Tax rules when buying a condo for your college student can get complicated, especially with capital gains taxes. Here’s what you need to know. Q: We bought a condo in our name and paid for it with cash. Our son moved into the unit and paid no rent for 18 months. He was working on [...]
How the new tax law affects retired homeowners will vary greatly depending on the state the homeowner lives. These are the basic rules retirees need to know before buying or selling. Q: I am a regular reader of your column for many many years. I am a senior, widowed and have some retirement income and [...]
Selling your home when the property value is less than what you owe on the mortgage can be difficult. Here’s what I suggest. Q: We have a mortgage that has been sold several times over the years. We have recently obtained a copy of the mortgage from our lender. I’m trying to find a reasonable [...]
Will a 1031 Exchange help avoid capital gains tax on an inherited home? When you inherit a home and use it as a rental property, you could face major tax implications when it comes time to sell unless you use a 1031 exchange. Q: Will a 1031 exchange help avoid capital gains tax on an [...]
If you’re selling in 2018, be very happy. The Housing Market looks good for Home sellers in 2018 thanks to low inventory, still-low interest rates and a lot of Millennial interest. If you sold your home in 2017, you were probably happy. If you’re selling in 2018, get ready to be very happy. Home prices [...]
Here's what you need to know before selling a home that was willed to you. There are a few steps you have to take before you can sell the home that was left to you in a will, even if you were the sole heir of the home and other assets. Q: A friend [...]
When a parent adds their children to the title of their home - and later sells that home - the tax implications for the children are complicated. Q: I read somewhere that what my mother did by putting her kids on the title to her home with her was wrong. How can the title be [...]
When a vacant lot in a depressed area becomes seemingly unsellable, a lot of creative thinking and hard work is needed to get the property off your hands. Q: Six years ago, I inherited a vacant lot from my dad when he died. My dad purchased this lot in 1963. However, he never did anything [...]
Cosigning a mortgage for foreign property? What you need to know at tax time so you don’t get caught by the IRS. Q: I was wondering if you could help me find some answers. I helped my cousin buy a home in Canada which she used as her principal residence. I did not help her [...]
When you sell a rental property and want to avoid high capital gains taxes, a 1031 exchange could help you limit your tax liability. Q: We are going to sell a townhouse in a desirable area of town that we have owned for about 25 years. We rented it to tenants during that entire time [...]
