If I pay taxes on a property do I own it? This reader paid real estate taxes on a boyfriend’s home and wants to know if they have a claim to the property. Q: I live with my boyfriend and have been with him for about 12 years. We have two children. He bought a [...]
What are the property tax implications of dissolving an LLC? How will taxes be affected if this reader dissolves the LLC the rental property is held in? What Are the Property Tax Implications of Dissolving an LLC Q: I own a rental property that I put into a limited liability company (LLC). Now, I’m planning [...]
Is my real estate agent doing a good job? This reader feels like their agent didn't fully explain the process of selling their home and all their options. Q: I sold my dad’s house late last year and feel like I was taken advantage of by my agent and my real estate attorney, who was [...]
What happens to your taxes when you let a family member rent-to-own your property? The IRS has specific definitions to help, but they can get complicated. Q: I rented our old house to my daughter and her spouse as a rent-to-own property. I told them when they paid enough money I would sign the property [...]
Why are property taxes calculated differently by each town? This is a complicated question but boils down to what type of taxation approach your town decides to employ. Q: I live in a state where property taxes are calculated differently by each town. My question is why is the calculation a three-step approach rather than [...]
Which states have the highest property taxes? A new analysis ranks states by property tax rates to determine which states have the highest property taxes. Property taxes are a hot button for homeowners. That’s because no matter where you live, discussion around who pays the highest property taxes is bound to come up in conversation. [...]
What you need to know about paying taxes on a home sold after a spouse’s death. Q: Just finished your awesome article on computing tax due on the sale of the primary home when a spouse passes. I just had a quick question. Let’s say a spouse passes on March 01, 2017. The first thought [...]
How long do you need to keep a property purchased with a 1031 exchange? Timing is everything when navigating this type of sale. Q: Several years ago you gave me valuable information on a 1031 exchange. Now I need information on how long I have to keep the properties I purchased with my 1031 exchange [...]
This reader wants to know how condo assessments are determined because they don’t think their building developer got the ownership percentage split right. Q: Our building has six units, all the same size and layout. It is located in Illinois. The assessment percentage was designated by the builder and laid out in the declaration of [...]
What happens to my taxes when I buy my parent’s home? New tax laws haven’t changed much, but there are still implications to consider for you and your parents. Q: My parents want to sell their house to me as part of a retirement plan. We’re hoping to find a way where I can make [...]
