Tag: Property Investment
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Anti-Money Laundering: Federal Rule Coming to Track Real Estate Cash
The federal government wants all-cash home buyers to be easy to find. The Financial Crimes Enforcement Network (FinCEN) is part of the U.S. Treasury Department. FinCEN has proposed a new reporting rule. It wants real estate professionals to submit forms with details about cash sales when homes are sold to legal entities — like LLCs and…
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Core of the American Dream? Three-Fourths Call Buying a Home Goal #1
The U.S. population has all sorts of goals. But of all that we strive for in our lives, seems we place the highest priority on owning a home. In recent surveys, three-fourths of respondents said owning a home is “the leading component of the American dream.” And yet, just about the same percentage of people…
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Capital Gains: Were Profits on Your 2023 Home Sale EXEMPT? Head Form 1099-S Off at the Pass.
People who sold their homes in 2023, after living in them for a while and enjoying their low mortgage rates, have seen big gains in their property values. Fortunately, most of these gains won’t be taxed. If you sold a home in 2023, your lender or broker may give you Form 1099-S. Federal law requires…