Calculating capital gains on sale of a home is tricky. Especially if you've made improvements to the property. Not everyone enjoys calculating capital gains on the sale of a home. It requires keeping close track of the cost of improvements made to the property over the years. Over the past few weeks, we’ve fielded a [...]
How do I avoid capital gains tax for jointly owned property? This reader wants to know how best to go about using the home sale exclusion when they sell the property. Q: My wife and I own our home jointly. The home has appreciated substantially in the 25 years we have owned it to the [...]
How capital gains tax on the sale of a property held in a trust works. This reader wants to know if they can claim a capital loss on the sale. Q: I enjoyed your column in the Washington Post. I am trustee of my father's trust. Upon his death, his 50 percent interest in the [...]
How do I get rid of PMI on my mortgage? What can you do if you don’t want to pay private mortgage insurance on your mortgage loan? Q: I appreciate your articles and landed on your site after reading your article on prepaying your mortgage. I have a question for you about mortgage loans, private [...]
How joint ownership affects capital gains tax. Joint homeownership affects who pays capital gains tax when you sell, the cost depends on several factors. Q: I own my house, free and clear in Arizona, together with my two sons. If I sell, the capital gains tax is 15 percent. Do we each have to pay [...]
January 15 is the due date for the final payment on estimated 2012 IRS, state, and city income taxes. (You may have already paid the state in December to snag that extra deduction last year). Generally, if you’re going to owe more than $1,000 to the IRS on April 15, you’re going to be on [...]
Most investors have their eye on the wrong ball. They try to time the market, pick stocks, and pick “hot” fund managers. There is no data indicating anyone can engage in these activities successfully over an extended period of time. Much-touted winning streaks of the investment guru du jour are a consequence of luck and [...]
