If I get divorced and then sell my home, can I still take the $250,000 tax exclusion? The answer depends on a few basic factors the IRS uses to see if you qualify. Q: If I get divorced but still live in the marital residence along with my ex-husband, when we sell the property, do [...]
What happens to your taxes when you sell an inherited home? Depending on the state you live in, you may not have to worry. Q: My dad passed away awhile ago. He owned his home and had no mortgage. We recently sold his home for $300,000. How do I figure how much I will have [...]
What are the limits on a SALT deduction? After massive tax reform last year, this is the question on many homeowners’ minds. Q: When it comes to the SALT deduction, can you give me a little more information on the limits. A: In the last big tax bill that Congress passed, the law limits the [...]
If you’re thinking about prepaying your mortgage loan taxes, you should think again. This move can do more harm than good. Q: If my tax payment is included in my mortgage payment, am I allowed to go to the local tax office and prepay the taxes before the due date in order to reduce my [...]
When your parent dies without a will, how do you claim ownership of their property? Even if you’ve been paying the property taxes, you may have to take more steps in order to put the title in your name. Q: My mother died five years ago without a will. I have been paying taxes on [...]
Claiming home ownership through adverse possession: What you need to know in order to put the home in your name. How do you claim home ownership through adverse possession? What you need to know in order to put the home in your name? These are some of the most commonly asked questions about adverse possession. [...]
What happens to my property taxes when I pay off my mortgage? I am finally done paying off my mortgage, but I’m wondering if my property taxes will change. Will my real estate taxes change or will my property be reassessed after making my last mortgage payment? Q: I’m just about to pay off my [...]
Will adding a child to the title of a property increase property taxes? A father wants to add his child to the title to his home, but his child is worried that this will increase property taxes. She might be worried about the wrong thing. Q: I was wondering if you might be able to [...]
When no one in the family wants to pay property taxes, what can you do? Even if the family has created a S-Corporation, you’ll still need some savvy tricks to save the property. Q: I am from the Island of Maui in the state of Hawaii. I am the President of my families S-corp and [...]
Can you sell a tax sale property back to the city? Probably not. But here are a few tips to make the most of your investment. Q: My son bid on a property at a tax sale in Philadelphia back in 2010. He found out after he bought it that the property had no value [...]
