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Do Revocable Trusts Need a Separate Tax ID Number?
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 [...]
Aging in place: Forgetful seniors cause property damage
Aging in place: forgetful seniors cause property damage Q: What do you do about forgetful seniors who are hellbent on aging in place and are causing property damage? We live in an upscale condo high rise building. We have a sizable group of aging residents who cause damage to units around them and common areas. [...]
Adverse Possession | If You Pay Someone’s Property Taxes Do You Own the Property?
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 [...]
How Can Property Go To A Spouse After Death?
How can property go to a spouse after death? Brother gave his sister the deed and never put his wife on title to their home. Q: Our local newspaper printed one of your articles, “Joint Property Co-Owner Dies Without Will.” My brother recently passed away. He was married but never made the effort to put [...]
Dementia and Real Estate: Caring for Dad in Home
Dementia and Real Estate: Caring for Dad in home. How can one reader keep her father in her home while still living independently with her family? Q: My parents own a five-acre parcel of land. My father is ill with dementia, and is living there alone. My mother assists him from a home she owns [...]
Elder Fraud or Elder Abuse?
Elder fraud or elder abuse? Godson worries his family is trying to steal his godfather's money Q: I'm wondering if someone is trying to steal my godfather's money. It could be a case of elder fraud or elder abuse. Here's what's happening: My godfather was put into assisted living by his family. He has a [...]
Paying Estate Tax and Capital Gains Tax
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: Switching rental and primary residences
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 [...]
Capital Gains Tax on Real Estate
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 [...]
Capital gains tax on inherited property?
Capital gains tax on inherited property? Q: My husband died and I am the beneficiary of his trust, which was transferred to me. Basically everything he owned is in the trust, including our home. I transferred the title to the home into my name. I took no money out of the trust and I didn’t [...]