Will my son inherit the house? Q: I purchased a house with my married son several years ago for him to live in. My husband and I gave him the money for the down payment. Only my credit was checked when we purchased it. Both my son's name and my name are on the deed [...]
What are some common homeowner association problems? So many homeowners have problems with their homeowner association. Whether you live in a condo, co-op, a townhome or subdivision, each version of a homeowner association has a set of common problems that everyone will face. Sometimes it's mismanagement of the homeowner association itself or the association hires [...]
Selling a home outside the U.S.? You may owe taxes to the IRS. Q: I sold my house in my home country of Guatemala last year for around $90,000. The buyer paid me half of the sales price by wire transfer to my United States bank account. The other half was paid to me to [...]
Can you avoid capital gains tax by gifting? A reader wants to know if they can reduce a potential capital gains tax bill by gifting a portion of the home to his daughter. Q: My daughter, my wife and I are co-owners of the home. Our daughter lived with us until 2021. We bought the [...]
What happens if my neighbor's tree falls and there is damage? Who pays for the damage caused when trees or tree branches fall? With the increase of wild weather this Spring, we're getting an influx of questions from readers whose trees fall and cause damage to their own property and to their neighbors. They're also [...]
How does a homeowners association work? What are the governing documents of a homeowners association? Q: How does a homeowners association work? In Illinois, do changes to a condominium’s rules and regulations require approval from the condo association residents? And, how can homeowners change the association rules and regulations? Governing documents in a homeowners association [...]
How do you find a good contractor? Q: My husband and I have found it impossible to find a contractor to build a small family room and deck off the back of our Chicago home over the last four years. While it is a modest project, there are structural issues and some unusual elements, including [...]
Why do high credit scores matter? High credit scores help determine a person's creditworthiness. Creditors are much more likely to give you a loan or approve your credit card application if you are deemed credit worthy. In addition, if you have a high credit score, you'll get a lower interest rate offer and often a [...]
Can we switch inheritances? Two brothers don't want to share the two properties they inherited. They'd rather switch inheritances, so that each brother inherits a separate property. Can the estate handle this? Inheritances Can Be Complicated Q: My brother and I inherited two houses upon my father's death. We each share half interest in each [...]
Inheriting property in a trust is far easier than going through probate. Q: My dad owns a duplex. He lives upstairs and rents the downstairs unit. He wants me to inherit the property after he dies. Should we transfer ownership of the property by will or by adding me to the deed? I understand all [...]
