Real Estate FAQ's

What is a legitimate website to run my credit report for free? You can request one credit report, once a year, for all three credit bureaus. This will not impact your credit score. Although it will not show your numeric score, it will show your tradelines and debt. But with this info, you can ensure that the report is accurate.

Do I have enough homeowner's insurance?

Maybe not. Home values have increased over the years, and your homeowner's coverage should be reevaluated to make sure you have sufficient coverage. Umbrella policies are also available to cover any gaps.

Should my home be in a Trust? 

The main benefit of putting your house in a Trust is to bypass probate when you pass away. You’ll name a Successor Trustee who’ll take over when you pass away. Trusts can also reduce estate taxes. While a Will names your beneficiaries and how assets will be distributed, Trusts can provide you with more control over these components. Although Trusts and Wills are now readily available for self-creation online, I recommend consulting with an Estate Attorney to guide you through the process.

Should I close an unused credit card?

You should generally keep unused credit cards open so your credit score benefits from a long credit history and large amount of available credit. In many cases, closing a card can actually lower your credit score.

When I sell my home, do I have to pay Capital Gains taxes?

Barring certain exceptions, you only pay CG taxes on profits over 250K (single) or 500K (married). You can usually lower your tax exposure by documenting improvements to increase your home's "cost basis". Always consult with a CPA or a Certified Tax Professional related to any tax issues.


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