I inherited a property with an $80K mortgage. I remortgaged
I inherited a property with an $80K mortgage. I remortgaged for $150K. So I now owe $230K. I want to sell it for $320K. It is not my Residence. How much Capital Gains tax will I have to pay?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: If there is a cost I would like to know how much it will be before I commit or give payment dtailsJA: It's only $5.Customer: how is it paidJA: PayPal, Debitcard or credit card are all fine.Customer: How do I enter my detailsJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I live in Western Australia. I am a tax payer
JD, MBA, CFP, CRPS
I'm not certain if I need to seek info from a lawyer,
I'm not certain if I need to seek info from a lawyer, finance, or a credit specialist. I am trying to raise my credit score. However, my income to debt ratio is sky high! This is due to very old student loans and past due revolving and credit card accounts that I'm paying off one at a time. . Since I work in social services, I'm under a re-payment plan of $463.00 a month. The remainder of the loans will be forgiven in 10 years, if all payments are made on time. However, my credit report shows that I owe $360,000 in loans. My salary annually is about $71,000 a year. Would it be advisable to include a 100 word statement explaining these loans? This is hurting my ability to get decent credit.
My business credit card merchant called to let me know I am
My business credit card merchant called to let me know I am eligible for a loan against my merchant receipts if I wanted to apply for one. I could use one, especially since I would pay it back automatically from a percentage of my receipts. I have had this same business for 20 years. How can I be sure this is not a scam?
In the book "credit repair kit for dummies" I checked that
In the book "credit repair kit for dummies" I checked that we must pay our retail store cards in full each month. I need to know if Fingerhut counts as a retais store card and if we must pay it in full each month to optimise credit score.
Me and my wife own our business. We have great credit. My
Me and my wife own our business . We have great credit . My wife had some serious health problems that has been going on for about 3 years . This has caused us to use our savings, owe the IRS , high credit card Dept , college expenses, auto expenses and so much more . Before this we were ahead and a good nest egg . We have paid our bills but we are struggling . We ha e worked out payment with IRA BUT we have not filed this years yet because we know we owe .What can I do . I don't want to hurt our credit but I do get zero balance transfers on cards . It would be so much easier making less payments . We are trying to pay the high interest off first . I think we have got the bills from growing but we want a plan to get us ahead . Should we refinance if the interest rate is good on our business and add in the high credit card debt . We are probably looking at including this year 100000.00 in taxes . 40000 credit card . 25000.00Monthly bills . These are including building payment . I pay 17000 a month for building trying to pay off in seven years . I do have 200000 in 401k . We are determined to get back to where we were but was hoping someone could give us a good strategy and our main goal is to save for retirement . Thank you
I have a question regarding how different accounts effect
I have a question regarding how different accounts effect credit. I opened two new credit cards this year (had none before) with the plan that I would simply charge one thing a month to each, pay it off, and that all the on-time payments would factor positively. That plan has gone perfectly. However, what I wasn't aware of is that "age of accounts" is a medium-impact factor on credit; consequently, it's the only credit factor I have on credit karma that's not perfect (I'm 271 for 271 lifetime in on-time payments, my credit utilization is 1%).Now, I have five outstanding student loan debts consolidated into a single monthly payment that covers all five since they're from the same lender. I actually have enough money that I could pay off all five and be completely debt-free right now. I know that eliminating the debt would obviously have a very positive impact on my score. However, since I wouldn't be making payments on them anymore AND the accounts would no longer exist (meaning my "age of accounts" would go down to only 6 months since the two new credit cards are the only accounts left) could paying off my loans actually hurt my credit score?
I am looking to refinance my home to pay off my wife loan
I am looking to refinance my home to pay off my wife loan and help build my credit score. The mortgage has been in my wife name and I am not on it - so I never had a mortgage. My house appraises for $224,000. I owe $68,000 with my regular bank. My fico score is an 806. I went to my other bank a credit union and was approved for $72,000 with a 4.5% interest rate at a 7 year loan as of the moment. $72,000 is what I'll need for closing, appraisal so on and so forth. But will change once the house is appraised by them. I could pay this off in 4 years. Was told from a friend that it is better to never pay off a home loan for tax purposes. The highest my fico score has ever been was an 831 - without a home loan. So my questions are. Is it better to have a long term (10yr to 15yr) then a short (7yr) loan - why? What tax benefits can Be taken and why?