Property Transfer To Family: Inheritance Or Gift Best Way?
Should a person give a family member property or let the person inherit it? Ilyce tells the reader that inheriting property is better than receiving it as a gift because of the taxes involved. Putting the property in trust and bequeathing it to a family member upon the person's death helps the…
Hire Attorney To Resolve Title Problems
When your spouse passes away and the title to your home has the name of another individual on it, what can you do? One option is to offer to buy out the other party whose name is on the title to the home. Another option is to hire an estate attorney to resolve title problems.
Comment From Today's Show: Quit Claim Deed
I received a call asking me to explain the uses of a quit claim deed. I said that, generally speaking, a quit claim deed transfers whatever ownership interest you have in a property to someone else.
For example, if I gave you a quit claim deed for the Brooklyn Bridge, I would transfer any ownership…
Contractor May Help Avoid Extensive Landscaping Changes
What can you do when the property that borders yours is to undergo extensive landscaping changes? Do you have a say in the matter? Even if your local government has approved the landscaping changes you may be able to provide an alternative by suggesting a qualified contractor.
This morning, Zillow (www.zillow.com) announced it would allow homeowners and agents to upload photos and information about homes that are for sale.
"To date Zillow has created a Web page for almost every home in the country - close to 70 million - on which we've placed public records data and our…
Selling Investment Property Successfully
Selling investments property successfully is possible. In this column, Ilyce profiles Frank McKinney a successful high-end real estate developer. McKinney came from modest roots to successfully selling multi-million dollar investment properties and starting a foundation to provide food, housing, and…
Before Building New Construction Look Into Zoning
Before starting a new construction project on your property you should look into the building code and zoning regulations for your neighborhood. To understand the building code for your new construction you should talk to your local zoning official in your local building department and a…
Live From Miami, It's Inman's High-Net Conference
Forgive a few days without a post. I've been in Miami since Saturday, and weather-wise, it's been a most welcome respite from the freezing cold a/k/a the earliest snowfall Chicago has EVER seen -- and that's in more than 120 years of reporting the weather, according to my friend and WGN-TV…
Buying A Foreclosure? Hire A Home Inspector And Attorney For Protection
When buying a foreclosure, it's important to hire a home inspector and attorney to protect yourself from any unwelcome surprises. A foreclosed property may come with maintenance problems that a professional home inspector can identify. An attorney will a home buyer purchasing a foreclosure by making…
Capital Gains: How Much Tax To Pay On Land Sale
Whenever you sell a property you have to pay capital gains tax on the difference between what the property was worth when you got it versus how much you sell it for. An accountant or tax preparer can help you determine exactly how much capital gains tax you'll pay as well as how much state tax to…
Gift Property May Cost Recipient In Taxes
Giving the gift of property may cost the recipient a lot of cash in taxes. There are other options for a person than giving away the property, so as not to cost the recipient much money in gift taxes. The person could give a portion of the property or the person can purchase the land and the giver…
A homeowner is wondering if now is a good time to take his profit out of the townhome and buy a single family home. While property has appreciated dramatically over the years in some markets, we've seen the residential real estate market soften quite a bit in some areas. Now might be a good time to…
How To Determine Your Property Line
If a neighbor is encroaching on your land or trying to claim some of your property as his own, you need to determine where your official property line lies. If you want to know what is the official boundary between your property and your neighbor's, you can hire a surveyor to survey the land and…
Buying Unusual Landmark Property
Have you seen the show "ReZoned" on HGTV that features unusual landmark properties? How would one ever find a cool landmark property to buy?An experienced real estate agent can help you track down a hard-to-find landmark property.
Tax Implications Of Flipping Real Estate Before Construction
This reader is hoping to flip a property before it is constructed but is concerned about the tax implications. Ilyce explains if you make a profit by selling something that you own, even if it's real estate that gets flipped before construction is complete, you have a taxable gain. Just what kind of…
Property As Gift: How To Avoid IRS Gift Tax
If you are going to give someone the gift of property, there are ways to minimize or avoid the gift tax. You can give the property and pay the gift taxes for the person. You can also give the property in increments of $12,000, the maximum amount anyone can give without having to pay the IRS' gift…
Inheritance Property Sold To Investor, Other Heirs Want Property Back
What should you do if you inherit a portion of a home, but another heir sold his portion of inheritance property to an investor. The other two heirs want to keep the inheritance property and wants to get it back from the investor. Ilyce helps explain how to proceed with this inheritance property…
Transfer Tax Requires Declaring Personal Property
A buyer is purchasing a home in a community that requires the buyer to pay a transfer tax. The buyer is allowed to deduct the amount of "personal property" that is part of the deal. Now the buyer is trying to figure out exactly what qualifies as "personal property".
Real Estate Agent: Great Local Agent Key To Great Property Deal
A great local real estate agent is the key to getting a great deal on property. Ilyce notes that in order to get the great deal on property this person is looking for, they need to find a real estate agent that works the area on a daily basis. A great local real estate agent will tell the buyer what…
Never Too Old For Real Estate Investments
Is it too late to start investing in real estate property? To be successful with investment property you must be willing to take the good with the bad when it comes to managing tenants. Ilyce reminds the reader that 50 is the new 30 if you are cut out for the landlord business.
Holding Title As Tenants By Entirety
Titles can be confusing especially in regards to ownership clauses. There are differences and benefits between tenants by the entirety, joint tenancy and tenancy in common. Some real estate attorneys feel that married couples have even better protection with tenancy by the entirety than with joint…
Interest Only Loan Helps Home Owner Reduce Mortgage Payments And Purchase Property
A home owner would like to know how to reduce monthly mortgage payments to purchase another property. Ilyce discusses the history of the increase of mortgage rates and suggests taking out an interest-only loan to reduce his current mortgage and finance another property. The home owner should talk to…
Condominium Buyer Looks For Builder Who Left Unfinished Landscaping
A condominium buyer looks for the builder who left the landscaping unfinished. The town the condominium buyer lives in is demanding the builder finish the landscaping. Ilyce advises the condominium buyer on what legal options are available to help find the builder and get the landscaping finished.
Selling Off A Portion Of Home Lot
A homeowner selling a portion of their lot and continuing to live in their current home wants to know what capital gains will need to be paid on the sale. You are not required to pay capital gains taxes on the sale of residential property as long as you have lived in the home for 2 of the past 5…
ThinkGlink Radio Show for Jun 26, 2005
Ilyce discusses inflated CEOs' paychecks, the recent trials against corporate executives, and what shareholders are getting from these overpaid execs. She asks shareholders, "Why are we paying them so much money?" Other topics and calls for this episode include identity theft and buying property.
