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By Scott Calvert, The Baltimore Sun | April 16, 2010
City Council President Bernard C. "Jack" Young pledged Friday to repay government coffers if a review by City Solicitor George Nilson finds that he or his sister improperly benefitted from a program meant to help secure replacement housing for city residents displaced by urban renewal projects. "If the city solicitor says there's any repayment, it will be paid," Young told The Baltimore Sun, adding that he asked Nilson to look into the circumstances around his co-ownership of the East Baltimore rowhouse in question.
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NEWS
By Scott Calvert, The Baltimore Sun | January 3, 2012
Circuit Court Clerk Frank M. Conaway Sr. has paid more than $3,600 in back property taxes on a rental home he owns, months after it emerged that he'd wrongly been receiving a homestead tax break on the house for years. "I was very happy to pay it, to tell you the truth," he said Tuesday. "If I owed it, I wanted to pay it. " Conaway paid the bill Dec. 21, the same day city finance officials were quoted in a Baltimore Sun article saying they were still awaiting a check from him. Conaway says that's the first time he knew how much money he owed.
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BUSINESS
April 12, 2000
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions in advance of the April 17 filing deadline. Can I still claim an exclusion on capital gains on the sale of a home I have lived in for 30 years although I have a second home that is now my principal residence? If the house you sold was your principal residence for any 24 months out of the past five years, it qualifies for up to a $250,000 capital gains exclusion ($500,000 if married filing jointly)
NEWS
August 27, 2011
I'm confused. Republican also-ran gubernatorial candidate Brian Murphy is trying to convince us that Warren Buffett was wrong when he told Congress he ought to be taxed more ("Warren Buffett is wrong," Aug 25). Mr. Murphy attempted to demonstrate that Warren Buffett is wrong primarily by claiming that the Maryland millionaire's tax has caused many millionaires to flee from the state. However, now comes word that Representatives Xavier Becerra (D-California) and Peter Visclosky (D-Indiana)
BUSINESS
By KENNETH HARNEY | June 29, 2003
A FEDERAL court decision is focusing new light on an issue that could affect large numbers of American homeowners who expect to cash in their equity tax-free. In a nutshell: Is it possible for you to own two or more homes, but fail to qualify any one of them as your "principal residence" for federal capital gains tax purposes? Could you be forced to pay tens of thousands of dollars in capital gains taxes because you have multiple homes, but no principal residence? A U.S. District Court in Arizona says the answer is yes. And that answer should set off alarm bells among the millions of Americans who own at least two houses, and plan to pocket hefty sale profits tax-free from one or more of them.
BUSINESS
By Michael Gisriel | February 26, 1995
Q: I've recently settled on a house. Are there things that I need to do now in order to minimize my capital gains taxes when I eventually sell my home?Wanda Fowler, NorthwoodA: Any profit from the sale of a home can add to your tax burden. You may reduce taxes by being aware of several guidelines.Be sure to keep a good record of improvements to both the inside and outside of your home. By saving receipts for all home and landscaping improvements, you will ensure that your home's tax basis is not understated nor your gain overstated.
BUSINESS
December 14, 2003
Some readers have inquired about capital gains taxes on the sale of a residence. One reader writes that she sold her Glyndon home to her daughter in July. There was no down payment and the reader is carrying the mortgage. Her daughter is repaying the loan at the rate of $300 a month plus interest. The reader asks if she has to pay capital gains taxes on the sale. Another reader writes that she has owned a house in New York since 1990. In 1993, she married and moved to Maryland. She rented the house until 2002, when she returned to New York and moved back into the home.
BUSINESS
By Myron Lubell and Myron Lubell,Knight-Ridder News Service | August 9, 1992
Normally, the tax on all or part of the gain from the sale of a principal residence may be avoided or postponed by acquiring a new residence within a 48-month rollover period.Under most circumstances, a taxpayer must buy a new home or build another one and use it as a principal residence within two years before or after selling the old one. The length of the replacement period is modified for members of the military or people living abroad.To benefit from the provision, the replacement home's cost must equal or exceed the adjusted sale price of the old home.
BUSINESS
By Kenneth R. Harney and Kenneth R. Harney,Washington Post Writers Group | August 24, 1997
The ink is barely dry on the 1997 tax law, but creative accountants and tax lawyers already have spotted ways for homeowners -- and other real estate owners -- to reap benefits beyond what even Congress might have contemplated.Tops on the list: Call it the serial home-sale strategy.It could save some property owners hundreds of thousands of dollars over a period of years.The technique has potential applicability to homeowners who also own a second house or condo, a vacation house or any rental residential property.
BUSINESS
May 17, 1998
Several weeks ago, I mentioned a new program to help Baltimore City employees purchase homes in three city neighborhoods. The city's "Tri-Neighborhood Program" provides financing benefits to full-time city employees to purchase homes in Ashburton, East Arlington and Calloway-Garrison.Here are the benefits:1. Up to a $5,000 grant to be applied toward closing costs, minor rehabilitation or to reduce the first-mortgage principal amount. The buyer signs a 10-year, no-interest note for the grant, which is reduced by 10 percent per year.
