Sell without paying capital gains tax? A reader wants to know how they can sell their home without paying capital gains Q: In 2020 my husband and I paid cash for a condo that my college son has lived in while going to school. He is about to graduate and get married. We are now [...]
Adding Successor Trustees and Beneficiaries When you should revisit your trust documents Q: My house is held in a trust. My nephew is the successor trustee. He not only is the successor trustee, but he and his sister are each 45 percent beneficiaries. Another nephew is the final 10 percent beneficiary. Only my home is [...]
How do I minimize taxes for my parents? A reader wants to buy her parents' rental property and minimize taxes for them and for herself. Q: How do I minimize taxes for my parents? They have a rental property and own it without a mortgage. They want to sell it to me. Here’s the problem: [...]
Revocable and Irrevocable Trusts A reader wants to know if it is a problem that their revocable and irrevocable trusts aren't funded. Q: On the advice of an attorney, many years ago my wife and I each created a revocable trust. We never funded the trusts because all our major assets, including stocks, bonds and [...]
Calculating capital gains. You'll want to keep receipts to make sure keep your capital gains as low as possible. Q: I read your recent article on capital gains and how to calculate them. Here’s my issue. I thought I could shred a whole bunch of receipts accumulated during my ownership of my home. I see [...]
Do Revocable Trusts Need a Separate Tax ID Number? Q: I have a question regarding my mom’s revocable trust. My brother and I are the beneficiaries of the trust. The home was put on the market while my mom was alive but she has since passed. We actually received an offer for the home on [...]
Adverse Possession: If You Pay Someone's Property Taxes Do You Own the Property? Does paying property taxes give ownership? Q: My question is on adverse possession: If you pay someone's property taxes, do you own the property? I own five acres of land with two others. Two of us have paid all of the property [...]
Paying Estate Tax and Capital Gains Tax Heirs worry they could face double taxation and pay more estate tax and capital gains tax when selling to a relative Q: I have enjoyed your columns for many years and have a question about how to avoid overpaying estate tax and capital gains tax. We have a [...]
Property Taxes on Investment Property: What happens when you switch your primary residence for your investment property? Q: We read your column Real Estate Matters in our local paper and it has really helped us. We live in the Washington, D.C. area. Here’s our problem. We have owned a duplex since 1989. We live on [...]
When do I have to pay capital gains tax on real estate? What's included when calculating the cost basis for his home and what costs of sale count. Q: I have a couple of capital gains tax questions regarding upgrades to my home. First, I had $400 worth of bushes installed last spring in my [...]
