How do I avoid paying taxes when I sell my rental property? This reader wants to know if they can avoid capital gains taxes without doing a 1031 exchange. Q: My wife and I are about to sell a Chicago rental property we purchased together. The house was our first home and when we moved [...]
What happens when a seller lies on a disclosure? This home buyer discovered damage they believe the sellers’ purposely failed to disclose. Q: When Do You Have Enough Evidence to Pursue a Seller Disclosure Case? We purchased a "remodeled" home early last year. We have recently discovered after doing some deep property cleaning that the [...]
How is real estate commission split? How real estate agents split commissions with brokerages and use it to cover expenses like Realtor association dues. Q: I’m a real fan of your column, but this article on how much commission real agents make is extremely misleading. From the way I read the column, it looks like [...]
Are exclusive buyer agents better than traditional real estate brokers? Weighing the pros and cons of each and how to decide which to use when homebuying. Q: My wife and I have been reading Ilyce’s book, 100 Questions Every First-Time Home Buyer Should Ask, and one of the big things we took from the book [...]
How do you protect yourself when selling a house? This home seller thinks a buyer might be taking advantage of them after a home inspection. Q: I would appreciate your advice on how a seller can protect themselves from being taken advantage of by a buyer. When I put my house up for sale, a [...]
Home buying, selling and getting a mortgage in retirement. This reader wants to know how to time selling their home and getting financing for a new one. Q: I am single and have an 800+ credit score. I plan to retire in the next year or so and move to a small town in the [...]
Using an LLC to transfer property from parent to child. This reader wants to know how to avoid future gift taxes transferring property to their son’s LLC. Q: We are subscribers to Ilyce’s Expert Real Estate Tips YouTube channel. Thanks so much for sharing such good advice and tips. We jointly bought a rental property [...]
Can condo associations ban cannabis smoking in units? This reader wants to know how cannabis smoking can be prohibited if cigarette smoking isn’t. Q: I recently received a letter from my condo association about a proposed amendment to our condo declaration to ban cannabis smoking in our units. The letter states "The Condominium Act states [...]
I received a property tax bill after selling the house, now what? What happens when real estate taxes are still in the seller’s name years after closing? Q: I owned a house for six years and then sold it. It appears the new owners never put the home in their names. Three years later I [...]
Selling a house in disrepair: tax implications. This reader wants to know how selling a rundown family home will affect their income taxes. Q: I recently received title to a home from my brother by quitclaim deed. He purchased the home in 1982 from my parents who at the time were in financial trouble. My [...]
