Tax Deduction for Alimony Payments? - Yes!

Written by Richard A. Chapo

Over 50% of marriages end in divorce inrepparttar United States. Many divorce decrees include provisions forrepparttar 149641 payment of alimony. The IRS takesrepparttar 149642 position that such payments constitute a form of income and create an alimony tax deduction forrepparttar 149643 person making payments.

According torepparttar 149644 IRS, alimony payments are taxable torepparttar 149645 recipient inrepparttar 149646 year received. In turn,repparttar 149647 person payingrepparttar 149648 alimony can claim a deduction forrepparttar 149649 payments ifrepparttar 149650 following tests are met:

1. You and your spouse or former spouse do not file a joint return with each other,

2. You pay in cash (including checks or money orders),

3. The divorce or separation instrument does not say thatrepparttar 149651 payment is not alimony,

4. If legally separated under a decree of divorce or separate maintenance, you and your former spouse are not members ofrepparttar 149652 same household when you makerepparttar 149653 payment,

Show Me the Money: Mortgage Programs for Financially Challenged Home Buyers

Written by Kevin Onizuk

The purchase of a home is a dream for millions of people. This dream may be a symbol ofrepparttar success they plan to achieve or a symbol ofrepparttar 149640 security they hope to provide for their family. Unfortunately, issues of bad credit, no credit, no savings or inadequate savings can leave people feeling hopeless about their chances of finding a mortgage. There is hope, however, as more lenders create purchase programs for potential homebuyers with a variety of financial issues. The key to uncovering all of your options is to work with a knowledgeable, attentive and trustworthy mortgage broker. A great mortgage broker will listen carefully to allrepparttar 149641 details specific to your situation and educate you about all of your choices. The purchase programs I will discuss inrepparttar 149642 following paragraphs are excellent examples ofrepparttar 149643 types of opportunities currently available onrepparttar 149644 market. I will show you how your dreams of homeownership can come true.

No Credit Or Down Payment, No Problem!

One ofrepparttar 149645 most popular programs offered at my company, Breakwater Mortgage, is calledrepparttar 149646 Dreamaker. This program has been created specifically for potential homebuyers with no savings and little to no credit history. In order to qualify your household income must be no more thanrepparttar 149647 HUD median income for your particular area. This program allows you to purchase with no money down, even if you have limited credit. Issues of no credit can be addressed through an enhanced credit evaluation, which allowsrepparttar 149648 lender to consider your rent or lease payments, your utility payments and any other payments you have made each month for at least one year. You are eligible for a regular market interest rate, despiterepparttar 149649 fact you are not paying a down payment, and no reserve savings are necessary. Always investigate to see ifrepparttar 149650 seller can assist with closing costs. Buyers using this program must enroll in a required homebuyers class to be educated aboutrepparttar 149651 responsibility of being a homeowner and this program is only available to purchasers buying a primary residence.

Mortgages That Go The Extra Mile!

Another opportunity for homebuyers with high debt and no down payment arerepparttar 149652 103% and 107% Purchase Programs, these are mortgages that finance your closing costs, and can be combined with debt consolidation loans. In both of these programsrepparttar 149653 lender actually givesrepparttar 149654 buyer a loan for more than justrepparttar 149655 purchase price ofrepparttar 149656 home. There are higher interest rates involved with these, but you can always refinance inrepparttar 149657 future. The 103% program allowsrepparttar 149658 buyer to includerepparttar 149659 closing costs inrepparttar 149660 actual mortgage so there is little/no out of pocket expense atrepparttar 149661 time of purchase. The 107% program helpsrepparttar 149662 buyer pay closing costs, as well as other monthly debts that need to be consolidated to makerepparttar 149663 overall monthly payments more affordable. The extra 4% is cash you can use to eliminate numerous monthly payments and create one mortgage payment. This makes recovering from debt simpler and easier. The 103% and 107% programs are available to buyers purchasing their first home or a secondary home. No mortgage insurance is required.

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