Question: I inherited lake shore property (vacant land–no house) that I am now selling. How do I figure the capital gains on the sale? Response: The capital gain will be the difference [...]

Question: I am in San Diego, California, and am looking to sell my primary residence that I’ve owned (as a joint tenant with the right to survivorship) with my mom. As I now own the [...]

Question: My mother passed away two years ago and she left her husband a life estate in their primary residence via her Living Trust. The Trust designated my sister as the Trustee after my [...]

Question: My parents have had a life estate for 12 years. The deed is in their adult children’s names. Both parents are in a nursing home where their Social Security and pension pay for [...]

Question: My mother has quitclaimed the deed of her house to me while retaining a life-use interest. There may be a future potential to sell the house prior to her death if she wants or needs to [...]

Question: If a property appraisal was never obtained when a parent died in 2013, how can we determine the cost basis when the four siblings who inherited the home sell it? Response: As you know, [...]

Question: Is it possible to gift an adult child $15,000 segments of his parents’ S-Corp annually (both parents, so $30,000 a year) in order gradually to give him business control but also [...]

Question: Both of my parents had a life estate, deeded as tenants in common to my brother and myself as remaindermen. Our father passed in 2006 when home was assessed at $100,000. The life estate [...]

Question: My 86-year-old mother has a life estate for her Massachusetts property which was created in 2011. My brother and I are listed as grantees on the deed. She is concerned that a lien could [...]

Question: I am 72 years old and in good health at the present time. However I own a piece of land with an estimated value of $1,000,000 but do not own a home or anything else of value. What is [...]