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Paying Tax on Sale of Foreign Property

By | April 26th, 2023|

Am I required to pay tax on sale of foreign property? Q: I sold my house in my home country of Guatemala last year for around $90,000. The buyer paid me half of the sales price by wire transfer to my United States bank account. The other half was paid to me to an account [...]

Transferring Property to Your Child

By | April 26th, 2023|

Transferring property to your child? Here's what to do Q: My husband and I want to give or sell our house to our newly married daughter, who is our only child. She will inherit the house when we pass and receive the benefit of the stepped-up basis at that time, but we hope to be [...]

Common Elements in a Condo Association

By | April 25th, 2023|

What are the common elements in a condo association? What happens when one homeowner makes changes to common elements?  And what happens when they don't check with the condo association board before making those changes? Q: I live in a rather small condominium building of seven units. As you can imagine, our finances are fairly [...]

What happens if my neighbor’s tree falls?

By | April 6th, 2023|

What happens if my neighbor's tree falls and there is damage? Who pays for the damage caused when trees or tree branches fall?  With the increase of wild weather this Spring, we're getting an influx of questions from readers whose trees fall and cause damage to their own property and to their neighbors. They're also [...]

Applying for Senior Real Estate Tax Freeze

By | March 30th, 2023|

How do you apply for senior real estate tax freeze?  What documents would you need? Q: I am going to be applying for the senior real estate tax freeze on my house this year. I do own my house but I don’t have any paperwork of any kind that says I am the owner. How [...]

Putting an Offer on a House that is Under Contract

By | March 21st, 2023|

Can you put an offer on a house that is under contract?  Also what is the difference between under contract and contingent. Q: I’m interested in a property that is under contract but is also under a contingency. I find it odd that this house has been contingent for over six months! I want to [...]

How Does a Homeowners Association Work?

By | March 16th, 2023|

How does a homeowners association work? What are the governing documents of a homeowners association? Q: How does a homeowners association work? In Illinois, do changes to a condominium’s rules and regulations require approval from the condo association residents? And, how can homeowners change the association rules and regulations? Governing documents in a homeowners association [...]

Owning a Home Before Marriage

By | March 16th, 2023|

Should you own a home before getting married? Unmarried couple looking for advice on owning a home together Q: My daughter is looking to purchase a home soon with her boyfriend. They are not yet married and I would like to give her some advice on how to title the home before they get married [...]

How do you find a good contractor?

By | February 23rd, 2023|

How do you find a good contractor?  Q: My husband and I have found it impossible to find a contractor to build a small family room and deck off the back of our Chicago home over the last four years. While it is a modest project, there are structural issues and some unusual elements, including [...]

Inheriting Property with Siblings

By | February 14th, 2023|

Inheriting Property with Siblings?  If you and your siblings are inheriting property from your parents or another family members, and everyone isn't on the same page about keeping or selling the property, you'll want to read this story. Distributing Assets Differently then Stated in the Will This week, we’re publishing comments and observations about two [...]

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