will: Real Estate Still a Good Tax Benefit
- 12/16/07 11:58 AM
Real Estate Still a Good Tax Benefit With all of the discussion in the "downturn" in our economy and home prices this article still addresses a few of the tax advantages of home ownership. I personally and professionally believe that home ownership is still a strong investment and with our strong rates for mortgages we should still see home sales for long term investments. Tags: Attorney, Christopher Sevick, Estate Plan, Real Estate, Trust, Will, Ypsilanti, www.SevickLaw.com, Ann Arbor, www.MIEstatePlanBlog.com, www.MIRealEstateBlog.com, Washtenaw, Michigan … (1 comments)
will: Automotive Components Holding & Ypsilanti's Taxes
- 06/13/07 03:40 PM
The move now to have the Ypsilanti Automotive Component Holding plant (ACH) reassessed, in this article, may cost the City of Ypsilanti an additional $600,000 to $700,000 in loss. This comes on the heals of a proposal for the City to place an income tax for resident who live in the City as well as those who just work in the City, but have their residence outside of the Ypsilanti City limits. I briefly addressed the income tax issues in this blog article just over a week ago. … (0 comments)
will: Ypsilanti City Mayor-Income Tax Needed to Support Services
- 06/13/07 03:18 PM
Great link to the Mayor's Corner for the City of Ypsilanti addressing the discussion to place a City Income Tax on the November 2007 ballot for vote and just exactly what it is needed for. The proposal is calling for a 1% tax on residents of the City and an 1/2% tax on non-residents who work in the City of Ypsilanti. This does not affect Ypsilanti Township residents, which is the majority of the population within the designation of "Ypsilanti". One thing this tax will do is to generate some income from the staff at Eastern Michigan University that work, but … (0 comments)
will: Real Estate & Wills and Estates
- 06/12/07 02:56 PM
Real Estate & Wills and Estates WWJ, our local newsradio station just published an article in their weekly new magazine, RealView relating to real estate and probate. Why is this noteworthy? I was the attorney who was interviewed for the article. If may be found here on their site. It was a great opportunity to speak to someone and be able to help steer some people in the direction that can help. I would have loved to see some more length to the article but understand that any online news article has to be relatively short in length. Tags: Attorney, … (1 comments)
will: Local Municipality Sells Land to Keep 700 Jobs!
- 06/12/07 01:38 PM
Local Municipality Sells Land to Keep 700 Jobs! Canton, MI just recently approved the sale of 61 acres of land to Poco, Inc, a local manufacturer of safety construction equipment. The sale is contingent on Poco selling additional land to Sysco, the food distributor, for a plant expansion. This transaction should help the local economy by continuing to allow these two businesses to continue in the local area. A large pat on the back for Canton making this decision to assist what is a struggling economy now.
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will: University of Michigan-Private Dorms Provide Taxes
- 06/12/07 01:35 PM
University of Michigan-Private Dorms Provide Taxes Good news for the local tax base, but poor news for Ann Arbor's already slow rental market. New plans have been announced by Education Realty Trust that they will build 896 new rooms on North Campus. The company currently has almost 60 other communities nationwide including several at Michigan State. Given the makeup of the North Campus this will benefit students in the College of Engineering, School of Art and Design, School of Music, Theatre and Dance and College of Architecture and Urban Planning the most due to the proximity of their classes. Tags: Attorney, … (10 comments)
will: Yahoo Finds Foreclosures?
- 06/12/07 01:33 PM
Yahoo Finds Foreclosures? It seems that more & more foreclosure sites just keep popping up to help potential buyers find the homes. With more foreclosures coming on the market and often good deals on them. Yahoo has stepped in to assist people in finding the foreclosures by adding a new foreclosure section on it's site. Tags: Attorney, Christopher Sevick, Estate Plan, Real Estate, Trust, Will, Ypsilanti, www.SevickLaw.com, Ann Arbor, www.MIEstatePlanBlog.com, www.MIRealEstateBlog.com, Washtenaw, Michigan … (0 comments)
will: Internal Revuenue Service-Taxing on Short Sales
- 06/12/07 01:32 PM
Internal Revenue Service-Taxing on Short Sales On March 27th I wrote a blog piece on how you may be liable for taxes on a loan that is partially forgiven as part of a short sale. Now, I have found an article that details this, but takes a hard approach toward the IRS. This is nothing new for the IRS, they have always taxed forgiven debt--just ask anyone who has ever settled a credit card for less than full value. The following year they received or should have received a 1099 making the forgiven portion income. Despite this, remember that paying a … (0 comments)
will: Fight Against Foreclosure--On the Phone
- 05/10/07 02:09 PM
One of the largest items that I find for many in foreclosure is that they were not speaking to their lender, or the correct department at the lender. The most important thing when facing foreclosure is to communicate with the lender. This article outlines some good steps, to approach them and negotiate. Remember, banks DO NOT want to own houses, they want their money back so that can re-loan it and profit again. If you can communicate with the loss mitigation department and work out a situation to extend your mortgage payments there may be a solution. However, you must … (0 comments)
will: Pitfalls of For Sale By Owner
- 05/10/07 02:08 PM
Here is a really good article written by Bob Bruss, one of nation's foremost experts and authors in real estate. It discusses just how there are pitfalls to selling "For Sale By Owner" and even more so in this tough economic market. It is all the more tempting now to try a for sale by owner due to the reduced housing prices, but with a slow market you must make your home marketed, shown, and presented the best. In my opinion, you should have a professional agent assisting you in this to help set you and your home apart. … (0 comments)
will: Michigan Private Forest Land & Tax Savings?
- 04/15/07 01:19 PM
Michigan has just enacted a new savings tax break for private forest lands of as small as 20 acres. Why am I posting this on this forum you ask? While, that is simple, people have second homes and "up north" cabins that have private forest lands nearby. In addition, we know that there are people that have inherited homes up north that may qualify for this tax break. … (1 comments)
will: Short Sale-Taxed On Money We Didn't Receive?
- 03/27/07 02:58 PM
As I originally discussed on February 13th, here, short sales, or attempts for them are becoming all the more common as homes are not able to sell for what is owed on them. I'm beginning to see lenders now realize this and approve them easier, but still far from easily. However, despite the ability to sell the home now and relieve yourself of the debt of the home payment you need to be aware that you may have tax liability for the money that was forgiven. For many people however, a little tax next year is far better than the … (4 comments)
will: Appliances - Do They Stay or Do They Go?
- 03/19/07 05:38 PM
Just last week I was working on a purchase agreement review that was written by a newer local Realtor. The buyers had contacted me to review the agreement, title work, and condominium documents prior to closing. The buyers are first time home buyers and moving in from out of state. While reviewing the purchase agreement I saw that nothing had been included in the "Inclusions" section of our local contract despite that the kitchen appliances and washer/dryer had been listed on the MLS listing ticket. A real estate expert, Bob Bruss discusses a similar concern in this article. … (4 comments)
Real Estate Still a Good Tax Benefit With all of the discussion in the "downturn" in our economy and home prices this article still addresses a few of the tax advantages of home ownership. I personally and professionally believe that home ownership is still a strong investment and with our strong rates for mortgages we should still see home sales for long term investments. 
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