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Is $250,000 tax break available to rental house seller?

By Robert Bruss, Monday, March 29, 2004.

DEAR BOB: I lived in my property for more than 10 years and have rented it for two years. Now I plan to sell it. Will I owe the government any tax for the equity? – Luz C.

DEAR LUZ: If your property is a single-family house, it sounds like you are eligible for the Internal Revenue Code 121 principal residence sale exemption up to $250,000 (up to $500,000 if you are married, filing jointly and your spouse also meets the occupancy test).

Purchase Bob Bruss reports online.  more...

What isn't disclosed under Truth in Lending Act?

By Jack Guttentag, Monday, March 29, 2004.

"Is there anything important that I ought to know when I shop for a mortgage that lenders are not required to disclose to me under Truth in Lending?"

Great question. I have identified five pieces of information that meet your specs. Not all apply to every borrower, but some do.

  • Does my loan have a prepayment penalty clause? This is a biggie that applies to every borrower.  more...

    • Pros, cons of real estate pre-inspections

    By Dian Hymer, Monday, March 29, 2004.

    Imagine this. You list your home for sale. Buyers are lining up to take a look. The inventory is so skimpy that buyers are having your home inspected even before making an offer. In so doing, they hope to out-fox the competition by making an offer that doesn't include an inspection contingency.  more...