Travel Tips…Recommended by Paul Ferraresi

1) After a long flight you do not want to stand in long currency exchange lines. Order foreign currency through your bank before leaving.
2) Get a universal plug so you can charge your phone and other devices
3) Notify your phone and credit card company that you will be travelling. Avoid have cards deactivated or running up high phone bills.
4) If you haven’t travelled in a while check your passport. It may have expired
5) Learn and practice a few words of the country’s native language. It will help build rapport with locals

Have a great trip!

Homeowner Insurance Policy Savings by Paul Ferraresi

*When you have property damage like plumbing or roof leak do something. Don’t let a small leak do more harm to your home. It is your responsibility to mitigate problems. Insures can refuse to pay for a loss you could have prevented.
* Insurance companies offer discounts for improvements that make your homes a better risk. These can include indoor sprinklers, smoke detectors and dead bolts. Contact your agent as you can be missing out on great discounts.
* Inform your agent about upgrades. Examples are new plumbing and electrical systems, or, burglar alarms. One client did upgrades and cut yearly premiums by $400.
* Think twice before filing a claim especially if it is less than $1000 above your deductible. The premium increase after a few years will be greater than the amount of your claim. The purpose of this type of policy is to cover a catastrophe not every nick. If you file 2 claims in a 3 year period you are sure to get a rate hike or they may even drop you completely.

WHEN YOU NEED CASH QUICK Recommended by Paul Ferraresi

People are always looking for quick ways to bring in cash. Here is an article from Jean Chatzky that may help you.

Four Insurance Saving Tips

1) Contact your agent when you retire or get laid off and stop driving 20 miles or more to and from work. There is a discount for driving fewer miles

2) Insure your identity. It is available as a rider on many homeowner policies for about $25. Your insurer will work with police and credit bureaus to restore your name, and, reimburse costs related to restoring your credit.

3) Save around $100 per year with some insurance companies by installing a tracking device to monitor your driving habits.

4) Before you file a claim, talk with your agent to make sure it is valid. Some things are not covered and a bad claim in the database could make it tougher to file a later claim

2018 Tax Alert : Rental Real Estate by Paul Ferraresi

The newly implemented Tax Law for 2018 through 2026 has some marvelous benefits for individuals. True , what the Government “Giveth” the Government “Taketh” away.
Namely, with any new tax savings in an area one pays taxes in another area.

For most Americans the “SALT” (State, local, sales and property tax deduction)limitation of $10,000 will be hurtful .

Be Aware!!!! If you own rental property and report it on Schedule E, there are new limitations. If you have Schedule E losses , then, those losses begin to Phase Out at incomes of $100,000. The losses are completely Phased Out at $150,000 of income. See your tax advisor( not Turbo Tax) on how to restructure ownership of these properties to keep your liability protection in place while allowing these passive losses.

An exception to this rule applies to Real Estate Professionals and Developers.