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These items are only deductible if you itemize. They do not apply if you take the standard deduction. Congratulations on your mortgage refinance or home purchase closing! Here is a general overview of some information that may be helpful to you and your CPA as you prepare your 2021 tax returns (the return you’ll file...
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Two Ways to Benefit from the 2022 Conforming Loan Limit Increase Home loans that conform to the Fannie Mae and Freddie Mac guidelines tend to have better terms than non-conforming loans. That’s why it’s good news that the Federal Housing Finance Agency (FHFA) recently announced that the conforming loan limits have increased to $647,200 for 2022....
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Congratulations on your mortgage closing!  Here is a general overview of some information that may be helpful to you and your CPA as you prepare your 2021 tax returns (the return you’ll file by April 2022).NOTE: These items are only deductible if you itemize.  They do not apply if you take the standard deduction. POINTS PAID...
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Bidding for a new home can get pretty fierce in today’s market.  Here are three potential solutions to avoid getting outbid on your new home: Turn in your loan paperwork BEFORE you place an offer.  In many cases, you are bidding against cash buyers who don’t need to wait for financing approvals.  Look at it...
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Many people are concerned about identity theft in light of the last Equifax data breach that impacted half the US population.  Here are two ideas you may want to consider in order to protect your credit and identity: 1 – You Can Place a “Credit Freeze” on Your Credit FileWhen a credit thief tries to...
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A “mortgage forbearance” is when the lender allows the borrower to defer their mortgage payments to a future date. The payments are not forgiven. They are simply postponed into the future. As required by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many lenders are allowing homeowners to defer their monthly payments for a...
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Many people aren’t aware of the fact that, in most situations, there really is no gift tax. Here’s why… $15,000 ANNUAL EXCLUSION The federal government gives each of us an allowance to gift anybody $15,000 per year without incurring any gift tax. This $15,000/year replenishes every year, and it’s $15,000 per person. So, theoretically, I...
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Congratulations on your mortgage closing!  Here is a general overview of some information that may be helpful to you and your CPA as you prepare your 2019 tax returns (the return you’ll normally file by April 2020 – but now extended to July 2020 as a result of recent events).NOTE: these items are only deductible if...
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Here’s how the Coronavirus Aid, Relief, and Economic Security (CARES) Act benefits business owners and independent contractors:“Paycheck Protection Program” (PPP) Loans Up to 2.5 times Your Monthly PayrollBusinesses can apply for a loan that’s 2.5 times your monthly payroll. “Payroll” includes: Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each...
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Here are four major ways that the Coronavirus Aid, Relief, and Economic Security (CARES) Act benefits homeowners and buyers: 1 – “Economic Impact” Checks of $1,200Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and...
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