Should I get an appraisal before listing my house? Pros and cons to getting your home appraised before putting the property up for sale. Q: I think you’re doing a disservice to your readers concerning listing your home with real estate agents. The best thing a homeowner/seller can do is spend the $350 or $450 [...]
Cannabis legalization and real estate: what happens to property values? How has recreational cannabis legalization impacted the real estate market? This year, Illinois joined 10 other states and Washington, D.C., in legalizing recreational cannabis use. Nearly $3.2 million of marijuana and cannabis products were sold on January 1st in Illinois, and there are still dispensaries [...]
What happens when you sell a property in a trust? This reader wants to know about the $250,000 gain exclusion and other tax implications. Q: My wife passed away this past year and our home is titled in her trust with me as trustee and my children as beneficiaries upon my passing. Is my cost [...]
Paying property taxes on an abandoned home. This renter can’t locate the owner and wants to know if they can pay back taxes before it goes to auction. Q: I rented a house from a person who turned out not to be the owner of the home. I contacted the authorities and the scammer disappeared. [...]
Buying vs renting a home in 2020. Insights from Rick Sharga answer whether it is better to rent or buy a home in 50 U.S. metropolitan areas. This article has been updated to clarify that median home prices and median home payments listed are for homes in the 25th quartile. More than 80 percent of [...]
Should you add a child’s name to your property title? Pros and cons of adding a child as co-owner to avoid going through probate to inherit property. Q: I just read your column giving suggestions to an elderly mother who wanted to make sure her daughter received her home at death without probate. I'm a [...]
How much tax do you pay when you sell a rental property? How home valuation and depreciation factor into taxes when selling investment property. Q: My father in law is selling a duplex he rented out for about 10 years. The sale price is going to be around $300,000. His accountant says that he should [...]
How HOA fine schedules work. This reader wants to know why the condo association board fined homeowners different amounts for the same violation. Q: Can a condo association charge different fines for exactly the same infraction? Some of us broke the same rule in our association. We took matters into our own hands in making [...]
How to contest property taxes. How the value of your home is determined and how to contest property taxes if the assessment on file is inaccurate. Q: I recently watched one of Ilyce’s video on YouTube on contesting real estate taxes. It really got me thinking, and I'm doing more research on my property taxes. [...]
How to avoid paying capital gains tax on inherited property. Minimize the potential tax consequences of transferring property from parent to child. Q: I have a question about a recent answer you gave to a reader. The question relates to a daughter that acquired her share of the home from her mom while her mom [...]
