Anthony S. Park

Almost 2/3rds (63%) of millennial homeowners regret their first home purchase! Let’s talk about the 12 mistakes first-time homebuyers regret the most, and how to avoid them.

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“How Probate Works” on Amazon https://amzn.to/2Eld2DF

“How to Buy Your Perfect First Home” on Amazon https://amzn.to/2EjdDH9

All my books at https://www.amazon.com/-/e/B07KY2JDGR

Subscribe to our YouTube channel at http://www.youtube.com/c/anthonyspark?sub_confirmation=1

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Doesn’t it feel like everyone is telling you it’s “so easy” to make money with probate real estate?

So let me share the real deal, from the perspective of a professional executor and probate attorney. That means I’m the guy actually selling the probate real estate.

“How Probate Works” on Amazon https://amzn.to/2Eld2DF

“How to Buy Your Perfect First Home” on Amazon https://amzn.to/2EjdDH9

All my books at https://www.amazon.com/-/e/B07KY2JDGR

Recent tax reform made many changes, mostly in the form of capping or limiting deductions. BUT, the trade-off is the standard deduction nearly doubled (ex. $6,350 to $12,000 for individuals)

1. Personal Exemptions
2. Unlimited SALT Deductions
3. Interest on Mortgages Above $750,000
4. Moving Expenses
5. Professional fees

They say you can always re-finance your mortgage, but your purchase price is forever. So you want to get it right.

1. Why are They Selling?
2. Know the Listing’s History
3. Know the market
4. Keep Your Cards Close
5. Don’t Just Negotiate the Purchase Price

My book “How to Buy Your Perfect First Home” available on Amazon

1. Assume it’s income
2. Don’t miss any 1099s
3. Don’t ignore the IRS
4. Keep your records
5. Amend with caution
6. File on time (even if you can’t pay)
7. They don’t like big refunds

1. Robin’s background
2. • Blended family
   • Robin planned well, because he knew the cost of legal battles
   • In 2011, signed a prenuptial agreement with Susan
   • In 2012, updated his estate plan and trust to be consistent with the pre-nup
3. What Robin did right:
   • After Robin’s death, Susan sued
   • Because Robin had up-to-date prenup and trust, settled pretty quickly
4. What happened?

Also watch the Robin Williams episode of “Fortune Fights” on REELZ

My book “How Probate Works” available on Amazon

Dad died, Step-mom isn’t sharing any information. What do you do?

We see this situation often. So today let’s talk about:

1. Can you MAKE step-mom talk to you?
2. What you should do before spending any money on a lawyer
3. How to decide if it’s worth lawyering up

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“How Probate Works” on Amazon https://amzn.to/2Eld2DF

“How to Buy Your Perfect First Home” on Amazon https://amzn.to/2EjdDH9

1. Deduction for home mortgage interest
2. 1. Mortgage must be less than $750,000
   2. Includes HELOCs
   1. Must itemize, not standard deduction
   2. All SALT capped up to $10,000
3. Deduction for property taxes
   1. “Points” are the fee you paid to get a lower interest rate
   2. Deduction amortized over life of mortgage
4. Deduct “points”
   1. PMI = private mortgage insurance
   2. Usually required when your downpayment is less than 20%
5. Deduction for PMI
   1. Capital gains tax is ~20% of your profit (sale price - purchase price)
   2. $250,000 gain ($500,000 for married couples) exempt from tax
   3. 2-of-5 year residence rule
6. Capital gains tax exemption
   1. Solar energy, both for electric and water heating
   2. Deduct up to 30% of equipment cost
7. Green deductions
   1. Examples: wheelchair ramps, bathroom grip bars
   2. Check with IRS for qualified items
8. Deductions for QoL for seniors
   1. $5/sf up to 300 square feet. Max $1,500
   2. Tread lightly: this is an audit magnet
9. Deductions for working from home

My book “How to Buy Your Perfect First Home” available on Amazon

• Issues unique to podcasting in New York
• • It’s noisier
  • Less space
  • Tighter budgets
  • “Good enough” approach
• Microphone
• • Condenser mics too sensitive
  • Get a dynamic mic instead
• Recording apps
• • Solo: native Apple apps, QuickTime or Voice Memo
  • Interview: Skype + Ecamm Call Recorder
• Post-production
• • Plenty of inexpensive freelancers
  • Or use AI-based software
• Hosting and publishing
• • Just use Libsyn, even though it’s ugly

Read the post at https://anthonyspark.com/how-to-podcast-in-new-york/

1. Trust is Key
2. Take Age Into Consideration
3. Put One Person in Charge of the Will
4. Learn the Residency Rules Where You Live
5. Know When a Trust Makes Sense

Read the post at https://www.fatherly.com/love-money/choose-right-executor-will-estate/

My book “How Probate Works” available on Amazon