exemption up to $250,000 for your condo
sale, you can't use it again for 24 months (even if you meet the 24 out
of last 60 months ownership and occupancy test for your house).
A: An owner's title insurance policies are in effect as long as the property buyer or the heirs own the property. The policy is valid in case an insured title problem arises. Keep that policy as long as you own the property. It will even protect your heirs from title risks.
Really enjoyed reading the 'Be Prepared' article...if "enjoy"
is the right word... Please send me the other info you have compiled.
Just a note of thanks to you for the excellent information you've provided in keeping me informed of the happenings around Santa Monica. To me SM is one of the very finest cities in America!
I want to congratulate on your article in the Wed. Dec. 21 Santa Monica Daily Press on Feng Shui and architecture and detail. Excellent, thank you very much.
Oregon curbs Imminent Domain
On a list of states with the worst property-rights protections, Oregon
has long held a top position. So hearty congratulations to that state's
landowners, who this week won a long struggle for more control over their
acreage, and in the process may become a model for land-use reform across
I bought my house a couple of years back. My partner lives with me, but the mortgage and title are in my name alone because I have better credit. My partner gives me money each month to go toward paying the mortgage. Is this considered rent and is it taxable? – Kory P.
Those in the know say that from the way you describe your scenario, the money you receive from your partner is rent that you should report on Schedule E of your income tax return.
Furthermore, as the house is in your name alone, and you are not married to your partner, you are entitled to depreciate part of the house rented to your partner. Also, you can deduct part of applicable expenses such as part of the insurance and household repairs on Schedule E.
Unless your partner is legally obligated to pay half the mortgage payments and property taxes, they will have a tough time taking income tax deductions for the payments made to you.
For a better understanding of this scenario, please consult a family law attorney and tax adviser.