All Dollars Are Not Equal

Posted Posted in Equity, real estate, Taxes

The division of assets between the spouses is an important decision to finalize a divorce. The exercise looks relatively simple: assign a value for each of the assets and divide them based on a mutual agreement between the parties. The challenge is to make a fair division which requires an analysis to determine their value […]

Debt Relief = Income

Posted Posted in mortgages, real estate, Taxes

Many times a homeowner might feel relieved being out from under the obligation of a mortgage they can’t afford even though the property was lost due to foreclosure or short sale. If a lender cancels or forgives debt, a taxpayer must include the cancelled amount in their income for tax purposes depending on the circumstances. […]

When to Sell the Temporary Rental Property

Posted Posted in Homes for Sale, Maryland real estate, real estate, Selling your home, Taxes

Some homeowners, who were not able to sell during the recession, chose to rent their homes instead. In some cases, they didn’t need to sell their home at the depressed prices and opted to rent it until the market recovered. It’s a valid strategy but there are time restrictions that could have serious tax implications […]