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.
I got a call at the top of the show from a woman who wondered if she should use the $70,000 her kids inherited to pay off her investment property. She...
A woman tries to reclaim assets after her father's death. Before dying he lived with his mother and gave her power of attorney to handle his affairs. The woman says her grandmother passed on a car and house when the father left them to her (his daughter). What can the woman do to get the car and the house back? What rights did the power of attorney give to the grandmother?
Today on the Ilyce Glink Show, Ilyce reviewed President-elect Obama's economic team selections and his plans to create 2.5 million jobs over the next two years. On news of more bailouts, lower consumer spending and slugging auto sales, she also reviewed shopping's big day, Black Friday, and prepared for Cyber Monday. Ilyce answered questions about paying off property, cashing out a 401(k) to pay off a house, concerns about over-priced real estate, wages garnered for a debt never incurred and what to do with an $180,000 inheritance. To find out more, tune into the show. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. Subscribe to her YouTube channel: www.youtube.com/expertrealestatetips and friend her to be notified about new videos.
On the show today, we had a call from someone who wanted to know about selling a home his Dad owned in California. The son, a resident of Georgia, is ...
How does the recording of a quit claim deed affect an inheritance? An Ohio family may own a West Virginia property received by an unrecorded quit claim deed. If the quit claim deed is valid, title of the inherited property may have transferred when the deed was delivered. If the quit claim deed is invalid, the probate court for the former owner of the property would decide who the new rightful owner of the property is.
When someone dies, who inherits the contents of the estate? Does it go to the person's spouse or children, or both? It depends on the state where the deceased lives and whether that person had a will. To ensure that your estate planning wishes get executed make sure to have a valid will.
In settling an estate, the administrators have to pay any taxes due, if the estate has a large enough monetary value per the IRS requirements. In some cases, the estate will have enough cash on hand to pay the taxes due. An estate administrator asks about paying taxes on a $5 million estate. The estate lacks the money to pay the taxes but the administrator wants to take out a mortgage on a $2 million property that's part of the estate.Chances are good that a bank would grant a mortgage loan on such a property and that the administrator should look for a bank with an interest in the property's location.
The U.S. Internal Revenue Service allows tax payers to deduct some real estate taxes when they file. Can an owner of multiple properties deduct the property taxes from a recently inherited property? A Think Glink reader asks about deducting the property taxes from a property he inherited with his brother from their mother. Sam and Ilyce say it's pretty unlikely that the real estate or property taxes may be deducted because the property is neither a primary residence nor an investment property.
How do you calculate cost basis on a home you receive through a quit claim deed? The type of home ownership is also a factor - for example joint tenancy. Learn how to do the calculation for cost basis and learn the rationale used to determine cost basis when families transfer home ownership using a quit claim deed.