Anyone who is looking to build a successful real estate business needs to keep meticulous records. When buying and selling property, there are a lot of tax and legal responsibilities. While some people may not want to think about this issue, the IRS may audit a real estate business. In this case, it is critical to have documentation that demonstrates proof of income as well as any credits or deductions that might have been claimed.
Home Improvements That May Improve Resale Value
Did you know that some home improvements lower the resale value of a home and decrease the number of potential buyers? If you are going to repaint the exterior of your home bright, traffic-cone orange and try to sell it for a high price, think again! Maybe, if the artist Pablo Picasso once lived there that might work, but probably not under any other circumstances.
Common Problems Faced By New Homeowners
Buying a new home is a big step for individuals and families. This is a time for celebration as the new furniture gets moved in, everyone gets adjusted, and the honeymoon phase starts with the new home. On the other hand, buying a home also means that all of the responsibilities rest with the owners.
The Impact Of The New Housing Construction Boom
New housing construction starts reached a record high in December 2019 going up 16.9%. This represents a seasonally-adjusted annual rate of 1.608 million homes last December, which beat the record set in December 2006, 13 years ago, according to CNBC.
How To Find Places To Buy Rental Investment Properties
Real estate, which is a rental property, has the unique characteristic under the tax code of being able to depreciate it and pretend the asset is going down in value, while, if you are a clever investor, you will acquire property that actually increases in value. Additionally, there are other tax advantages for owning a rental property that can help shelter income.
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