When a parent adds their children to the title of their home - and later sells that home - the tax implications for the children are complicated. Q: I read somewhere that what my mother did by putting her kids on the title to her home with her was wrong. How can the title be [...]
When a vacant lot in a depressed area becomes seemingly unsellable, a lot of creative thinking and hard work is needed to get the property off your hands. Q: Six years ago, I inherited a vacant lot from my dad when he died. My dad purchased this lot in 1963. However, he never did anything [...]
Many factors have to be considered when your lender backs out of a mortgage before you can take action against them. Here are a few that this reader and I want you to remember. Q: I’m writing in regards to your response to a reader’s question that was published in my local paper several [...]
Cosigning a mortgage for foreign property? What you need to know at tax time so you don’t get caught by the IRS. Q: I was wondering if you could help me find some answers. I helped my cousin buy a home in Canada which she used as her principal residence. I did not help her [...]
While you can’t always predict future tax liability on investment property, here are issues that many real estate investors struggle with when structuring an inheritance. Q: We have a rental property (titled in the name of our trust) which shall pass to our three sons upon our deaths. When our sons sell the property [...]
Before hiring a Realtor, this couple wants to visit a few open houses. Are there consequences for visiting an open house without an real estate agent without one? Q: My wife and I have recently started looking for a home, but we do not have a real estate agent yet. We are currently looking into [...]
The best time to take out a home equity loan varies depending on the lender and the home value. Q: My home will be paid off in February. My bank recommended that I obtain an home equity loan now. They told me that if I waited until after if was paid off I’d lose 30 [...]
Purchasing an investment property as an individual that you plan to transfer to your LLC later can have a ripple effect on your liability and property taxes. Q: I own a limited liability company (LLC) that holds some rental properties free and clear. The commercial lenders I speak with aren’t interested in a loan smaller [...]
Using a self-directed IRA for real estate investing can be a complex process involving countless rules and regulations that may not be worth the hassle. Q: I've enjoyed your columns for some time. What is your opinion of self directed IRAs for the purpose of buying real estate within the vehicle? My son is a [...]
When a loved one must be moved to a care facility, there are ways to leverage their property in order to afford the high cost. Q: My father has Alzheimer’s and I have power of attorney over his home. Due to the past hurricane damage, the home is in need of major repairs, everything from [...]
