irs: Family and Friends Provide Down Payment Assistance to First-Time Buyers
- 02/20/20 06:01 AM
According National Association of Realtors (NAR), one-third of first-time home buyers turn to family and friends when purchasing a home last year. Many of these buyers are receiving a gift. If the financial aid received is documented as a gift in the loan process, the money is not required to be given back to the person who gave the gift. Another way to assist a first-time home buyer is setting up a Co-Ownership and Shared Equity Arrangement. This type of arrangement provides tax advantages and requires a written contract signed by all parties defining the terms of the agreement. This should … (0 comments)
irs: Sell Home and Then What?
- 11/05/14 10:23 PM
When selling your home, people need to keep records of expenses incurred and all supporting real estate documents generated during the sales and closing cycles. Some of these documents become very important as supporting documents when filing your tax returns. At closing, sellers should not agree to deliver their keys to the buyer prior to the home funding. Ownership of the home does not transfer to the buyer until funding has occurred. If keys were given to buyer, there always is a small chance funding may not occur, possibility creating a very difficult situation for all parties involved in the transaction. … (0 comments)
irs: How to Sell Your Home Through a Short Sale
- 08/01/12 12:03 AM
Over past several years there have been numerous buyers who have bought homes with the intent to live in the home for several years. With a downturn in the economy, and buyers previously able to find easy financing, many have found themselves with insufficient funds to pay off their mortgage. Many times buyers purchase a new home without thinking about unforeseen events happening that would force a move. In addition, they did not take in account the cost of selling their home. When something unforeseen occurs, this may lead to bankruptcy, foreclosure or a short sale. The definition of a short … (2 comments)
According National Association of Realtors (NAR), one-third of first-time home buyers turn to family and friends when purchasing a home last year. Many of these buyers are receiving a gift. If the financial aid received is documented as a gift in the loan process, the money is not required to be given back to the person who gave the gift. Another way to assist a first-time home buyer is setting up a Co-Ownership and Shared Equity Arrangement. This type of arrangement provides tax advantages and requires a written contract signed by all parties defining the terms of the agreement. This should … (0 comments)
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