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FAQ

What are the most common mistakes that home buyers make?
Buying a house is a type of investing, so the common mistakes of investing also apply to real estate.But in this answer, I’ll talk about mistakes specifically pertaining to residential real estate, based on a) my home buying experiences, b) studying others, and c) reading.And these mistakes typically fall into four categories:Financing & FinancesOverpaying based on irrational reasonsTaking out unnecessary mortgageBuying a home that you can’t afford, especially without job securityOver-allocation of assets into real estateNot taking transaction costs into account when considering affordabilityLiquidity / ResaleNot buying a home with a view / low crime / good school district for a premiumBuying a home with extremely wacky / unconventional architectureBuying a home with a terrible layoutBuying something in an up & coming area that will take 10 years to gentrifyDue Diligence on the Property & the AgentNot checking comparable valuations with extreme anal-retentive-nessSkipping inspection for single family homesNot checking for pending assessments for condosNot reading HOA documents in full detail for condosNot getting a lawyer to read over title agreements & HOA, etcWorking with an agent who has too many clientsWorking with an agent with no track recordWorking with an agent who is overly pushyLegal & TaxBuying an investment property before primary residenceMistakenly assuming you can deduct mortgage interest no matter what+ Financing & Finances - RelatedOverpaying Based On Irrational Reasons:In real estate, it is very easy to fall in love for trivial reasons.I have seen people pay $50,000 premium for a remodeled kitchen that probably cost $9,000 to do.That’s why savvy real estate investors typically wait to remodel / refurbish right before sale.They want to get you to pay extra for emotional reasons.The stuff that typically get redone are a) kitchen, b) carpet, c) bathroom, d) counter-tops, etc. None of these are extremely hard to do it yourself. Most of the times, they are not worth paying extra $30,000 for.Of course, it is okay to pay extra for nicer finishes, etc, but only within reason.In any investing, most of the money is made at the time of purchase.In other words, the price you pay for the house will directly dictate how much you make / lose on the house.Taking out unnecessary mortgage when you can afford to put down a bigger down paymentIt blows many people’s minds, but it is not always favorable to take out a mortgage.Mortgage is not free money! (to state the obvious)The interest rate % on your mortgage is the interest you will have to earn / do better than.For example, if you take out a 15 year mortgage at 3% and do absolutely nothing with the money (and even worse, lose it in the stock market), you are worse off by taking out the loan.On the other hand, if you paid in cash, you are effectively earning the full imputed yield on your investment.Buying a home that you can’t afford, especially without job securityRemember, affordability is not decided by your mortgage officer.Only you can decide whether you can afford a place or not.Even if you have a job & income, you may be uncomfortable about your future prospects.If so, don’t take out a big loan when there are layoff rumors at your company / during recessions.Over-allocation of assets into real estateIf your net worth is $300,000 - let’s say - it doesn’t make sense to use all of it as a downpayment to a $500,000 home.In the above example, your allocation to real estate will be 166%!Think about what your nest egg’s allocation will be post-purchase prior to doing anything crazy.Not taking transaction costs into account when considering affordabilityA lot of homes look like great investment opportunities.. until you take into account the transaction costs.Big transaction cost items that people forget about are: a) resale commissions b) title transfer fees c) mortgage fees d) extra insurance e) potential future assessments / charges / maintenance costs f) vacancy costs+ Liquidity & Re-sale -RelatedNot buying a home with a view / low crime / good school district for a premiumYou should always think of re-sale value prior to purchase.Good attributes like higher floors, low crime, good school, etc, can make it much, much easier for you to sell the place.For example, it can take much longer to move an unit with no view versus one with a view.If that ocean view comes at a reasonable premium, take it.Buying a home with extremely wacky / old / unconventional architectureThinking of buying a condo in that turn of the century building?Thinking of buying a rainbow colored townhouse?Remember, not everyone shares your tastes.Buyers beware.Buying a home with a terrible layoutDoes your dream condo have a living room split into two small dens?Is your condo shaped like an S?Is your bedroom in between your kitchen and the living room?Terrible layouts obviously come at a discount and are harder to sell.Buyers beware.Buying something in an up & coming area that will take 10 years to gentrifyIn the Bay Area, people often tout Oakland as a great real estate investment opportunity.But here’s the problem: you may not enjoy living there.Gentrification takes time.People have been saying Harlem as the next great opportunity since the 80’s.Thirty years later, Harlem’s price appreciation has nothing on that of better areas in Manhattan.