Expert Q&A about:

Home Buying

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I am 33 yrs old and live in a rent stabilized apartment at Spanish Harlem, New York. I pay $750/monthly for 2 bedroom apartment. Electricity/Gas = $100-150/monthly. My credit card bill average $500-600/monthly. I also give $400 to my parents each month. Total monthly expenses is $1900 plus/minus ~ 23k/year

I work 2 jobs. First is a full-time job earning 78k/year, where the job is not stable. Second is a part-time job earning 23k/year, where the job is stable. After tax, insurance, etc, I bring in 62k/year.

I get to save close to 39k a year. Half of the saving is invested in stocks/mutual funds.

I am wondering if i should leave this apartment and buy, or stay and continue saving money. I have 55k in savings and 38k in stocks and mutual funds.

Asked about 3 years ago

I’m over 59 1/2 and I want to pay cash for a 1st time primary home. Does that reduce the 20% tax for withdrawal of $80k from my 401k? Can I do a roll-over into different savings(IRA?) Am I limited on how much I can take out of my present fund? Right now, I have about 150k in the fund. I want to reduce debt to increase other retirement savings.

Asked almost 5 years ago

i.e. Should I opt in for a fixed or variable rate?

Asked about 5 years ago

Does home owners insurance cover everything in the home? A friend of mine recently had her home robbed and jewlery stolen, which made me think about what insurance we might need other than our existing home insurance.

Asked over 5 years ago

I am wondering what taxes I should anticipate on a new home. Thanks.

Asked about 5 years ago

Just purchased my first home! I look forward to your response.

Asked about 5 years ago

What are the tax implications for selling a house and how is it calculated? We are renting now and intend to buy a new house, but I am not sure if it will happen within this tax year. Thanks.

Asked about 5 years ago

I have been researching expenses as a result of now owning a home, but I am unclear what might happen now from a tax perspective, how does a home typically impact someone’s tax return, both in terms of new deductions and/or costs?

Asked over 5 years ago

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