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Q: My dad owns a duplex and has a very limited income. He lives on one side of the duplex and rents the other. He is leaving the property to me and really can’t afford the cost to set up a trust. My husband and I want to have a trust because we own several properties. To set one up, we were quoted about $3,500, which is more than my dad can afford.

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Q: I have a contract offer for my primary residence that is about 10 times what I thought the home was worth. The county I live in is changing the zoning from agriculture residential to commercial. The entire community is most likely becoming a data center campus. If I sell the home, I would have a sizable capital gains tax to pay. I was hoping with the change of zoning designation I can convert my primary residence to a business. Then as a business I could sell the home using a 1031 like-kind exchange to roll over the entire sales proceeds into a different real estate investment. Does this sound possible and if so who should I get to help me?

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Q: I bought a condo in 1999 in Mumbai, India, to use when we visited the city. It has been rented for a total of six to seven years, but not continuously. I have not taken any depreciation nor reported any income from the property. Is there any way I can sell the condo and bring the proceeds from the sale of that property back to the United States?

Clockwise from top: Volunteer Bob Freitag loads hanging flower baskets into cars of customers patronizing the Bloomington Kiwanis Mother's Day…

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