Commercial Property Won't Sell Owner doesn't know if he can give it away or simply abandon his building Q: I own a commercial property that I no longer want to own. The market value of this property is zero as there are many abandoned properties nearby. The real estate taxes are astronomically high for a [...]
Why You Buy Title Insurance Q: A previous owner owes taxes on the home we purchased. We are trying to refinance our home and we were told that there are taxes owing from 2002. We purchased the home in 2004. Are we responsible for paying these real estate taxes? A: It’s hard to believe that [...]
Estate Issues: Transferring Co-owned Assets How estates transfer assets like brokerage accounts or houses that are co-owned Q: I just read your article in the newspaper about the parents weighing the pros and cons of sharing assets with their daughter. What do you think about brokerage accounts that are held in joint tenancy with one [...]
Joint Financial Accounts: Pros and Cons Q: Could you explain the pros and cons of having joint financial accounts with a daughter? I also own my home with her as well? My husband has passed away. I have a will and other needed documents. A: We’re sorry for your loss. We understand how having joint [...]
Home Sale Tax Exclusion: Residency Requirements What does the IRS really say about the home sale tax exclusion? Q: I read your column regularly and now I have a question for you. We own two houses. One is in Chicago, which we purchased in 2010. The other is in Arizona, which we purchased in 2012. We [...]
Home Sale Tax Exclusion: What are the rules? Q: I learned something new in your recent article about the home sale tax exclusion. I did not know that a person could receive the benefit of the Internal Revenue Service (IRS) rule that allows homeowners to exclude from federal taxes the first $250,000 in profits from [...]
Tax Sale Value Is Confusing to Owner A reader is confused about how to value a property that was bought at a tax sale. Q: My former step-dad purchased a property in 2018 at a tax sale. Since my mother had already passed, I assumed he bought it in his own name. I’ve recently been [...]
Primary House Tax Break Wife's name isn't on the deed. Can they still enjoy the full $500,000 primary house tax break? Q: I have a question about the primary residence tax break. I am selling my primary home in Chicago that I’ve owned for about 30 years. I owned another property in another state and [...]
Sell without paying capital gains tax? A reader wants to know how they can sell their home without paying capital gains Q: In 2020 my husband and I paid cash for a condo that my college son has lived in while going to school. He is about to graduate and get married. We are now [...]
Adding Successor Trustees and Beneficiaries When you should revisit your trust documents Q: My house is held in a trust. My nephew is the successor trustee. He not only is the successor trustee, but he and his sister are each 45 percent beneficiaries. Another nephew is the final 10 percent beneficiary. Only my home is [...]
