Finance Questions

Archive for August, 2007

Question: FHA vs Conventional Loan Question?

I am weighing out a FHA vs conventional loan. The reason I am even considering a conventional loan is because I cant seem to get any offer accepted in San Diego (I am offering 110 – 110% of list price). I keep missing out to ALL CASH offers and conventional loans…

Answer: Are you working with a REALTOR? If not, then I strongly suggest you find a good buyer’s agent and let him or her help you find what you want. If you are only looking at foreclosures then you are competing against investors who have cash and you will lose every time.

Look at homes that are not in short sale or foreclosure and be willing to pay more. I know of a Florida agent who represents investors. He makes offers on multiple properties on behalf of his clients. If more than one offer is accepted then the buyer will withdraw his offer or even buy two properties!

You need professional help and you should not be dealing with the listing agent.

Can You Fight A Foreclosure Part 1 of 3

Question: How to find out who owns a Coop Apartment – have the address?

I’ld like to find out who owns a particular coop apartment. I have the address and would like to do a reverse look up of the owner. The property is in Brooklyn, NY. I did a search on nyc.gov/finance for the property but it shows that the whole building is owned by a company, and there are no individual owners for each apartment. Where else can I look?

Answer: A coop apartment does not have an individual owner.

A coop is set up as a corporation who owns the entire building. All of the apartments. An apartment “owner” actually does not buy thier apartment but only buys shares of the coop, and in return for this coop ownership recieves an apartment.

There are many negitives issues that have hurt coops and that is why individucal ownership of individual apartments instead of a coop style.

So the corporation owns it, so you would be buying shares in the coop to take over an apartment there

NYC free financial advice, how about 24/7 community ctr in mega dorms?

Question: What Are The Similarities And Differences Between An Accounting, Finance, Mathematics, And Economics Degrees?

Answer: I think a brief description of each type of degree would be useful for you.

Mathematics – I don’t know much about this, to be honest. But I would imagine that a maths degree would be one where you are trained in maths and numbers and how they related to different situations. It teaches you analytical thinking and problem solving.

Accounting – When a company does business, in very simple terms, money goes in and money goes out. Accounting deals with determining when, where and how much money has gone out. It summarises all this information and then it gives advice on what to do in the future.

Finance – When people invest, they want the highest return at the lowest price. When people want others to invest in them, they want to get the highest price possible. Finance deals with the conflict between these two parties.

Economics – This looks at how behaviour in markets affects the welfare of different societies. It also tries to understand why things in markets happen the way they do, the implications of everything that happens and what this might mean for the future.

I guess you could say that all these degrees use numbers. Some more than others.
I think that Accounting, Finance & Economics are similar in that they deal with the commercial world. So the basic ideas in those three are somewhat similar. There is maths involved in Accounting, Finance & Economics, but not to the level in an Mathematics degree.

I’m not sure I’ve answered your question. But I do hope that I helped somewhat!

:]

Business, Accounting and Finance undergraduate degrees at Queen’s Campus, Durham University

Question: Our tax dollars have bailed out the Auto & Finance Corporations. Shouldnt this make us STOCK HOLDERS?

The leaders of our Country have used our TAX Dollars to Help the few…AGAIN. Shouldnt this mean that we have Paid our debts and Mortages, Loans and Financed Property OFF, Because these Corporations are recieving a break, PAID IN FULL. Shouldnt our loans be PAID IN FULL?

Answer: At first, I thought the same way – that the bailout only helped the few. Then our local paper did a story about how much of our local economy was based on the auto industry, even though we are several states away from Detroit. Interestingly, about 15% of our tax base was dependent on the automakers (dealer taxes, income taxes, new car taxes, wage taxes by employees of dealerships, auto transportation, etc.). If the auto industry crashed, our local economy would also crash since it’s on the edge right now too.

I’m still not sure whether the bailout plan has enough controls in it and will keep the auto industry afloat, but it will keep it going long enough to keep our local economy afloat for the next few months…and hopefully by then the economy will be stronger or our local government will have made adjustments to stay afloat too.

I’d rather have our tax dollars used to keep jobs and industry in America, than for loans or bailouts to other countries or pork barrel projects with even more limited benefits to Americans.

Showing Results – International Finance Corporation (IFC)

How is a child’s capital losses treated for tax purposes?

Any capital losses in an UGMA / UTMA account belong to the child, not the parents. The parents cannot report the capital losses on their tax return or use the losses to offset their own capital gains.
Generally, if the child’s has ordinary income of $3,800 or more, the child will be able to use capital losses (up to a maximum of $3,000) to offset this income. Capital losses in excess of $3,000 will be carried over the next year.
Figuring a child’s capital loss carryover:

The amount the child’s capital loss carryover is the amount of the child’s total net capital loss that is more than the lesser of:

1. The child’s allowable capital loss deduction for the year, or
2. The child’s taxable income increased by the child’s allowable capital loss deduction for the year.

If deductions are more than income for the tax year, use your negative taxable income in computing the amount in item (2).
Note: If the child has a capital loss carryover, it is recommended that a return be filed even if no return is required to be filed.
Example: For 2005, a child had $1,000 of interest income and a $5,000 capital loss from the sale of stock. The child’s taxable income is ($2,800) computed as follows:

To figure any capital loss carryover to 2005 use the Capital Loss Carryover Worksheet in the 2004 instructions for Schedule D. To figure the carryover now, see IRS Publication 550, Investment Income and Expenses.