Selling Mom's house complications
9 years ago
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Sale of Mom's house..questions...
Comments (4)Surprised to see this old thread resurrected. However, candler's post is not quite accurate: "I've heard when one inherits property their basis becomes whatever the property was worth when the parent died. " It depends on how the property was titled prior to death. Property held in Joint Tenancy - a huge, huge mistake - only gets the step-up basis on whatever percentage of the property the deceased owned. Property held by spouses as community property will get a full step-up in the tax basis upon the death of the first spouse. Attorneys are generally not specialists in inheritance tax issues. The proper experts to consult, as agnespuffin posted, is a tax advisor....See MoreStay at home mom - OR - working mom - what is your choice??
Comments (26)Are you a stay-at-home mom? Yes If so, a) what age was your child(ren) when you began to stay home with them? since birth. I graduated nsg school 6 days before she was born but I've never put it to use YET why do you chose to stay home with your children? I find being at home keeps me very busy & fulfilled. I've never understood SAHM who claim they are bored. I have 1 daughter, 3 dogs, a home & my husband's business I do much of the work for plus I made sure to start involving myself & my daughter in school & plenty of activities. Gosh if I never have to work I would be so happy BUT chances are that when the last of my kids is in fulltme school I'll at last work part-time. are you financially secure enough to be home and not work? Like everyone else we could always use the extra $. We don't have a retirement a/c set up, we have to buy our own very expensive health ins., we havn't been on a great vacation in several yrs, we no longer go to fancy dinners, our home could use allot more remodeling, our cars are old but in good condition & paid for & I am always comparison shopping BUT we have no debt despite every month praising when we've paid the last bills. Our daughter is in private school & already takes 4 sets of lessons at age 3 & when we have our day trips or do happen to go out we truly go all out & enjoy, plus since I have no family help at all I have been lucky enough to be able to pay for a mothers helper or sitter for those times I need to catch up on the home, errands or the business paperwork or go to my many medical appts (I was diagnosed with MS a yr ago). All in all I'm happy, but my husband is self employed & he'd like to make a switch right now & he can't b/c we don't have enough $ in the bank nor another income. I had a stay at home Mom when I grew up & feel there is nothing better. I think that while kids are young I prefer being aorund for safety & to be involved in all the firsts, then they start activities & who else is going to chaperone them everywhere & then later on I want to be around so they have support & hopefully I can prevent them from making some bad choices that they might make had they not had any parent at home during the day after school. what are the ages and gender of your kids? daughter age 3 & working on #2 Michie...See MoreNeed advice re selling Mom's house
Comments (16)Oh wow I feel for you as this can't be an easy decision. So many things to keep in mind. If you move to the cheaper place will you still be able to work there? Do you work from home so it doesn't matter? What are your chances of your DH finding work where you move vs. where you are at now? Are the houses you see on realtor.com really typical for the area so that they would need minimum maintenance or are they of the type that will need it and thus priced lower. Ie trading one for the other. Maybe a condo/townhome would be a better option, however until you calculate the costs and compare it might not be too bad. Also did you factor in taxes and insurance when calculating the cost? When you have a mortgage you will need insurance. What are your monthly costs right now ie taxes and insurance? How much would the essential repairs cost you where you are at now? Ie non-cosmetics. What would taking out a mortgage to fix the current house cost you? How does that compare. Also could you include some costs to fix up the cosmetics. Maybe if your DH is handy he could do some of that work to save ya'll money while he is unemployed. I don't know about costs in your area, but if you went with mid grade updates etc. in my area you could have all the things you need fixed for less than 70K. You might want to price things out in your area and then compare fixing it up to buying something else. If the equity you have in the house is a lot more than the cost of fixing it up and if the cost is a lot less to fix things it might be worth staying. Not sure how the loans work if you could take out a mortgage on a house you own or if it would have to be of the 2nd mortgage style like a Home Equity or ... ? Also keep in mind that there are costs involved with buying and selling real estate when you figure the numbers....See MoreSelling Mom's house
Comments (14)Kathyg, when I sold my former house my agent/broker knew we had moved (clearly, she had written the policy for our new house) and that the house was empty a few blocks away. She didn't insist I change the terms of the policy on the first house, called me a couple of times to see how close to being ready to list for sale so she was aware and keeping track. We had moved end of Nov, I updated for showing at my leisure doing some of the work myself and listed May 1. The house sold right away, less than 30 days from list to close. Just as it closed, I rec'd a letter warning me that my policy wouldn't be renewed as written on its renewal date which was July. I cancelled that policy May 30 without changing to one written for a vacant house. With mothers home last Fall, different company and city, I called to cancel her auto insurance - she had agreed to sell her car and not drive in her new larger city. And didn't mention her house or that she had moved, all mail was being forwarded, an order placed at the PO (knew her car coverage cancellation notice and refund check would find her easily). She moved Oct 1, we listed Oct 18, and the house closed Nov 30 - at which time I did call and cancel her homeowners policy. I don't know if that was the correct way to handle it or not, I was going by my agents advice and it worked out with both home sales. When I cancelled mothers homeowners policy, I did arrange a renters policy for her belongings, very inexpensive at just $100/year for contents of her (Oregon) apartment and some personal liability coverage....See More- 9 years agolast modified: 9 years ago
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