|
| |
|
I rent in california, and was looking to buy some property in Nevada to rent out. I spend quite a bit of time there through out the year. Can I claim residence in Nevada for tax purposes? (link)
|
You can only claim residence in one state at a time, and most states have minimum time periods that must pass before a person can be considered a resident. Factors such as where you earn your money are relevant, especially if you become unemployed and need to seek compensation. There's been at least one case in California where a telecommuter actually lived out of state and was downsized. There was a question as to whether he or she was eligible for unemployment benefits under the California system or the other state's system-- if he or she was eligible at all. You do not want to be employed and earning an income in one state while claiming residency in another. If you're considering going for a Nevada residency to avoid California taxes, you might lose more than you gain.
You do have the option of registering a LLC (limited liability company) in one state or the other and purchasing the property under the LLC. You can retain ownership that way even if you move out of state. It does change the way you have to do your income tax; you must file taxes for the business separately and split off your profits and losses.
|
|
My husband and I live in Southern California and it's so expensive to live here. I don't want to move to another state because I would miss my family. We live in a small noisy city that is not so great but not terrible either. We would like to move to a better neighborhood. Our 2-bedroom is fine for us and our daughter who is almost 5 but we are thinking about having another child, and would like our kids to have separate rooms. Also, this street is very noisy. We went last night to look at a mobile home. It was nice and it even came with beautiful furniture. It wasn't as small as my husband thought it would be, but the bedrooms were kind of small. But after talking to the realtor, he found out that the rent on the space plus the loan payments would be too much for us. He is a mail carrier and I work part-time at a restauraunt. We were really dissapointed and depressed. I was kind of mad at him too, because he acted all enthusiastic to the realtor and then told me it was too much. I didn't hear what was said about the space fee, so I had no idea until we got back in the car to leave. Do you have any suggestions? Would a forclosure be better? My husband says we can't afford that either but I think he is just being negative. (link)
|
You might be able to qualify for a HUD loan with a low down payment. Check out the HUD Web site: http://www.hud.gov/buying/insured.cfm
Generally speaking, the bigger your down payment is the smaller the rest of your payments will be. Given that there's an upper limit to both your incomes, it's probably the monthly payments that are presenting a problem. If that's the case, save for an extra year or so and put the extra money into a down payment. It doesn't mean you can't buy a home, it means there are a few more ducks you have to get into a row first.
Your biggest savings come when you put 20% or more down on a home, because then there's no mortgage interest. If you put less than 20% down on a home, expect to pay an extra 1% or so in interest for "mortgage insurance", which helps protect the lender in case you default. Once you have 20% of the home paid for, that expense can be taken off. On a 30-year mortgage that point often doesn't come until several years have passed, unless you put the 20% down in which case you don't have to pay extra. A really good program that lets you plug in values, interest rates, and what you can afford can be found here:
http://www.interestratecalculator.com/mortgage/index.html
This shows you how different levels of property tax and different interest rates can affect how much you pay and how quickly your loan is paid off.
Your Realtor needs to know what kind of monthly budget you have and what kind of loan you can qualify for, otherwise he or she will be wasting time and depressing you by showing you properties that are outside your price range. He or she may also have some suggestions for you as to where to look for a home.
|
|
So I've been doing my taxes and looking over all these papers I have, which is a LOT. I've got bank statements and credit card bills and cable bills and all this old stuff that's been paid and taken care of but that I kept anyway, just because it seemed like a good idea. Do most people keep all this stuff? For how long? I've got copies of old bills from 1998, I know I've got to throw somethings out here. (link)
|
If you have access to a computer, go to the federal taxation and revenue service's web site. In the USA this is www.irs.gov and in Canada it's www.ccra-adrc.gc.ca
These Web sites will tell you exactly how long you need to keep tax related papers.
|
|
I just got accepted into a summer program in Europe where I have to raise roughly $5000 to go. I have a part time job. I have written letters to businesses and area politicians asking for monatary support, and I think I'm going to ask the local Krispy Kreme for a fundraiser that I can do. Any ideas how I can get more money before June 1? (link)
|
1) Sell off things you no longer need. Have a garage sale or a yard sale to get rid of a bunch of stuff you don't want. Chances are you have old CDs, clothes you no longer wear, and a variety of other things. Ask friends and family members if they have any junk they'd like to get rid of. Then put up a sign and you'll be in business. If you have a reasonable amount of good stuff, you could take in a couple hundred here and there.
2) If you are old enough, consider a job that allows you to accept tips, such as at a casino. High-end restaurants may not be the answer, because they generally want employees who can work full-time and who are not leaving for Europe in a few months.
|
I have a lot of debt (long story) including some that are now on my credit report. I am near bankruptcy, although I am not seriously considering it at this time.
I was wondering, if I had extra money to pay off debts, which should come first?
Current credit card debts - because the average interest is about 20%
Student loans - although the interest is low (around 5%) this can never be included in bankruptcy.
Car loans - although the interest is lower than credit cards, your car can be reposessed and a car is essential if you want to be employed.
Bad debts on the credit report - they have given up trying to get me to pay. If I pay these, my credit rating will improve, but at this point there is probably not much advantage.
Save money instead of paying debets - I can see saving for an emergency, but I think there is not much point in this situation.
(link)
|
First, cut up all your credit cards. As Will Rogers once said, the first thing to do when you find yourself in a hole is to stop digging.
Talk to a bank about a debt consolidation loan for the credit cards. It will cut down the interest rate. Set up an affordable payment plan that lets you cover the car loans, the student loans, and the debt consolidation loan on your current income while still meeting your regular expenses such as rent and food. Set aside a couple hundred dollars for emergencies. Then use whatever money you have left over to attack the car loan.
Bankruptcy is not a "get out of jail free" card. The damage to your credit report will follow you for seven years, and certain kinds of jobs (such as those requiring a government security clearance) require a credit check before you are hired.
|
|
