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 [...]
Second home vs investment property: IRS tax rules. If a property was used as both over time, what are the tax implications when the property is sold? Q: I read your article on avoiding capital gains tax on second homes in our Sunday paper. I have a question that is along those same lines, except [...]
1031 exchange process, timelines and examples. There are a number of ways to successfully complete, or complicate, a 1031 exchange. A few weeks ago, we wrote about like-kind exchanges (also known as an Internal Revenue Code Section 1031 exchange) and the temporary relief being granted to some buyers and sellers during the COVID-19 pandemic. For [...]
COVID-19 pandemic update: home improvement projects impacted by coronavirus. The COVID-19 pandemic has impacted home improvement projects. New insights from Houzz reveal how coronavirus is changing home renovation. The COVID-19 pandemic put much of our daily lives at a standstill. Everything from buying, selling and home improvement projects has stalled. We stopped going out for [...]
What happens when HOA rules aren’t enforced? This reader wants to know what happens if a board approves a request that violates governing documents. Q: I am on the board of directors of my homeowners association (HOA). The dues to our HOA are voluntary. We can't assess liens against any property in our community, we [...]
Revocable vs irrevocable trust: which is better. The difference between revocable and irrevocable trusts and the purpose each serves in estate planning. Q: I am divorced and have two grown daughters. I am placing my house in a trust. My attorney is recommending an irrevocable trust. Which do you prefer, revocable or irrevocable and why? [...]
How do I verify details in an online real estate listing? This reader wants to avoid contacting listing agents after they got spammed with emails. Q: I am interested in selling a house in Cincinnati and moving to Maryland near D.C. I’d like to do this in the near term future but not immediately. A [...]
Should I tell my real estate agent how much I’m pre-approved for? This reader is worried the agent will tell the seller and they’ll hold out for a higher price. Q: Does a real estate agent need to get copies of our pre-approval letter from our lender before taking us to search for homes? My [...]
Is summer canceled because of the COVID-19 pandemic? Not exactly, but some summer events and activities can’t happen while social distancing is in effect. This summer, things are going to be a bit different. The coronavirus pandemic and the social distancing efforts to limit its spread mean that summertime events that draw big crowds are [...]
Real estate closings and remote online notarization in 2020. How real estate professionals are finalizing closings during the COVID-19 pandemic. As a follow up to a recent story on online notaries and remote online notarization, we received several letters and have some more information for our readers. Comment: I understand the need for online notaries. [...]
