Financial Planning

Recent Answers

2013-05-22 Tax Law (Questions About Taxes) - Loss on Sale of Vacation Rental Property:

Penny,    Thanks for your question.    Your tax accountant is correct.  This is a link to IRS Publication 17 dealing with that topic.      http://www.irs.gov/publications/p17/ch14.html#en_US_2012_publink1000172296

2013-05-21 Tax Law (Questions About Taxes) - emplyment and self-employment SS taxes:

Todd,    Thanks for your question.    You will only need to pay the Medicare portion of the self-employment tax.  However, depending on your filing status, you may be liable for the .9% additional Medicare

2013-05-20 Using Banks and Bank Accounts - Cash Deposit:

Hi Alex,    No the Teller or any bank employee has no right to question where your money is coming from, if they are suspicious about a transaction they can fill out a behind the scenes (SAR) suspicious

2013-05-20 Real Estate Home Mortgages - FHA Streamline Refinancing Eligibility:

You can refinance an FHA mortgage any time after being in it for 6 months. The 2009 issue comes in to play regarding MI (Mortgage Insurance). If you had an FHA mortgage in place prior to about May, 2009

2013-05-19 Tax Law (Questions About Taxes) - large deposits from abroad:

Dear Alla,    Foreign bank transfer will be reported by the bank and you have to be able to explain the source of funds - if IRS asked.    Return of the loan is a plausible explanation - however, the loan