Property is anything you own, whether it’s land, a house, electronics, a car, or collectibles. Learn more here about buying and selling property, taxes, and protecting your assets.
Trespassing And Property Rights
A neighboring apartment building is taking advantage of one owner's yard and caused some damage. The homeowner has to check if he gave consent or if there is an easement on his property. But whether or not the neighbors have an easement to use theland, they should pay to repair any damage done.
Tax Implications For Elderly Selling Property
You may have to sell some assets to pay for assisted living for an elderly family member. If the asset being sold is a home, what taxes will have to be paid and at what rate? It depends on who owns the home and how the property is sold. Learn about the factors you should take into account for financial planning for elder care.
Verbal Easement Affects Property Inheritance
When neighbors agree to property access through a verbal easement it may pose problems for future property owners. The terms of the easement may be unclear and may affect the use of the property. Easements may allow property access but don't change who owns the property. To fully understand a verbal easement it may require hiring an attorney.
Dividing Property Into Multiple Lots
A home owner with five acres of land wants to divide and sell the land. There is a lengthy process to subdivide your land. The first thing you need to do is find out is the zoning classification for your property. You need to determine the minimum lot size requirements and other zoning restrictions for your property. Your city or village hall should be able to assist you in determining the zoning classification and other zoning requirements for your land. You should probably talk to your local building and zoning department and ask someone to walk you through the process.
Modular Rental Unit On Neighbors Lot
A homeowner has a neighbor who is adding a modular rental unit to their lot. The homeowner is worried the rental unit will decrease the value of their home. They might be able to talk to the county building and zoning departments about whether there are any land use restrictions in place for the community.
Unclear Property Line Leads To Driveway Mistake
When you build a new home it's critical to understand the property lines. What happens if the builder creates your driveway on property that's not yours? You have to figure out who made the mistake and that party may be liable to fix it. You need to look at surveys, easements and the contract you used to buy the property. Then you can contact a real estate attorney to resolve this property mistake.
Does Paying Property Tax Give Ownership?
Does paying property tax on a family member's property give the tax payer ownership? Generally, the payment of real estate taxes alone is not sufficient to give the tax payer ownership rights to a property. In addition to paying property taxes, you likely should have lived in the home and paid for its upkeep.
1031 Exchange: IRS Rules For Investment Property Purchase
A father wonders if he can do a 1031 exchange and rent back the newly purchased investment property to his struggling son. Sam discusses the details of the 1031 exchange commonly known as Starker trusts, the IRS rules behind them and how they apply to investment property. One key point: a good real estate attorney will help you navigate the IRS tax rules about a 1031 exchange and how it applies to investment property.
Capital Gains Taxes On Farm Property
Even if your property is considered farm land, if you use the property as your primary residence, you are eligible to take the capital gains deduction. To take the deduction, you must have lived there as your primary residence for at least two of the past five years.