When it comes to joint ownership and estate planning, it's important to understand whether you own the property as tenants in common or tenants with rights of survivorship. Q: I have a question. My brother and I got an apartment together nine years ago. We are joint owners. He was never married but has four [...]
Medicaid can penalize you for selling assets, like a second home, for less than they're worth. An attorney can help find the best solution for you and your family. Q: My parents own two homes, one is their primary residence, and the other belonged to my mother’s parents which she received upon their death. Both [...]
Joint homeownership affects who pays capital gains tax when you sell, but the cost depends on several factors. Q: I own my house, free and clear in Arizona, together with my two sons. If I sell, the capital gains tax is 15 percent. Do we each have to pay 15 percent on the profit or [...]
When you sell your home, you have to pay taxes on the sale. As in this reader's case, factors like a transfer of homeownership can affect the taxes you pay. Q: I have read several questions on your site related to quitclaim deeds and the cost basis when the house is sold. My question is [...]
When transferring rental property to your child, is it better to sell it to them or leave it to them in a will? Both ways have their advantages and disadvantages. Q: First, I always enjoy reading your advice column in the Torrance CA Daily Breeze home guide magazine. Your article today, "Selling a rental property [...]
Selling a unique home requires savvy marketing tactics. If the property is truly unique, there are probably few buyers locally (and maybe even globally) who will want to pay for what you've created. But there's always a buyer for even the most unique home at the right price. Q: I’ve dedicated 35 years, plus a [...]
Prepayment Penalty: Will I Have To Pay a Prepayment Penalty If I Close Before The Penalty Period Is Up?
We often get questions about prepayment penalties and whether the penalty period will apply if a homeowner sells the home rather than just prepays the mortgage. Q: I just signed a contract on my house with a closing at the end of next month. I also bought a new house with same closing date. I [...]