Usually, people have questions about inheriting a house. Some want to talk about the tax consequences of selling a Los Angeles Inherited house. The tax implications can seem confusing. Most people don’t know what they are going to do with an inherited house. Before you try to sell a house you’ve inherited, make sure you have the answers to your most important tax questions. Tax Consequences of Selling a Los Angeles inherited House Does the Home Sale Tax Exclusion Apply to Inherited Property? Ordinarily, when you sell your home, the tax law gives you an exclusion of $250,000 (or $500,000 for married couples filing jointly). That means you don’t have to pay taxes on the first $250,000 (or $500,000) of profit you gain from the sale of the house. However, when you sell inherited property, you don’t qualify for that tax exclusion. In order to qualify, you would have to live in the home for at least two years, using it as your primary residence. So the short answer is no, you won’t qualify for the $250,000/$500,000 home sale tax exclusion. What Are the Stepped-Up Basis Rules for Inherited Property? You do qualify for a stepped-up basis. Under ordinary circumstances, [...]
Staying on top of the family finances is a huge responsibly,
probably one that should not be handled alone without the help of your
significant other, or even a family member or friend that you trust [...]
We asked members of the IWT community who have been married at least 10 years (aka “forever” in Hollywood years) to share their #1 piece of financial advice for couples.
Here’s what they said: [...]
Knowing how to ask for a promotion can make you rich
Many of my students and friends who’ve used the techniques I’m going to share have successfully earned raises of $10,000 or more.
But even if a [...]
Believe it or not, it can be harder to stay on top of your
finances compared to losing weight, which is a popular resolution this time of year. The problem is, you join the gym and try to
make a [...]
Whether you know it or not, your first impression to a potential
lender is your credit score, which can not only decide your approval fate, but
also, if approved, what your rate and terms are. F [...]
This is my official April 2018 Net Worth Update. Below are my actual numbers for ALL my investments and liabilities as of 05/01/2018. Detailed explanations and a quick summary can be found belo [...]
Peer-to-peer lending is just one
piece of the greater sharing economy that has boomed in the past ten to fifteen
years. In a nutshell, it allows regular non-institutional investors with just a
few hun [...]
I’ve been sharing my honeymoon stories and other aspects of my life on my Instagram stories.
In the last installment of my Honeymoon Series, we explored Italy with our parents, and now we’ve move [...]
Do you ever wonder why people spend their money the way they do?
Why take an expensive Uber when you can walk 20 minutes to get to the same place?
Why pay for first-class tickets when we’re all goin [...]
You may think you are going about your finances the right way, month over month, year after year, making sure your bills are paid on time,and yes while that is important, there is actually much more t [...]
I always knew that I wanted our honeymoon to be unforgettable. My wife and I were thinking about doing a safari, and when we went out with a few married friends and told them, they said, “That sound [...]
Fact: Taxes are confusing — and it doesn’t help that there are so many myths that swirl around the subject.
It makes sense though. There’s no class in high school on how to do taxes, and the su [...]
Owning a rental property has its perks. Done right, you can receive a regular revenue stream that covers the mortgage and provides you with a respectable profit each month. Assume you bought a Los Ang [...]
Headlines like “Oprah’s favorite things!” or “Tech gifts for gadget geeks!” have been popping up in your Amazon sidebar for weeks, all of America’s malls are playing “Jingle Bell Rock” [...]
In today’s episode of The Art of Passive Income, Mark and Scott are joined by the Project Ninja, Lyndsay Phillps!
Lyndsay is the CEO of Smooth Sailing Business Growth, a content marketing company t [...]
It’s long been said that a large part of the reason for divorce is because of money, so in order to really avoid any potential family money disaster, it’s been to get out in front of it early on b [...]
It’s a question I’ve been asked since starting I Will Teach You to Be Rich more than a decade ago:
“How do I take control of my finances?”
At first, it can be hard to answer &m [...]
As the weather starts to turn and winter seemed to be in full force already, though it’s already almost Thanksgiving somehow, I can already notice the furnace kicking on more than normal and can ant [...]
When the stock market took a hit in October 2018, we saw the usual knee-jerk headlines:
Blip or downturn? What the market meltdown means for your money
Is it time to sell before we hit bottom?
Stoc [...]
Errors and your credit history. Name a more iconic duo. I’ll wait.
You can’t.
Errors in your credit can occur for a variety of reasons, from simple reporting issues from the creditors’ side to m [...]
Learning how to freelance is the first step toward an unlimited earning potential.
