Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
Placing a Lien On Property That Isn’t Owned By The Debtor – Yet!
Placing a Lien On Property That Isn’t Owned By The Debtor isn't complicated. A landlord wants to place a lien on a property, but the property isn’t owned by the debtor yet. He will inherit it at some point in the future. What can the landlord do? Can I place a lien on property in [...]
What You Need to Consider Before Buying Your First Home Later in Life
What you need to consider before buying your first home later in life? From mortgage terms to tax deductions, there’s many decision to be made before buying your first home. Note: This post has been updated to reflect a correction to the amount of the 2018 State and Local Tax (SALT) deduction change in the [...]
Claiming Home Ownership Through Adverse Possession: What You Need to Know
Claiming home ownership through adverse possession: What you need to know in order to put the home in your name. How do you claim home ownership through adverse possession? What you need to know in order to put the home in your name? These are some of the most commonly asked questions about adverse possession. [...]
How to Sell Your 1031 Exchange Inheritance
How to sell your 1031 exchange inheritance in order to avoid complications with taxes after the sale. Q: I have inherited a 1/3 interest in a property that is part of a 1031 exchange. The total value of the property is being split between 3 heirs and is worth about $150,000. Is there any way [...]
What Happens When Property is Promised to You but Not Written in the Will?
What happens when property is promised to you but not written in the will? Depending on how the will is written, you may be out of luck. Here’s what you should know. Q: My father told my dying sister her husband would receive her portion of his estate, including his house, in the presence of [...]
Can Selling Inherited Property Affect Your Healthcare Subsidy?
Can selling inherited property affect your healthcare subsidy? Depending on the value of the property, it could. What you should consider before selling. Q: When my mother purchased her small condo 20 years ago she put it in my sister’s name and in my name. She passed away a few years ago and my sister [...]
7 Big Life Events That Might Impact Your Taxes
7 big life events that might impact your taxes. How big life events like getting married, having a baby and inheriting money might impact your taxes. 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 [...]
What Happens to My Timeshare After My Death?
What happens to my timeshare after my death? Scammers will try to convince you that your children will be responsible, but is that really the case? Q: I just read your article about considering fees and finances before inheriting a timeshare. As a timeshare owner who cannot sell or give his timeshare away (because, as [...]
What You Need to Know Before Selling a Home Willed to You
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 [...]
Real Estate Development Inheritance Costs Heirs Money
Real estate development inheritance costs heirs money. This reader expected a windfall and is wondering how to turn a money-losing situation into something that's at least breakeven. Q: My husband inherited a private development in West Virginia that his father owned. How does one go about starting a homeowners' association (HOA) for something like that? [...]