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Your mother has no income and sold the house she lived in. She lived in the property less than 2 years the state and IRS are after her for capital gain. Any suggestions?
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Can you get an income tax exemption on a housing loan taken on your mother's property?
No. You MUST be on the title and the loan. Also, it is unlikely you can find anyone to give YOU a loan on your mothers property, without your name being on the property.
If your mother gives you money do you have to pay capital gains tax?
Capital Gain is when some valuable thing that you own (capital) increases in value. It is computed as the difference between the price you got when you sold it, minus the price that you paid when you bought it. That formula assumes that both the purchase and the sale were fair transactions in a free market.If your mother gives you cash, that's either a gift (if she did it just because she loves you) or it's income (if you did something to earn it). If it's income, then you almost certainly would have to pay income tax (assuming that you live in a place that has income taxes). I don't know about gifts.
Can you take a loan on a property owned by your mother?
No. You have no rights in your mother's property.
Can my tax lien be placed on my mother's property if I have no ownership and haven't lived there for 10 years?
No, unless your mother has died and you have an interest in her property by inheritance.No, unless your mother has died and you have an interest in her property by inheritance.No, unless your mother has died and you have an interest in her property by inheritance.No, unless your mother has died and you have an interest in her property by inheritance.
What rights do you have regarding your mother's property in the event of her death if she married to you stepfather in a community property state?
The rights you have to your mother's property depend on her will and a few other factors. The term "Community Property" does not mean that your stepfather is automatically entitled to all her property. That is a common misconception. The term comes from Spanish Law and has to do with income after marriage. You are in a state that has both Spanish Law and Common Law governing property as a ruling by the United States Supreme Court recently demonstrated. Other than clarify that common misconception, that is all I can tell you. You could ask your mother about her will.
If the mother lied about her income and property would she stop getting child support?
The more likely outcome is that the father would use this as the basis for a request to modify support.
What if mother has no income but lives off household income of her parents?
then eat
What if your father has died left 2 life insurance policies one to you one to his mother-who pays for the funeral and who inherites his personal property and is responsible for his debts?
The beneficiary on the policy to you (assuming you don't have any financial obligations directly related to your father's death) is free and clear. Unfortunately for the mother, she's now responsible for the debt of the funeral, but depending on the value of your father's estate, the estate could be sold and help offset the cost of the funeral expenses. Otherwise, both policies are capital gain income, and post taxes they are the property of the beneficiaries.
Mother has passed she was on a fixed income She had a credit card from a Dept Store Who is liable for this account?
If your mother had a Will and owned a house or property (even a car) then this is considered an Estate and would have to go into Probate. Probate makes sure all creditors, taxes, etc., are paid before any monies or property is distributed to an heir or heirs.
If a mother and daughter are joint tenants with full rights of survivorship to a home in MI and the mother passes away can the city assessors office uncap the property value and raise property taxes?
Probably. In general, assessment of a property has little to do with who owns it, but the taxes owed on the assessment may relate to the status of the owner. The fair market value of a property is the primary basis for assessment. In the daughter's case the home also has a "stepped up basis" related to its fair market value at the time of the mother's death, so quick sale of the property will result in no capital gains. The probate attorney in the mother's estate may have more information on the MI answer to this question.
Your mother quit claimed her property to your sister. Do you have any rights to the property?
As long as your mother is the owner of the property she has the right to convey it to anyone. If she conveyed it to your sister then your sister is now the owner and you have no rights in the property.
I am a single mother with an income of $467 a month. I need income based housing but I would also like it to be safe for me and my daughter. Any suggestions. We also need to get some where in the next 8 weeks. Thanks for your help?
Contact Affordable Housing Resources for help 1011 Cherry Avenue, Nashville, TN - (615) 251-0025
