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Property As Gift: How To Avoid IRS Gift Tax

By Ilyce Glink| 2006-02-14T00:00:00-06:00 February 14th, 2006|

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 tax. There are several options to give property as a gift without having to pay gift taxes on it.

Buyers Taken Advantage Of Without Agent

By Ilyce Glink| 2006-02-07T00:00:00-06:00 February 7th, 2006|

Buyers and sellers should be represented by independent agents. In this case, after making a verbal offer on a condo, the sellers raised the price $500 dollars. It may be unethical, but it is not illegal. You may think you'll be able to get a better deal by avoiding the commission of a broker or agent, but you might be setting yourself up to be taken advantage of.

Transfer Tax Requires Declaring Personal Property

By GlinkAndTamkin| 2006-02-07T00:00:00-06:00 February 7th, 2006|

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".

Second Home Buyers Tend To Be Baby Boomers

By Ilyce Glink| 2006-02-07T00:00:00-06:00 February 7th, 2006|

Baby Boomers, those Americans born between 1946 and 1964, are hitting their prime second home-buying years. A recent study from the National Association of Realtors confirms that the most popular ages to buy second homes are from ages 55 to 65, followed by 45 to 55. Even if the second home market slows a bit, the numbers are still impressive: 78.2 million Baby Boomers who have an estimated $2 trillion in disposable income, according to the 2004 U.S. Census, and are set to inherit trillions more.

Why Isn’t My Home Selling?

By Ilyce Glink| 2006-02-07T00:00:00-06:00 February 7th, 2006|

A home that it is priced below market value still doesn't have any offers. Doing a comparative marketing analysis on the home could show that the house isn't on par with the other for-sale homes in the neighborhood. The sellers also might need to take a critical look at their agent to find out why their home isn't selling.

Calculating Profits On Home Sale

By Ilyce Glink| 2006-02-07T00:00:00-06:00 February 7th, 2006|

The cost basis of a property is calculated by adding the costs of purchasing the home to the costs of sale plus the costs of any capital improvements. Then, subtract the cost basis from the sales price. If your sales prices minus the cost basis doesn't equal a profit, you won't owe capital gains.

Inheritance Property Sold To Investor, Other Heirs Want Property Back

By Ilyce Glink| 2006-02-07T00:00:00-06:00 February 7th, 2006|

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, and how to best protect your interests from the investor.

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Using Power Of Attorney For Quit Claim Deed

Using Power Of Attorney For Quit Claim Deed

By Ilyce Glink| 2017-03-20T10:57:48-05:00 January 30th, 2006|

This person wants to use their Power of Attorney to execute a quit claim deed and gain ownership of their mother's home to avoid the home being used to pay for nursing care. The government can trace transactions such as a quit claim and this one could be seen as fraud. A real estate attorney can help figure out if there is a way to structure the transaction to help the mother pay for her nursing care.

Rental Property, Equity And Taxes

By Ilyce Glink| 2006-01-30T00:00:00-06:00 January 30th, 2006|

When you own property with a parent or manage a rental property for a parent and then want to get money out of that investment property, it can result in tax consequences. When you want to get some equity out of a rental property you need to think carefully about how to proceed. If the parent quit claims the property to the child, the child inherits the cost basis of the property when it was purchased, which may be high.

Benefits of Lease to Sell

By GlinkAndTamkin| 2017-09-06T16:13:24-05:00 January 30th, 2006|

A building owner is thinking about building a commercial office and selling it with a lease to sell agreement. Rather than leasing it, holding onto the building could bring tax benefits for owning commercial property. Using a "lease with the option to buy" could also be an incentive to get additional buyers to consider purchasing it.

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