+ Due Diligence - RelatedNot checking comparable valuations with extreme anal-retentive-nessUnderstand all the comparables in the neighborhood.Ask your agent to pull up all sales within the past 6 months and hand it over to you.Analyze them on a per-sqft basis, per building basis, block-basis, etc.Reduce it to a number.Skipping inspection for single family homesThere’s simply no excuse for waiving inspections, especially on single family homes.Don’t get surprised by a septic problem 3 months into the move.If you skipped inspection, you deserve to pay the $50K to fix that problem.Not checking for pending assessments for condosMake sure it’s crystal clear that there are no pending assessments for condos, and if there are, that the seller is paying for them.Not reading HOA documents in full detail for condosDoes your HOA have less than $100K left in the bank?Does your HOA strictly forbid renting?Does your HOA forbid you from having guests?Don’t find out after purchase.Not getting a lawyer to read over title agreements & HOA, etcHOA docs can be 200+ pages long.You won’t have the time to read through everything.Just pay a little extra for a trained eye to sign off on it.Working with an agent who has too many clientsAn agent who has 100+ clients won’t have the time for you.To him, you’re just a number.Don’t make him your buyer’s agent.Working with an agent with no track recordOn the other spectrum, don’t work with an agent who got his license 8 months ago.He simply is too green to help you maneuver around the jungle.Working with an agent who is overly pushyPushy agents are the worst, because they can amplify all your emotional weaknesses that cause stupid financial decisions.It’s like having a financial advisor that always pushes you into the latest growth stocks that you have no business investing in.If your agent is constantly pushing a lemon, it’s time to chuck him/her.+ Legal & Tax RelatedBuying an investment property before primary residencePrimary residence has additional tax benefits that investment properties don’t.Don’t rush into buying a home if you don’t plan to live in it.Mistakenly assuming you can deduct mortgage interest no matter whatIf your standard deduction is larger than your deductible portion of mortgage payments, there’s less tax benefit of mortgage loans.+ EpilogueThese about sum up the biggest mistakes you can make when purchasing homes.Remember, buyers beware.
How do I treat unrealized losses in equity for ITR? Which form should I fill out?
There is no procedure for set of unrealized losses in equity from other profit. The actual losses can be set of against the profit of other equities. For the purpose of profit or losses in the transaction of equity, the form no.3 should be filed.
ITR 2 How to fill short term losses and gain of equity shares of previous years?
ITR2A is a much simpler subset of ITR2 and is not covered separately. Individuals or HUFs with no income from business/profession, no captial gains and no income from foreign assets can use ITR2A.Individuals or HUF’S with no income from business/profession, but with capital gains and income from foreign assets should use ITR2.Guide to efile Income Tax Return: ITR2, ITR2A and ITR4For expert advise visit Financial Hospital
AngelList: I want to gift X% equity of my startup to Investor, how do i approach?
I'm not sure if the question is as simple as the straightforward 'how do I execute a gift of shares transaction (on AngelList or not, to an investor or to whoever), for a corporation I have already registered and from which I have issued shares to myself'. Assuming that is the question:1. The straightforward way to 'give' people shares in your startup is to sell them to the person. The value of the shares in your startup is pretty unclear, until and unless you have raised outside investment, so it may be pretty close to zero. So you could sell some of your shares at the price you paid for them, or have the company issue new shares at the price you originally paid for them. So for a few hundred dollars you can often sell them all the shares you want (which may sound like a 'gift' to give them lots of shares for a cheap price, but is a legal share transaction).2. You can write a 'deed of gift' giving some of your personal shares to the other person. This may result in a tax bill for you. If the value of the shares has gone up (e.g., if you raised money since you registered the company), then you giving away the shares is the same as you selling them. You will owe capital gains tax on the change in value of the shares when you bought and gave them. And if you give someone a $50,000 gift for no reason at all that may raise questions: a lawyer could tell you more. This is more complicated than the first solution.If the person is really an 'investor', though, you wouldn't be gifting them shares in your startup. They would typically invest in the business, by writing a cheque to the business, for which they would receive shares. That's a straight business transaction with no gift involved.
