Chicago

Q: My dad and I traded properties due to his health. When the title company did the deed, they put title to the property in both his name and the name of his home care lady. She was named as part owner of the property. Both my dad and his home care lady died more than 10 years ago.

Q: I’m hoping you can help me find a tax attorney in Los Angeles who can provide guidance to my fiancé and me. We are both about to graduate from our residencies as doctors and will then get married, start our careers, and buy a house, which is a substantial purchase in Los Angeles.

A good friend who lives in the Chicago suburbs reached out to me a few weeks ago. He asked me to help him navigate the treacherous waters of replacement windows. He was afraid of making a grave financial error.

Q: I retired in 2020. My long-term plan was to move to a single-level home. I’ve delayed it due to COVID-19, but hope to make the move this summer.

Over the past few weeks, we’ve fielded a number of questions about how to prove the cost of improvements and calculate the capital gain of real estate.

Q: I just read the article regarding the lady that has not received her release of mortgage document from her lender. If it was my big box lender, she would not get the release of mortgage until she pays the special release and mail fee. I had to pay $158.50 two years ago to get it.

Q: My friend signed a quitclaim deed to her husband in case they were to get divorced. Last year, he unexpectedly died due to a heart attack and other complications. Does the quitclaim deed still hold? If it does, the title to the house is in his name only. He was a poor money manager, and she did not want to incur his debts, so even filing taxes were separate.

Q: I own a condo that I rent out. The association charges me $100 per year as an “annual administration lease fee.” Isn’t this creating two “classes” of owners in the association?

Q: My wife’s father is close to death and he has moved all of his investments into his bank in the form of cash. He said that was done to help my wife and her brother avoid probate on those instruments. It’s not a lot of money (approximately $250,000), but since I will be doing his taxes for 2022 I’m wondering whether I will have to pay taxes on that cash. Also, will my wife and brother-in-law owe a federal gift tax on amounts over $14,000?

Q: I am 60 and live in Maryland. My mom passed away recently, and my dad is 87. They jointly owned their primary residence and the mortgage is paid in full. My dad’s will leaves the house to me and my two siblings.

Q: My widowed sister owns a modest home in DuPage County, Illinois. It’s entirely paid off. Her intent is to leave her house to me (she has no children) when she passes. I’m retired and rely on Social Security benefits and a small pension. I am concerned about what my “costs” would be if I do receive the house via her will.

Q: I am in somewhat of a similar situation as the article you wrote about a new owner raising the rent on their existing tenant. In my case, the owner of my apartment died, and their daughter is now selling the building in which we live. We’ve had a few showings, and it looks like some of the interested buyers want to buy the building and tear it down.

Q: I enjoyed your column that deals with looking up the status of your title online. I learn from your column. I was an underwriter for one of the nation’s largest title companies for many years, so these dry matters interest me.