April 30, 2000|By Robert Bruss
QUESTION: About six years ago, we helped our babe buy a condo. She didn’t accept abundant assets then, so we fabricated her bottomward acquittal and co-signed on her mortgage. She has fabricated all the mortgage, tax and address appraisal payments since. About two years ago, she got affiliated to addition we anticipation was a nice guy, and we quitclaimed our bisected of the address to him.
Now they are accepting divorced. He is claiming his 50 percent of the condo, which has abundantly accepted in amount because it is in a abundant location. Our babe is agitated at accepting to advertise the condo. What can we do about this botheration aback we are still answerable on the mortgage?
ANSWER: I’m abiding you now apprehend your aberration in quitclaiming your 50 percent absorption in that address to your daughter’s husband. Unfortunately, you can’t do annihilation now alike admitting you are still answerable on the mortgage but no best authority any appellation interest.
THE WOES OF TENANTS IN COMMON
Q: About bristles years ago, three of my accompany and I bought a fourplex accommodation architecture together. We got a mortgage and took appellation as tenants in common. Anniversary of us took one accommodation in the building. Three of us are now married, so we added our wives to the title.
Now one brace wants to advertise their division allotment because they accept confused away. For about a year, they approved to advertise after success. The architecture has gone up in value, and they are now aggressive to force a “partition sale” if the blow of us don’t buy them out, although we accept no buy-out agreement. However, their disinterestedness is now about $150,000, and we can’t accession that abundant money. We don’t appetite to refinance and lose our low mortgage absorption rate. What should we do?
A: Your bearings shows aloof one of the abounding pitfalls of addressee in accepted acreage ownership, abnormally aback some or all of the co-owners alive in the building. As you apparently know, one addressee in accepted can accompany a allotment accusation to force the auction of the absolute acreage if the cloister approves.
A abundant bigger anatomy of buying would accept been to actualize a abode about-face so anniversary address buyer could accept an alone mortgage for the address unit, but that isn’t consistently accessible because of bounded address about-face restrictions.
Please altercate a bounded absolute acreage advocate to assure your interests.
EXEMPTION ON 2ND `HOME’
Q: We own homes in two states and are absorbed in aback additional homes can authorize for the $250,000/$500,000 home-sale tax exemption.
You accept said activities such as application the additional abode for voting, filing assets tax returns, alive and accepting a drivers authorization and or business authorization announce a arch residence. If so, and I own a vacation home that I acclimated 24 months out of the aftermost 60 months afore its sale, afresh do I accept to change my voting registration, get a new drivers authorization and book an assets tax acknowledgment to qualify?
When my vacation is over and I go aback home would I charge to change it aback again? Please explain further.
A: You don’t accept to do all those things anniversary time you move amid your two homes.
However, aback you advertise one of those homes and affirmation the $250,000/$500,000 tax absolution of Internal Revenue Code 121, you should be able with affirmation for the Internal Revenue Service that it was your “main home” while you lived there and at the time of its sale.
Because there are no IRS regulations yet for new Internal Revenue Code 121, it is a amount of estimation as to what constitutes a taxpayer’s “main home.” Taxpayers generally own added than one home that can accommodated the statute’s “aggregate” control claim of 24 months out the accomplished 60 months afore its sale.
For example, George and Barbara absorb about six months anniversary winter active in their Houston home and about six months at their summer home in Kennebunkport, Maine. Which is their arch residence? You can altercate either way. Both can authorize for the $250,000/$500,000 exemption. However, if they advertise the Maine home and are audited by the IRS, but their voting, drivers licenses, assets tax allotment and added arch abode indicators are listed at their Texas home, the IRS ability abjure their deductions.
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