It’s a wonder why more people don’t do it — especially when there are so many good reasons to:
Flexibility. [...]
While winter certainly does not prompt a time to save money, but now is as good of time as every to start making money moves that will help you save money and be able to get ahead, for example, paying [...]
I’m going to show you exactly how to negotiate your rent so you can put a couple thousand dollars — or more — in your pocket this year.
Most people don’t think negotiating their rent can save [...]
Usually, people have questions about inheriting a house. Some want to talk about the tax consequences of selling a Los Angeles Inherited house. The tax implications can seem confusing. Most people don [...]
By the time you pay the bills, contribute to your emergency fund, not to mention put in what you can for retirement, there sure is not much leftover, which makes it all more important where every doll [...]
Life certainly does move pretty fast. It may just seem like you just finished school and started your career, and then suddenly you’re “grown up”, have a family of your own, and you start to t [...]
You know if you’ve ever applied for a mortgage, loan, or the credit card you use for purchases, that your credit score is a major factor in the rate you receive, and how you handle your credit card [...]
Everyone wants more money, but very few people are willing to go get a second job. Most of us can barely handle the first job, much less a second one.
A common thread among these people is passive inc [...]
Credit repair is like losing weight. It is a process that takes time and with no quick ways to fix it. Doing away with the negative information on one’s credit report and trying to catch up on due b [...]
Let’s face it, when it comes to spending, there’s not a whole lot left in our bank account after paying bills, not to mention have enough for food and gas, so it makes sense to what to treat yours [...]
Handling the household finances is not an easy task, one that should not be handled alone. Whether you share the finances with a significant other, as it’s important to keep them in the loop at al [...]
When it comes to the monthly finances, it probably doesn’t take much before the bank account is on empty after paying bills, not to mention hopefully contributing to retirement account, or having an [...]
If you’ve ever applied for a mortgage, loan, or even tried to get insurance, your credit score is a major factor in not only your approval, but at what rate you receive. The higher the credit scor [...]
It used to be that using a credit card could give off the perception that because you’re charging, you don’t actually have the sufficient funds to make the purchase. While I suppose that could b [...]
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My guest today is Paige Panzarello. Paige is the “Cashflow Chick”. Having been a Real Estate investor and entrepreneur for over 20 years, Paige has had experience in many differe [...]
Let’s save money by accelerating our mortgage payoff. Face it interest rates rising recently signal that the FED is succeeding in getting overall inflation up to two percent. In some areas, inflatio [...]
When Sam and Holly’s parents retired, they had prepared for this moment many years ago by buying real estate that provided an income. They found every rental property they owned needed treatment a [...]
“I’ve always had this theory that, if you help enough people get what they want, you’ll always get what you want.” — George Raveling
Coach George Raveling (@GeorgeRaveling) i [...]
Serial entrepreneur, world-class investor, eagle scout, and all around wild and crazy guy Kevin Rose (@KevinRose), rejoins me for another episode of The Random Show. We discuss Kevin’s new diet [...]
Here with me this week is Robert Duff, Ph.D., a psychologist who's supplementing his income by selling his books on Amazon. [...]
Karan Bajaj is a number one bestselling Indian novelist who created his first online course just a few months ago. In this post, he describes how SPI helped him create a profitable course with no emai [...]
In just a few days, the new design for Smart Passive Income goes live. Here's why I decided to redesign the website, even though it has been performing well. [...]
Today's episode is a vital one for all you podcasters out there. I'm sharing my top tips for preparing for an interview, gathered from the hundreds of interviews I've done on the Smart Passive Income [...]
My guest today is a Smart Passive Income "student," here to share the innovative strategy he's used to earn affiliates and grow his business. [...]
In today's episode, it's my pleasure to introduce you to another Smart Passive Income success story. Meet Jason Brown of TheBrownReport.com, a site where Jason where teaches ordinary people how to sta [...]
Today's guest has another passive income success story to share. Lucas Hall tells me how he built the "ultimate resource" for rental property owners, and how he made the decision to sell it. [...]
Today's guest has taken vending machine passive income to a whole new level, growing a hugely successful franchise and helping schools in the process. [...]
The masterminds behind the Smart Passive Income site redesign talk through what makes a successful web design and how business owners can better communicate with their development teams. [...]
I'm taking a look at the Smart Passive Income website redesign one year later to see what impact it has had on reader engagement and web traffic. [...]
Consulting is a great career choice if you love:
Traveling
Networking opportunities
Exposure to a variety of industries and businesses
Good money
There are a lot of different options [...]
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