You have grown in a middle class family and are used to a certain level of comfort. But you have made your mind and your first home is just going to be a crowded two-bedroom condo. What’s available in a decent neighborhood, (and I am not talking great luxury or new buildings on the beach) will cost you around $ 280,000. You were lucky enough to land a mortgage loan with only 3% down, and your savings allowed you to pay all the closing costs, and that’s fine.

Then one morning I got a call from Kevin, “If I don’t make the $2,000 payment to the 2nd trust deed holder, he will start foreclosure in 2 days. Kevin also told me “The 2nd trust deed lender said that he would buy the Pasadena apartment building for what I had paid for it, 4 years ago, black homeowners $525,000.” The offer had a stipulation to it. Kevin had to bring the loan current first. In my mind, if Kevin could bring the loan current, why would he even bother to sell the property for a wholesale price? I couldn’t believe what I was hearing.

CTEC courses If you have not owned a home in the past 3 years, you are seen as a first time homebuyer. You are eligible for a tax credit of up to five percent the value of the purchase price of the home. The maximum is $10 000 which will be dispersed in increments over 3 years. For instance, if your credit is $10 000, you should be paid $3,333 annually.

State sponsored college savings plans or 529 plans are named after the section of the tax code that provides for their favorable tax treatment. The 529 plan is an investment account that was designed to help pay for future qualified education expenses including tuition, books, supplies, equipment, and room and board.

CTEC classes It wasn’t unusual — even in the beginning of my attending live events — to come home with on-the-spot sales, more subscribers to my ezine, a few joint venture partners, and speaking invitations.

CTEC approved provider You must file an application within three years of buying your new home. It is not too late if you bought and sold a few years ago as long as you qualify and apply in time.

So if one has a new luxury car costing over $49,500 the relief is only on the first $49,500. So even if the car is costing say $60,000 the tax benefit is available only on the set limit.