thoughts and useful information:
are coming regarding capital gains treatment of
Rentals and Vacation homes. Previously if you
owned a second home mentioned above and moved
in for 2 years to claim it as your personal residence
you would qualify for tax free capital gains ($250,000
single / $500,000 for couple).
new Housing Assistance Act of 2008 changes this
by looking at the total period of ownership. Example:
you bought a vacation home 10 years ago and next
year you move into it and begin claiming it as
your primary residence. In 10 years you sell it.
The IRS will say that your residency time was
1/2 the total ownership period of 20 years, so
your capital gain exclusion is 1/2 of what it
would normally be.
further info google: Housing Assistance Act of
2008 or click on the this link: CCH
is concerned about the retirement savings of Consumers,
so be on the lookout for changes in 2009. Some
possible items include:
to get more IRA contributions
Curbs on Simple IRA plans
breaks for small businesses that adopt Retirement
the 401k Debit Cards!
penalties in early cashouts of 401k/IRA's.
you purchased a home since 1983 and paid for an
up front Mortgage insurance premium?
refunds are available for consumers. To see if
you are on the list of eligible people go to:
and look for the section titled FHA Refunds, you
simply enter your name and see if you are on the
your phone and credit card bills monthly:
never ceases to amaze me what individuals will
do to make a buck. Most recently I noticed a monthly
charge on my phone bill listed as a 3rd party
service. Upon a call to this so-called service
I was told that someone had signed up online using
my phone number and then gave me the persons "name".
Turns out I had been getting billed for several
months. It's a scam and the phone companies don't
care. Everyone assumes that you will just glance
at your bill and hop online and pay it.
thing happens with credit cards. You would be
surprised how little charges can magically appear
that the "service" provider hopes you
simply overlook. Unless you catch them quickly
there is not much hope for a successful resolution
with your credit card company or the "service"
month we will take a look at the state of the
Markets and what's on the horizon. Until then
feel free to contact me with questions or suggestions.