Is deducting real estate taxes possible if I don't own the home? I paid my mother's real estate taxes for years. Now that she's dead, can I still deduct real estate taxes if ownership is shared? Q: I lived with my mother, in her home, for 44 years. I have helped her with her home [...]
What should I do if I don’t qualify for the full home sale exclusion? This wants to know if they have any other options to reduce taxes on the home sale. Q: We're a French family moving back to France next year. I read that a married homeowner who has lived in his principal residence [...]
What happens if your mortgage servicer can’t find your loan? These homeowners couldn’t figure out how to make payments and now they’re in hot water. Q; We have lived in our house for 15 years. About four years ago our mortgage was sold to a different loan servicing company. We called the new company several [...]
Do I have to pay tax on property sold overseas? This reader wants to use funds from the property sale to invest in real estate in California. Q: I own a piece of real estate overseas and I’ve owned it for quite some time, even before I became a U.S. citizen. I would like to [...]
COVID-19 pandemic update: property tax payment extensions and penalty waivers. There are now 16 states offering some form of COVID-19 property tax relief. Relief programs for financial obligations continue to become available as more Americans have their incomes disrupted due to the coronavirus pandemic and the resulting economic slowdown. The average American household spends $2,375 [...]
How much tax do you pay when you sell a rental property? How home valuation and depreciation factor into taxes when selling investment property. Q: My father in law is selling a duplex he rented out for about 10 years. The sale price is going to be around $300,000. His accountant says that he should [...]
How much do I have to pay in real estate taxes? The answer can be found in the purchase contract that was signed at closing. Q: I am trying to find out about the real estate taxes on the home I bought just about two years ago. What I need to know is how much [...]
What happens to my property taxes when I pay off my mortgage? I am finally done paying off my mortgage, but I’m wondering if my property taxes will change. Will my real estate taxes change or will my property be reassessed after making my last mortgage payment? Q: I’m just about to pay off my [...]
Should I refinance for 15 or 30 years? When refinancing a rental property, think about your long term and short term goals. Q: I am interested in refinancing a rental property that qualifies for the Home Affordable Refinance Program (HARP). I owe $91,000 on the first mortgage and I have a second mortgage at $19,000. [...]
