My parents gifted us the house in 2020, how to we claim this? We're not going to sell it, rather we will sell our current house and use the equity and remodel the gifted house. We have lived in our current house for over 9yrs and it will be less than $500k, so capital gains tax shouldn't... Read more »
Your parents (the giftor) should file a gift tax return because the amount of the gift exceeds the exemption. The exemption is set at $15,000 per person. If your parents (two giftors) choose to gift split, and the gift is given to you and your wife, this allows for a $60,000 exemption ($15,000... Read more »
Father-in-law giving $250,000 to help purchase a property that is $500,000. This Texas property is 30 acres plus home. Will he be taxed on that "gift" or does it fall under the Lifetime Credit Tax Exemption? Additionally, it's not really a gift as we are leasing him 25 of the... Read more »
Short answer is yes he must file a gift tax return. However, there is a lifetime exemption amount of $11,700,000 per person. That means that your father can gift up to $11,700,000 tax free during and after his life via gifts and his estate. The lease does not matter. It is still a gift if you are... Read more »
A sibling of the executrix in a sale of unimproved acreage to my father sought out common carriers and sold easements/row days prior to the sale. Have I any recourse as the resale value of the land is adversely affected.
Local law enforcement aided contractors to gain access and begin... Read more »
It's impossible to answer this question without reviewing all of the documents and circumstances. Even if the easement was initially an invalid conveyance, the company holding the easement may, after all these years, be able to establish the easement by adverse possession. Take all the... Read more »
My divorce decree says the ownership of a condo that is considered community property was given to my ex wife but no quitclaim deed or title transfer was done. My name is the only one on the mortgage. Fast forward four years and she won’t transfer the property into her name or even communicate.... Read more »
First, this is probably not something you are going to handle without legal representation. You should hire a lawyer to assist you as this is likely to become very complex if the Original Orders and Decree did not specify the remedial action to be taken in this instance. Sounds like no lawyer was... Read more »
stating that property acquired during the marriage is the sole property of the spouse who purchased it. The title co is set on having him "convey title" to me because the divorce decree "didn't address this". Well, there was no need to "address this" because of... Read more »
They have the legal right not to issue an insurance policy until their underwriting standards are met.
While the prenup addressed the problem, the property should have been addressed in the divorce decree, so that this issue would not have come up. Talk to your divorce lawyer - you may... Read more »
There is a guy that bought into undivided interest down the road but in our plat it shows the road goes through our property all the way to that property
There may be an easement, which would be recorded in the real property records, or in a deed. If not, he may be able to sue you to obtain an easement of necessity if the road running through your property is the only way to access his property. The answer to your question will require a review of... Read more »
I have 3 kids with someone I was with for 10 years. We are no longer together but we still live together in a home we both purchased. Our names are on the house but we are not married. I started going to school and working on my debt. I want to have everything settled before I move out. With me... Read more »
Your rights are determined by the deed, not the financing. If both your names are on the deed, you own a 50% interest in the house, whether you pay any bills or not, and regardless of whose name is on the financing.
That being said, if the mortgage doesn't get paid, the mortgage... Read more »
One wants money now and is willing to sell at a low price.
The other wants to hold out for a higher price.
Neither has the money to buy out the other.
Can they sell their interests to a buyer at different prices?
Short of partition of the land (which does not... Read more »
Where the land cannot be partitioned, the partition happens by sale of the property, with each owner taking their share. The shares are computed taking into account any income received from the property, and expenses incurred, both of which are shared by all the owners.
I suppose the two... Read more »
off. 30 years later my grandma is wanting to put the house in my name. How do we go about doing so? Also I’ve went down to try and find the deed but was unsuccessful. He also had children, will they be a problem trying to transfer it over to me?
You will need a competent attorney to conduct a title search. If there was no Probate, then the attorney should determine heirship and draft an Affidavit of Heirship, which is executed and recorded.
