of the community, when in fact, he only sees to it that both parties know the actual condition of the house. On that thought, the [Profile.market2] home inspector therefore not only focuses on the bad aspects of a house (e.g. leaky bathroom faucet, roof leaks, faulty electrical system), but also on the good aspects. Not only that, he also gives the home buyer some pointers on the maintenance and increasing the good shelf life of the property.What He InspectsA [Profile.market2] home inspector will examine more or less ten key aspects of your home. These are the structures, the exterior, roofing, plumbing, electrical system, heating and air conditioning, home interior, ventilation, appliances, and fireplaces. When examining your potential home, it is always best if you accompany your [Profile.market2] home inspector. That way, you can ask him detailed questions as to how bad things are or how good and how you can prevent further damage or maintain their working condition. Your [Profile.market2] home inspector is trained in all this and he possesses all the technical skills and knowledge to satisfy all your questions.In conducting an exterior inspection, your [Profile.market2] home inspector will be doing a visual assessment of entry ways, foundations, siding and porches. He will be looking for problems or symptoms of problems, such as sagging roof lines, gaps in or damage to the siding, porches pulling away from the building, obvious signs of rot or insect damage settlement, and certain types of cracks in the foundations. Most of what he does is only visual examinations. He might probe the cill or rim, that wooden support that sits on the foundation and into which the framing is fastened, and framing where it is exposed, to test for soft or hollow spots caused by rot or pests. But anything more than that, he won’t be able to do.The purpose of this, of course, is to make sure that your potential home is safe place to be, and whether or not, it is worth the price touted by the seller.There is a lot of free information available to you about buying, selling or investing in [Profile.market2] real estate. For complete information about the [Profile.market2] real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 602-330-1840 or email me at fred.shocklie@gmail.com (mailto:fred.shocklie@gmail.com). Main Content - Buyer Information Pages Thu, 09 Jun 2011 14:52:01 +0100 http://www.morechoices.com/buyer-information-pages/using-a-glendale-az-home-inspector-how-it-will-benefit-you-4.html