How do I file an income tax return online from Form 16?
Greeting Friends !!!If you are going to file it yourself, then following is the procedure:-Before you start the process, keep your bank statements, Form 16 issued by your employer and a copy of last year's return at hand. Next, log on to http://incometaxindiaefiling.gov...Follow these steps:Step 1: Register yourself on the website. Your Permanent Account Number (PAN) will be your user ID.Step 2: View your tax credit statement ‡ Form 26AS ‡ for the financial year 2015–16 . The statement will reflect the taxes deducted by your employer actually deposited with the I-T department. The TDS as per your Form 16 must tally with the figures in Form 26AS. If you file the return despite discrepancies, if any, you could get a notice from the I-T department later.Step 3: Under the 'Download' menu, click on Income Tax Return Forms and choose AY 2016–17 (for financial year 2015–16 ). Download the Income Tax Return (ITR) form applicable to you.Which Income Tax Return Form Require to file or applicable F.Y. 2015–16 by Hetal M Kukadiya on Tax Knowledge Bank - IndiaStep 4: Open the downloaded Return Preparation Software (excel or Java utility) and complete the form by entering all the details , using your all documentsStep 5: Ascertain the tax payable by clicking the 'Calculate Tax' tab. Pay tax (if applicable) and enter the challan details in the tax return.Step 6: Confirm all the information in the worksheet by clicking the 'Validate' tab.Step 7: Proceed to generate an XML file and save it on your computer.Step 8: Go to 'Upload Return' on the portal's left panel and upload the saved XML file after selecting 'AY 2016-2021 ' and the relevant form. You will be asked whether you wish to digitally sign the file. If you have obtained a DS (digital signature), select Yes. Or, choose 'No'.Step 9: Once the website flashes the message about successful e-filing on your screen, you can consider the process to be complete. The acknowledgment form ‡ ITR—Verification (ITR-V ) will be generated and you can download it.Step 10: you can Verify online with EVC Pin or Take a printout of the form ITR-V , sign it preferably in blue ink, and send it only by ordinary or Speed post to the Income-Tax Department-CPC , Post Bag No-1 , Electronic City Post Office, Bangalore - 560 100, Karnataka, within 120 days of filing your return online.Its Advisable to go with CA help for filling Tax return. There are lots of amendment come in every year, to file accurate return and Tax planning benefit etc so Prefer to go with expert like CA, Tax Preparer etc…Be Peaceful !!!
A senior resident has dividend income of 2 lakhs from equity shares and 9 lakhs from mutual funds. How do you fill out ITR 2 for 2017-2018?
Hi ,The dividend income from equity is exempt and the dividend income from mutual fund is exempt if STT ( security transaction tax) has been paid on the same. If both the dividend income is exempt then you need to disclose the same in schedule of exempt income in ITR-2.For income tax relatex assiatance kindly connect with me on khushbu.2893@gmail.com with your contact no
How do you understand gift of equity?
A gift of equity involves the sale of a residence to a family member or someone with whom the seller has a close relationship, at a price below the current market value. The difference between the actual sales price and the market value of the home is the actual gift of equity—so called because the sales price is so much lower than the real market price of the home, it counts as a present or giveaway. No actual money change hands.A gift of equity can have tax consequences, as it could impact the asset's cost basis for the new homeowner and have capital gains implications for the seller. Also, if not executed properly, a gift of equity could trigger a gift tax.Additionally, a considerable sale can affect the local real estate market. If a house sells for considerably less than others with comparable features, it may negatively impact other home sales in that price point or area. However, it may be possible for the sale to be done privately or off-market to avoid that complication.For example: A common gift of equity occurs when a married couple wishes to sell their home to their children for a favorable price that they set, rather than going through a real estate office that would demand a certain price for market purposes. The parents would name a price that they agreed on and “sell” the house to their children for that amount, despite the fact that the house is actually worth a lot more.