Should you put your rental property in an LLC? These parents want to transfer a rental property to their son's LLC and want to know about tax implications. Q: We are subscribers to your YouTube channel, Expert Real Estate Tips. Thanks so much for sharing such good advice. I’d appreciate if you could advise us [...]
Is property sold in a trust taxable? Inheriting a home through a trust usually simplifies the selling process, until you consider capital gains taxes. Q: I need some advice about selling a home held jointly in a trust in my name and my brother’s name. This was my mother’s house originally and she has since [...]
Tax reform has caused a lot of confusion in 2018 for taxpayers, tax-preparers, and homeowners looking to deduct home loan interest. The recent Tax Reform Act has caused consternation for taxpayers, tax-preparers and even syndicated columnists. In a recent column, we addressed the issue of the deductibility of interest in an equity line of credit [...]
Filing your taxes when you move out of state can quickly become complicated. Consider all of these factors before you file. Q: We sold our house in Connecticut and moved to Virginia. Do we have to file income taxes in both states? Our house was sold in end of July of last year and we [...]
The IRS opens for business next week, and millions of Americans will start filing their federal and state tax returns. Online tax software companies guide you through the tax-filing process by highlighting big life events during the past year, but you can do the same thing on your own. Would what happened last year affect [...]
What Is The Right Way To Title A Home Purchase To Reduce Future Taxes? Should you choose joint tenancy with rights of survivorship or a trust? What impact will the way you hold title have on capital gains or inheritance taxes? Q: My mom sold her property and put all of the proceeds into [...]
What happens if there’s no will? Homeownership and property taxes are two key issues to sort out if someone dies intestate (with no will) but has real property. Q: Does a family member or friend have to start paying property taxes after the owner of the house (who was over 65) dies in order to [...]
This reader needs to determine who in their family will receive a property tax deduction, since the ownership of the home is unclear. Q: My grandma's house is in probate as she passed last year. Her grandchildren have been living there and paying the property taxes. Who gets the tax deduction for those tax payments? [...]
When it comes to selling an inherited home, especially if it is out of state, consider how it will impact your taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each of us own [...]
If you've waited to the last minute to file your taxes, you probably need a few tax hacks to both reduce the amount of tax you owe and make sure that you don't run afoul of the IRS. Here's my list of favorite things you can do before your taxes are due: 1. April 18, [...]
