Home

Deducting mortgage interest tricky on three homes

By Tom Kelly, Wednesday, August 29, 2007.

Why is mortgage interest deductible without limit on two homes and not just the primary residence?

Some accountants have jokingly referred to the concept as the "Congressman's Rule" because some of our lawmakers have a residence in the nation's capital and another in their home state.  more...

Don't be a victim of faulty roof installation

By Bill and Kevin Burnett, Wednesday, August 29, 2007.

Q: We had a new roof installed on our house in the Sierras. The roof is a 12-in-12 pitch (45 degree) and is approximately 17 squares (1,700 square feet).

We contracted for a 30-year Elk brand composition roof with 30-pound felt underlayment. The instructions require a ridge vent system, without which the manufacturer's warranty would be void. We told the roofer this.

There is full wood sheeting on the roof. The instructions require a 3/4-inch opening on either side of the ridge beam to allow air flow.  more...

Must two insurers pay when house burns down?

By Robert Bruss, Wednesday, August 29, 2007.

Ann Burns held a life estate in a house that was destroyed by fire. Mitchell Weiss was the trustee of the Kent Burns Trust, which held the remainder interest in the house.

Burns insured her interest in the house with Fair Plan. The trust insured its interest in the same house with Clarendon National Insurance Co.

Purchase Bob Bruss reports online.  more...

How to value an inherited house taken by state

By Robert Bruss, Wednesday, August 29, 2007.

DEAR BOB: My parents died in 1993 and left their home to me in excellent condition. In 2007, the state took the home by condemnation for a new road. Over the 14 years, the condition of the house has declined due to neglect, but property values in the vicinity have generally increased. Can I claim no increase in my basis because of the decline in condition and the need for repairs? --Harold B.  more...