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The Basics of Reporting a Sale of Real Property

The Basics of Reporting a Sale of Real PropertyReporting the sale of real property could be either really complicated or relatively simple, depending on the facts and circumstances. The type of property will also impact the manner and type of taxes that need to be paid.

There may also be different tax ramifications depending on who you are selling the real property to and the structure of the sale. For instance, selling real property outright is different than selling property as an installment sale. In an installment sale, you are receiving payments periodically (annually, monthly, etc.) for an extended period of time and may be able to delay the reporting and taxation of these periodic payments until they are actually received—rather than all at once in an outright sale.

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Looking Forward with a Reverse Mortgage

Looking Forward with a Reverse Mortgage

Reverse mortgages have become more popular in recent years. For many of Long Island’s seniors, the ever-increasing cost of living on a fixed income is a daily challenge. Often seniors look to the equity in their homes to relieve some of their financial pressure.

A reverse mortgage is a secured loan on your home. It allows you to convert a portion of the equity in your home into cash. It is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The payout may be received as cash, an income stream, a credit line, or any combination of the three.

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