That Affidavit will serve as the source of title for the owners whoever they are. You... Read more »
I request a protective order then I Rob house while he's still in jail what can I expect
Do not post confessions on a public website. Instead, you should have a private consultation with a criminal defense attorney who has an office in the same county where the potential crime was committed.
Also, that sounds like Burglary, not Robbery. Burglary is the unlawful entry into a... Read more »
Does New Mexico law honor water rights?
Your post remains open for two weeks - you may want to repost under New Mexico. There's no guarantee that all posts are picked up, but you could add Agriculture and Energy, Oil & Gas as categories. Attorneys who are active in that latter category are probably the most knowledgeable here... Read more »
This is a question coming across a lot of lawyer's desks, but there doesn't seem to be a strict answer yet. Maybe you and your landlord can agree to only do virtual showings. Check your contract to see if it says how and when they can show the house.
You may want to hire an... Read more »
I dont understand this the more I send to clear title on mortgage loan the boa sends to clerks to submit against me and there adding to what is already documented! Bexar County Clerks are allowing add ons and extension, refinance documents to be added to records already there. How is this happening... Read more »
It appears that you need a competent Texas attorney to conduct a title search. Then with your belated Release, he should be able to discern how to properly clear your Title. The Release probably only affects some of your recorded instruments, and you may need more Releases.
Texas is a community property state and Maine is not. Do I need my husband's written permission to sell my portion of the property so my sister and I can split the profits with our siblings? The property is being legally split into two different sections to sell. Both my sister and I will... Read more »
You don't say where the property is located, which makes a difference, however in any case you won't need "permission" to sell. Assuming the property is in Texas, however, a title company may require that he co-sign the deed, so that there is no question later about whether any... Read more »
My father was forced by local law to let common carrier place plant/poles with an invalid contract. Any recourse after 30 years.
Setting aside the ROW in Court is not an option if it is your chain of title. However contact a competent Texas attorney that has actually engaged in real property litigation, not a title company. He should be able to advise about physically blocking, and thus terminating, the Easement. It... Read more »
Certainly... It happens all the time. The buyer needs to do a title search prior to signing the contract, and certainly prior to paying over the price. If it is a warranty deed, check to see if the lease is listed on the face of the deed as an encumbrance.
My roommate's ex picks up the kids from our place. I have a criminal trespassing warning telling him he can't come onto the property. He says he doesn't have to follow that because he has a custody agreement. I read the custody agreement and it doesn't say he has to be on the... Read more »
You could call the police to state that he violated the trespass warning. But, he could file a motion to enforce his visitation rights against you.
If you want your court order to change the place to exchange the children you will need to file a motion to modify your current court order.... Read more »
I bought my first house about 8 months ago. I am the only one on the mortgage but I have myself and my parents listed on the title. I am looking to buy another home as a primary residence for myself. What options do I have to change my primary residence to the new home. Do I need to form a rental... Read more »
You don't need anyone's permission to move to a new residence. It's possible that if you're applying for a mortgage on the new house, you'll want to have a rental agreement with your parents to show the new mortgage company that you're receiving income from the first property.
A/C was found to be faulty during an inspection. We don’t live in the house and our real estate agent is trying to make us pay for it.
That's an issue of what you want. If the contract provides that you're buying the house "as is" then if you want to change that, you're going to have to negotiate something different with the seller. If you don't reach a new agreement, and you don't close, you'll likely lose your earnest money.
My lease has a clause to sublet or sublease with the landlord's consent. Because of my personal circumstance, I reached out to the property management who represent the landlord. PM has down right refused to ask the landlord or refused give me an option to sublease the property. They say it... Read more »
I suppose it's possible that you could win a suit against the landlord for unreasonably withholding consent to a sublease, IF you had provided a good tenant and they refused to consider it. It's even possible that you could have a Deceptive Trade Practices Act claim for misrepresentation... Read more »
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