Articles Written by:    BENNY L. KASS     

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Condos' reserve funds deserve more scrutiny

If you plan to buy into a condominium association -- or if you already own and plan to refinance the mortgage -- you should be aware of the new rules published by the Federal Housing Administration. For years, the FHA was the forgotten stepchild among ...

From BENNY L. KASS, The Washington Post,  20 Nov 2009
Related Topics: Federal Housing Administration

A lifeline after foreclosure

There is new vocabulary in mortgage lending: D4L. In order to be eligible for a D4L, or Deed for Lease, you must go through a DIL, short for a deed in lieu of foreclosure. These terms become relevant when your house is underwater -- the market value is ...

From BENNY L. KASS, The Washington Post,  13 Nov 2009
Related Topics: Fannie Mae,  Federal Housing Administration

Help your family, but beware 'phantom interest'

Q: I plan to lend my son and daughter-in-law $100,000 to assist them in buying their first home, a condominium in Maryland. I have heard about a legal concept called "imputed interest" and don't want to get caught in some kind of Internal ...

From BENNY L. KASS, The Washington Post,  23 Oct 2009
Related Topics: Internal Revenue Service,  U.S. Congress

Save Your Tax Exemption When You Can't Sell?

This presents quite a problem for us in the future when we try again to sell the condo. I believe the Internal Revenue Service rule says that we must occupy the property being sold for two of the five years prior to the sale to avoid paying capital ...

From BENNY L. KASS, The Washington Post,  16 Oct 2009
Related Topics: Internal Revenue Service

Short-Sale Debt Could Follow You

Short sales can happen when your house is "underwater," meaning you owe the lender more than the house is currently worth. A short sale seems to offer a painless way out of the deal. Say your real estate agent presents a contract from someone willing ...

From BENNY L. KASS, The Washington Post,  25 Sep 2009
Related Topics: Internal Revenue Service

Postponing the Investor's Tax Bill

There are a lot of Washingtonians, including residents of suburban Maryland and Virginia, who bought real estate many years ago that has dramatically appreciated in value. Now, for a number of reasons, some of them want to sell. If your home is your ...

From BENNY L. KASS, The Washington Post,  18 Sep 2009

Tax Planning Tips For Inherited Properties

Q: My mother recently died, and her wish was that her estate be divided equally among her four children. My three siblings and I inherited three properties from her. Two were rental properties, of which one has been sold. We will soon be closing on the ...

From BENNY L. KASS, The Washington Post,  11 Sep 2009

Housing Counsel: Even If Seller Has Winning Case, Going to Court May Not Be Worth It

Q: Is there a default on the part of the buyer and consequently, can the seller keep the deposit, under the following scenario: The real estate purchase contract does not contain the words "time is of the essence," however, the contract calls ...

From BENNY L. KASS, The Washington Post,  4 Sep 2009

Tax Treatment on Foreclosures and Short Sales

AIf this is your principal residence and if the money you borrowed was used to buy, build or substantially improve that home, you will not have to pay income tax on debt that was forgiven by your lender. This is a departure from the general rule, which ...

From BENNY L. KASS, The Washington Post,  28 Aug 2009
Related Topics: U.S. Congress

What Happens to the Loan When a Couple Separates?

Q: My husband and I bought a house four years ago. We were legally separated 16 months ago, and the house was deeded to me. I have been paying the mortgage since our separation. I tried to contact the lender several times but was told I need my ...

From BENNY L. KASS, The Washington Post,  14 Aug 2009
Related Topics: U.S. Congress,  Federal Reserve

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