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Friday, July 19, 2019  Spokane, Washington  Est. May 19, 1883
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Stories tagged: Tom Kelly


Tom Kelly: Part-time, full-time rental income rules differ

Do you have to declare the rental income from your home or vacation cabin to the Internal Revenue Service on your annual income tax return? How much is too much …


Tom Kelly: Don’t panic over last-minute cancellation

A last-minute rental can be an unexpected goldmine for a vacationer and a pain in the pocketbook for a second-home owner.


Tom Kelly: Second-home extra spaces can pay dividends

In a recent column, we addressed the underestimated pool of friends, neighbors and business associates who would rent your getaway because they have an idea that they would like what …


Tom Kelly: Never underestimate your circle of friends

A former neighbor, Edith Ekert, once said the best way to fill her vacation cabin near a popular ski lift with responsible families was to insert a notice in the …


Tom Kelly: Living trust can be a flexible alternative

In a recent column, we explored the use of a life estate and the complexities of selling a home when both the life tenant and remaindermen have real interests in …


Tom Kelly: Tax-free cash to rental owners under 14-day rule

According to the Internal Revenue Service, an owner can derive tax-free income from renting a property, provided the owner rents it out for 14 days or fewer and doesn’t claim …


Tom Kelly: Creative tools bolster vacation rental industry

An old friend of mine who owns and operates a small development company showed up in town for a weekend event. We blocked out some time to revisit the old …


Tom Kelly: Revisiting the way our nation approaches housing

A study presented by the American Enterprise Institute, or AEI, believes the U.S. housing system fails because government support of funding encourages overbuilding and speculation and relieves investors of risk …


Tom Kelly: Second-home owners look to alternative financing

Many second-home owners – especially those in the full-time vacation rental business – are looking to purchase another property but are facing stringent financing guidelines. The same challenges, even with …


Tom Kelly: Second-home owners ‘go creative’ to fill vacancies

With the summer rental season right around the corner, second-home owners hoping to rent out their getaways to travelers and vacationers are looking for creative ways to fill remaining vacancies …


Tom Kelly: Where’s the buyer loyalty when open-house agents surface?

Corporate transfers often surface in the first quarter of the year. While some companies bend over backward to accommodate and facilitate, many workers are on their own to find a …


Tom Kelly: Charitable remainder trust as exit strategy

Defer tax on rental, but when must you pay? Real estate investors, especially small-time players with one or two rental properties, may have more exit options available to them with …


Tom Kelly: No tax deduction for paying Mom’s mortgage?

Have you moved into your mother’s home, paid her monthly mortgage yet have been unable to take a mortgage interest deduction on your federal tax return because you are not …


Tom Kelly: Double-check a couple of deductions before April 15

Both the mortgage interest and home office topics need to be double-checked before the April 15 deadline.


Tom Kelly: Living trust can be a flexible alternative

In a recent column, we explored the use of a life estate and the complexities of selling a home when both the life tenant and remaindermen have real interests in …


Tom Kelly: Does a life estate have cash value?

What, exactly, is a life estate? Does it have any value? The question surfaced recently when the stepmom of three siblings talked about the possibility of moving into an assisted-living …


Tom Kelly: Early bird just a part of the competition

An interesting purchase-sale controversy surfaced recently when the first person to make an offer on a home wound up in second place.


Taking the cash: Luxury raffle winners usually decline ‘sizzle’

The big fundraiser at our parish raffle every year was a new car “donated” by a local dealer. The pastor said the winner usually decided to take the cash alternative …


Tom Kelly: Big difference when home raffle includes essay contest

While recent nationally syndicated stories have raised hopes about the possibilities of alternative selling methods, home raffles and essay contests remain problematic.


Tom Kelly: Some timelines for residence exemption are confusing

If you’ve traded for a lakefront getaway condo and now think you would like to live there, make sure you own it for five years before attempting to pocket a …


Tom Kelly: ‘Who’s the local expert agent … I mean broker?’

When we bought our first home, my wife and I were stunned to discover the person representing us in the transaction did not have a real estate license. Here we …


Tom Kelly: If you charge for waterfront access, check your insurance

Most states now have guidelines as to how business and rental property owners treat and protect their waterfront, especially when children are present. In summary, these owners are required to …


Tom Kelly: The comparative expense of a reverse mortgage

Reverse mortgage funds can help seniors stay put in the home they own and close to their friends, church and familiar environment.


Tom Kelly: Appraisers are not building inspectors

The subject of appraisers and a structural flaw came up again last week when a friend asked if an appraiser should have known and disclosed appearances of dry rot in …


Tom Kelly: Reverse mortgage ‘subordination’ clarified

If you are a senior and struggling with the expenses that are allowing you to remain in your home, take the time to research a reverse mortgage.


Tom Kelly: Higher appraisal brings out an agent’s competitive side

In a recent column, we asked if a person who serves homebuyers and sellers for a living should be held to different guidelines if they are competing to purchase a …


Tom Kelly: Revisiting how our nation participates in housing

If the government was removed from home financing, special category loans would need to be included in any new system. We simply have to remember that special, by definition, means …


Tom Kelly: The playing field should be the same for first-time buyers, investors, agents

The question becomes: Should a person who serves homebuyers and sellers for a living be held to different guidelines if they are competing to purchase a home?


Tom Kelly: Don’t trust another to communicate with your real estate agent

The first thing to remember is that nobody can read your mind. Make sure your real estate agent knows your concerns and keep all communication lines open.


Tom Kelly: Old consumer loan method applied to home mortgage

The borrower on a loan had planned to pay the small balance off within three years and save some interest money but was shocked to discover the loan structure – …