NEWS
By Scott Calvert, The Baltimore Sun | April 16, 2010
City Council President Bernard C. "Jack" Young pledged Friday to repay government coffers if a review by City Solicitor George Nilson finds that he or his sister improperly benefitted from a program meant to help secure replacement housing for city residents displaced by urban renewal projects. "If the city solicitor says there's any repayment, it will be paid," Young told The Baltimore Sun, adding that he asked Nilson to look into the circumstances around his co-ownership of the East Baltimore rowhouse in question.
BUSINESS
By Eileen Ambrose | eileen.ambrose@baltsun.com | April 4, 2010
H omebuyer tax credits on paper are simple, but as it turns out, our lives aren't. Over the past year, the homebuyer credits generated more questions from readers than any topic on our Consuming Interests blog. Readers were unsure whether they qualified for a credit, often because of messy family situations or messy finances. Congress complicated matters when it expanded the first-time buyer credit that's worth up to $8,000 for those who haven't owned a house in the previous three years.
BUSINESS
By Eileen Ambrose and Eileen Ambrose , eileen.ambrose@baltsun.com | December 8, 2009
The first-time homebuyer credit was expanded more than a month ago so that even some longtime homeowners could claim up to $6,500 if they bought a new principal residence. But as the weeks went by, a huge nagging question remained: Must both spouses qualify for the $6,500 credit, or can a couple claim it if only one of them meets the necessary conditions? On Monday, the Internal Revenue Service finally weighed in. The agency said that both spouses must meet the criteria to claim the credit.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | May 12, 2009
The economic stimulus package, particularly the first-time homebuyer credit, generates lots of questions to our consumer blog, Consuming Interests. Tax professionals Theresa M. Bandell, director of Stegman & Co. in Baltimore, and Mark Steber, vice president of tax resources at Jackson Hewitt in Sarasota, Fla., provided these answers: Question: : Does the credit of 30 percent on an energy-related investments - windows, furnaces, insulation - up to...
NEWS
By Richard Simon and Richard Simon,Los Angeles Times | March 20, 2009
WASHINGTON -Rep. Pete Stark, a California Democrat and dean of the California congressional delegation, has claimed his Maryland home as his principal residence to qualify for the $3,770 homestead tax credit, even though it is thousands of miles from the Northern California district he represents - and where he is registered to vote. A senior member of the House tax-writing Ways and Means Committee, Stark said he was unaware that he might not be eligible for the tax break. Asked whether it was questionable for him to receive it, he said, "I guess it is."
BUSINESS
By Ilyce Glink and Ilyce Glink,thinkglink.com | August 24, 2008
I am the co-executor of an estate of a relative and was left the house in the will. We have been unable to sell the house. I've been paying the mortgage and costs for a couple of years. I recently decided to move into the house. Will the mortgage companies (original and equity lenders) transfer the house into my name and qualify me for a new mortgage based on my credit? Is it possible to avoid closing costs? What is the best way to approach the mortgage companies? What is the best and easiest way to transfer ownership of the house to me?
BUSINESS
By KEN HARNEY | August 10, 2008
Deep in the nearly 700 pages of the new housing bill just signed into law is a complicated tax-code change that could affect substantial numbers of people who purchase second homes or rental investment real estate in the coming decade with an eye to occupying them as their main residence later. The bill narrows the use of the code's tax-free exclusion that allows sellers of principal residences to escape taxation on the first $500,000 of their profits (married joint-filers) or $250,000 (single-filers)
NEWS
August 27, 2011
I'm confused. Republican also-ran gubernatorial candidate Brian Murphy is trying to convince us that Warren Buffett was wrong when he told Congress he ought to be taxed more ("Warren Buffett is wrong," Aug 25). Mr. Murphy attempted to demonstrate that Warren Buffett is wrong primarily by claiming that the Maryland millionaire's tax has caused many millionaires to flee from the state. However, now comes word that Representatives Xavier Becerra (D-California) and Peter Visclosky (D-Indiana)
BUSINESS
By KEN HARNEY | August 10, 2008
Deep in the nearly 700 pages of the new housing bill just signed into law is a complicated tax-code change that could affect substantial numbers of people who purchase second homes or rental investment real estate in the coming decade with an eye to occupying them as their main residence later. The bill narrows the use of the code's tax-free exclusion that allows sellers of principal residences to escape taxation on the first $500,000 of their profits (married joint-filers) or $250,000 (single-filers)
BUSINESS
March 9, 2008
Editor's note: Every Sunday through the end of tax season, The Sun will run an edited transcript of Baltimoresun.com's weekly tax advice column featuring experts from the Sparks accounting firm SC&H Group who will answer reader questions. Submit questions at www.baltimoresun.com/taxtalk I sold my house for a big profit. I plan to buy in the near future but I am currently renting. I am spending the profit from the sale. What are the issues related to the profit, length of time to buy and does the new house have to cost more than the old or simply as much as the gain from the sale?
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