Will a loan from a family member impact my taxes? The IRS will treat the loan differently, depending on how you pay it back. Q: My mom is giving us money to buy a vacation home. We will pay her back monthly but it's more of a handshake agreement. Will there be any tax implications [...]
What to do when your building won’t fix the heating problem. Thinking outside the box for solutions could help you avoid the need for legal action. Q: About 20 years ago, I purchased a condominium unit in an older high rise building in Chicago. From the start, it was freezing cold in the unit each [...]
Selling your home when the property value is less than what you owe on the mortgage can be difficult. Here’s what I suggest. Q: We have a mortgage that has been sold several times over the years. We have recently obtained a copy of the mortgage from our lender. I’m trying to find a reasonable [...]
What happens to my taxes when I use a quitclaim deed to transfer property? The answer depends on a few factors, including whether or not you earned income on the property. Q: I bought a property for my niece some time ago. I paid for it with cash and she was paying me back in [...]
7 big life events that might impact your taxes. How big life events like getting married, having a baby and inheriting money might impact your taxes. The IRS opens for business next week, and millions of Americans will start filing their federal and state tax returns. Online tax software companies guide you through the tax-filing [...]
When it comes to money, Millennials are doing better than many people think. And yet the vast majority are still fretting about their money, even as the oldest part of the cohort has begun applying for mortgages. Let’s start with money. Millennials (age 23 to 37) are saving money. There’s no doubt about it. Nearly [...]
When a lack of seller disclosure and a bad home inspection collide, it causes expensive problems for these buyers. Here are a few suggestions for how they can move forward. Q: What are sellers required to disclose to buyers? We recently purchased a home in Houston, Texas. When we had the home inspected prior to [...]
Handling loud condo neighbors who refuse to turn the music down and respect condo rules can be difficult. Here are a few steps you may want to consider before seeking legal action. Q: I am a condo owner in a four-unit building in Washington, DC. I believe my fellow condo owners are refusing to enforce [...]
Is your mortgage loan forgiven when you outlive the lender? Certain legal loopholes may make it a possibility, but don’t bet on it. Q: I have paid $30,000 of a $60,000 mortgage on vacant land but then got behind on payments. The owner has failed to foreclose. I have continued to pay the real estate [...]
Handling tax issues with a rent-to-own home can cause some tension between the landlord and tenant. You’ll want to have all the details before you make your next move. Q: I’ve been renting-to-own a home for a little over a year now. The owner of the home told me he would continue to pay the [...]
