Missouri Association of REALTORS working to prevent double taxation

By , on October 6th, 2009

Dennis Norman

By: Dennis Norman

According to a report prepared by the Federation of Tax Administrators (FTA) in 2006, thirty-five states plus the District of Columbia impose a real estate transfer tax. What a transfer tax amounts to is when you sell or transfer a house (or other real property) you pay a tax to the state on the sale ranging from a low of 0.01 percent in Colorado to a high of 2.2 percent in the District of Columbia.

In addition, in some states (Delaware, Maryland, Michigan, New Hersey, Pennsylvania, Washington and West Virginia) some of Continue Reading →

IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud

By , on August 2nd, 2009

The Internal Revenue Service this week announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme.

On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three years in jail, a fine of as much as $250,000, or both. To date, the IRS has executed seven search warrants and currently has 24 open criminal investigations in pursuit of potential instances of fraud Continue Reading →

Fed Reserves publishes “5 Tips for Shopping for a Mortgage”

By , on August 1st, 2009

Dennis Norman

By: Dennis Norman

Buying a home should be a dream come true not a nightmare of worry and stress. A new Federal Reserve Board publication, “5 Tips for Shopping for a Mortgage,” will help consumers avoid potential pitfalls and make well-informed decisions when choosing a home loan. Financing the purchase of a home is one of the most complex financial decisions that consumers make. The Federal Reserve’s latest “5 tips” guide is designed to help home buyers find the mortgage that is best for them. The complete guide is available here however a summary of Continue Reading →

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