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Home Insurance & Taxes

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How To Avoid Capital Gains Tax on Inherited Property

Inheriting a home from a loved one can be a gift … and a challenge. There are plenty of ways to put inherited assets to good use, but capital gains taxes may put a damper on your plans.  Understanding how capital gains taxes work can help you decide whether to move in, sell the property...

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Capital Gains on Investment Properties and How To Avoid Tax Hits

Every investor wants to avoid being hit with a massive tax bill, and real estate investments are no exception.  Investing in real estate has plenty of upsides. Steady cash flow, passive income, long-term asset appreciation and tax deductions are just a few of those benefits. It’s no wonder rental properties are such a popular type...

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What Is a Homestead Exemption?

After you buy a home, the first thing that probably comes to mind is how much it’s going to cost you every month. There’s the monthly mortgage payment, insurance, repairs, maintenance, utilities, etc. And don’t forget the taxes. Regardless of where you live, you will owe property taxes. Fortunately, most states offer an easy way...

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Lien vs. Encumbrance: What’s the Difference?

Oddly enough, owning a home does not give you complete control over it. There may be a variety of limits or claims on your property rights, including liens and encumbrances. Liens and encumbrances are different – and understanding these differences will help shed light on the broader topic of titles and other legal matters around...

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Vacant Home Insurance: Do I Need It?

When it comes to standard home insurance policies, the coverage when you’re going away for a few days isn’t the same level of coverage you’ll need if your house is empty for an extended period of time. Whether you’re waiting for your house to sell or looking for the right tenant, a vacant property generally...

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Is Property Tax Included in My Mortgage or Should I Pay Another Way?

Property taxes are payments you make to help fund your local, city and state governments so that they can provide you with public services.  And that’s important. Ask yourself where you would be without vital community services like fire, police, schools, sanitation and, of course, local parks and recreation facilities. You may be wondering how...

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What Is a Mortgage Credit Certificate?

The federal government is a big fan of homeownership. And there’s a federal tax credit out there that makes owning a home more affordable. It’s called the mortgage credit certificate (MCC).  MCC is a home buyer assistance program that gives qualifying first-time home buyers with low-to-moderate incomes a dollar-for-dollar tax credit that covers up to...

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The Average Homeowners Insurance Cost in the U.S. for 2022

Homeowners insurance is an invaluable safety net for homeowners. While the monthly cost of homeowners insurance is not something most people want to deal with, making your payments every month can help protect you from financial disaster. Homeowners insurance (aka hazard insurance or home insurance) is not mandated by federal or state law, but most...

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First-Time Home Buyer Tax Credit, Explained

If you’re in the market to buy a house, you’ll want to know everything there is to know about first-time home buyer tax credits and grant programs – including a bill awaiting congressional approval – the First-Time Homebuyer Act of 2021. The First-Time Homebuyer Act of 2021 promises qualifying home buyers a $15,000 tax credit...

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Is Home Insurance Tax Deductible?

Owning a home can be expensive. The federal government knows this, which is why it allows taxpayers to deduct some of those expenses when they file their tax returns. Unfortunately, homeowners insurance (aka home insurance) isn’t tax deductible. But, if you qualify, there are other home expenses you can deduct to help you save money...

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Property Taxes Make Qualifying Difficult For Some Borrowers

Most homebuyers assume their monthly mortgage payment will include only the principal and the interest. Learn what other expenses they must consider.

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