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Note to real estate pros: Keep careful records

By Robert Bruss, Tuesday, October 18, 2005.

Andrew M. D'Avanzo and his wife, Linda, own five rental properties. On their income-tax returns, Andrew and Linda claimed (1) material participation in managing their rental properties and (2) $32,258 rental property tax losses as a "real estate professional."

But the IRS denied the rental property losses. Andrew and Linda paid the disputed $9,129 tax and then sued for a tax refund in the U.S.  more...

Speak now or forever lose your rights

By Robert Bruss, Tuesday, October 18, 2005.

DEAR BOB: Five years ago, my husband and I bought our home. After moving in, we immediately noticed the significant sloping floors. For example, there is a 1-inch drop that extends from one bedroom wall to 2.5 feet from the wall. We had to put 1-inch wood blocks under our dressers so they are level. Our refrigerator slopes more than 1 inch from front to back. We discovered the washing machine drain pipe was not connected, and it drained under the house into the crawl space. We had to use lots of plumber's goop to get the pipes to stay connected.  more...

Flexible loans may end up hurting homeowners

By Tom Kelly, Tuesday, October 18, 2005.

As mentioned in a previous column, it's difficult to have a housing slow down when there is very little inventory. That's why housing bubbles are viewed as regional occurrences and not as national trends.

But inventory is only one component. What has become more of a factor is the incredibly flexible loan programs offered by many lenders. When a buyer can get 95 percent-100 percent financing on an investment property with stated income and a lousy credit score, it becomes a roadmap for trouble – especially in a flat market.  more...

Plumbing fixes eliminate sleepless nights

By Bill and Kevin Burnett, Tuesday, October 18, 2005.

Q: My basement's sump pump is so noisy that I have to move into the guest room to sleep during periods of heavy rain.

The pump has a vertical pipe connecting it to the main outtake pipe leading to the sewer. There is a brass check valve in the connector. When it starts up, I hear hmmmm, then HMMMMMMM, and then a bang (when the valve shuts down).

The noise is audible throughout the house but is worse on the side where my master bedroom is because the pipe runs through its wall on the way to the bathroom.  more...