Author: Samuel J. Tamkin

Tax Implications of Inheriting a House

Q: My husband is 85. He is on 100 percent VA disability, plus homestead exemptions. Our home is paid for, and due to the exemptions we pay no taxes on it. If we deed our home to our children, but …

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How to File a Title Insurance Claim

Q: I purchased land in 2003 and obtained a title insurance policy from one of the most prominent title insurance companies in the country. Additional title searches and policies were issued when I obtained a construction loan and a loan …

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Posted in Real Estate | Tagged , , , | 2 Comments

Reporting Cancellation of Debt Income to IRS

Sell a property or lose it in foreclosure, you may end up with phantom income and have taxes to pay taxes on the forgiven debt. Q: Will mortgage companies report to the government the loss of a foreclosed property so …

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Loan Modification Hell May Lead To Class Action Lawsuits

Loan Modification Hell May Lead To Class Action Lawsuits. A Federal Appeal court in Chicago seems willing to allow the case to move forward. Q: I was listening to your radio show recently when a gentleman called in to talk …

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Who Pays For a Home Inspection Report When Buying A Home

Who Pays For a Home Inspection Report When Buying A Home if the report is then used by a subsequent buyer and that buyer benefits from its use? Q: As a short sale buyer, I paid for the well and …

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Reporting Fraud and Bankruptcy

If you suspect fraudulent transfers in a bankruptcy case, you may have to report the fraud and hope the trustee in the case comes to help you. Q: How do I report a fraudulent bankruptcy after suing our seller? The …

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Using An LLC To Buy Rental Property

You may want to use an LLC to buy rental properties, it may be more cost effective to own in your own name with good insurance in your name. Q: I recently purchased a rental property in Illinois. The title …

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Update Your Will For Proper Estate Planning

Good estate planning requires you to update your will to make sure your wishes are met and your heirs aren’t left wondering whether your wishes were satisfied. Q: Our mother passed away quite suddenly. She had her old will out …

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Condominium Insurance Requirement Set By The Board

If you live in a condominium building, you should have insurance coverage for your personal property and for the interior of your condominium. Requirements are usually set by the board of your condominium association. Q: We live in Virginia and …

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Hispanic Homeownership Rate May Influence the Housing Market

Hispanic homeownership rate projections rise: influence the housing market and may become a source for economic growth in the housing market. For many Hispanic families, owning a home has not been in the cards; renting is closer to the norm. …

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