Property Inheritance Saves More Taxes Than Quit Claim Deed
Learn about property estate planning including repair and maintenance duties. Is using a quit claim deed or an irrevocable trust a better option? Inheriting property saves more on taxes than signing a...
View ArticleDaughter Assumes Mortgage Payments
Can a daughter's name be added to the deed of her home since the daughter has started to make mortgage payments for her parents? While it may seem like a good short-term solution, there are many...
View ArticleQuit Claim Deed Affects Cost Basis
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...
View ArticleBuying Homeowners Insurance For Vacant House
A sibling asks about having a brother move into his widowed mother's now vacant home to facilitate buying homeowners insurance. The family plans for the brother to buy the home but he can't afford it...
View ArticleQuit Claim Deed Transfers Cost Basis
Q: I read your answer to someone whose mother wanted to use a quit claim deed to transfer ownership of her home to four children. My situation is similar, but my question is about the tax consequences...
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Do Appliances Increase the Cost Basis of Your Home?
Do appliances increase the cost basis of your home? The short answer: it depends on your situation. Q: How can you say, as you did in a recent newspaper article, that putting in a new washer and dryer...
View ArticleHow to Determine Taxes After Selling an Inherited Home
When it comes to selling an inherited home, especially if it is out of state, consider how it will impact your taxes. Q: We live in North Carolina but I also own a home in New York City with my four...
View ArticleWhat Happens When You Sell a Property in a Trust?
What happens when you sell a property in a trust? This reader wants to know about the $250,000 gain exclusion and other tax implications. Q: My wife passed away this past year and our home is titled in...
View ArticleTransferring Property to Your Child
Transferring property to your child? Here’s what to do Q: My husband and I want to give or sell our house to our newly married daughter, who is our only child. She will inherit the house when we pass...
View ArticleBuying a Vacation Home with IRA Funds
Thinking of buying a vacation home with IRA Funds? Watch out for higher fees when purchasing a vacation home in a self-directed IRA I listen to you every Sunday morning on WGN and I have a question....
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