Selling Mom's house complications
kathyg_in_mi
7 years ago
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Thinking about selling my mom's sterling
Comments (22)Hi Linda in good old Iowa, If you're thinking of scrap value, many say that silver is undervalued these days in relation to the price of gold, and there has been a fairly stable comparison between them, traditionally. Silver's value has been improving relative to its relation to gold in the past year or so and some feel that its price will rise faster than gold's, proportionately. With the huge debt that the U.S. has, and some analysts say that when a country's debt gets up near the value of it's annual value of goods produced, that there becomes a possibility that it may be difficult for it to recover - and the U.S. level is close to that now. Furthermore they're printing money by the boatload ... which will reduce the value of a dollar. I heard some reference a while ago to the Weimarization of our economy, a reference to the German economy after World War I - remember the stories of having to take a wheelbarrow load of currency to the store to buy a not-very-large item? Having a thing that carries value may become more important than having pieces of paper called currency, before long. I think that the days of the U.S. Dollar being the world's reserve currency are numbered. Sorry to rain on your parade. ole joyful...See MoreSelling or renting Mom's home
Comments (4)Make sure you get the insurance changed into a vacant house policy if the house will be vacant. If people won't love the house on looks, sell it on price. Also, be sure to factor in the cost of keeping the house another year- taxes and insurance for DH's grandfather's house were $3000 per year- if we waited five years to sell, it's a crapshoot on whether prices will recover, and it's unlikely the price will increase $15,000 in that time....See MoreSelling my mom's house - has wood panelling, non-working shower
Comments (15)You need to make it a little better than its competition, whatever you decide. If it's an as-is, it should be the best as-is in the area. If it's a fixed-up ranch house, it should be the best fixed up ranch house in the area. I personally prefer to fix places up before I sell them. There's value in any work you do. You can figure out what a house like that would sell for in its current state, and then what it would sell for if you painted it, refinished the hardwood floors, fixed the bathrooms. I bet it would be worth fixing. If you could post pictures, we could give you ideas. I agree with what someone said about painting the paneling creamy white, not builder's white. I've painted paneling before and used a warm cream color. It looked fantastic. Do a careful job on the paneling otherwise it will look like cheap painted paneling. Use the right primer. What state are you in?...See MoreSelling Mom's house complications
Comments (22)Individuals' social security numbers are used for ID and processing for income tax purposes. An EIN serves as the equivalent of an SSN for federal tax purposes for "entities" - partnerships, corporations, estates, trusts, etc. etc. The page morz8 linked concerns small businesses only and when one needs an EIN - the answer is Yes if it a proprietorship that has employees or in all cases if it is an entity separate from the owner for income tax purposes. It's a federal thing, they're issued by the IRS. Some states use an entity's EIN for ID purposes, others have their own numbers for entity and/or payroll tax purposes. In the case of decedents, when financial assets (like bank accounts) change ownership from the individual to an estate or trust (which are entities distinct and separate from the individual), when new accounts are opened, when Estate Tax returns are filed, etc, etc. an EIN is required. The individual is gone and unless and until asset ownership is passed to an heir, the assets are owned by an estate or trust, they file income tax returns, and a number is needed....See Morekathyg_in_mi
7 years agokathyg_in_mi
7 years agokathyg_in_mi
7 years ago
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