Q: My wife and I accept been afar for about bristles years, but accept not divorced. Afore we separated, we bought a house, which she lives in by herself. If she decides to sell, what rights, if any, do I have?
A: Even admitting you are not divorced, I acerb appetite you to argue an attorney. And your wife should do the same, with a altered attorney. You allegation to access into a break agreement, that will spell out what obligations you may accept apropos the house, any accouchement and any banking issues.
Have you been authoritative contributions for the budget of the house, such as the mortgage payments, absolute acreage tax, allowance and repairs? That will be an important affair if and aback the abode is put up for sale. Your wife will appropriately be able to affirmation acceding for at atomic bisected of the costs (going aback at atomic three years) if you accept not fabricated any payments.
Right now, if I accept correctly, you and your wife are co-owners of the house. This agency both of you will accept to accede to anniversary it for sale. If your wife wants to sell, and you do not, she can try to force a auction by filing a allotment clothing in your bounded canton or burghal court.
But allotment is expensive, time arresting and the alone winners are the attorneys and the speculators who buy. That is why you both allegation to dness all of these issues with a accounting break agreement.
Q: I alive in a flat apartment, and periodically accept to assignment at home. Can I authorize for the home appointment deduction?
A: This is not an accessible catechism to answer, and I advance you argue with a tax or acknowledged adviser on your accurate situation. There are two basal requirements in the law. According to the IRS, aboriginal “you allegation consistently use allotment of your home alone for administering business.” Second, you allegation appearance that you use your home as your arch abode of business. However, the IRS credibility out that “if you conduct business at a breadth alfresco of your home, but additionally use your home essentially and consistently to conduct business, you may authorize for a home appointment deduction.”
If you are an employee, your business use allegation be for the accessibility of your boss.
Note the chat “exclusive.” If the allowance you use for business is additionally acclimated for watching football or as a comedy breadth for the kids, again you cannot affirmation the deduction.
How absolute does the allowance accept to be? The Tax Cloister was faced with a aborigine who lived in a 700-square-foot flat accommodation breadth — by call — there was basal claimed use of an breadth appointed as the “office area.” The cloister antipodal the IRS’ accommodation abstinent the deduction. The baby bulk of claimed use was “wholly attributable to the practicalities of active in a flat accommodation of such bashful dimensions.” (Miller v Commissioner, TC Summary Opinion 2014-74).
Once you are annoyed you accommodated the requirements, how do you anniversary the deduction. There are two ways: 1) you allegation actuate the absolute expenses, and abject that on the allotment of the home adherent to business use. You accept to complete IRS Form 8829, which has 43 band items to complete. 2) As of Jan. 1, 2013, the IRS adopted the “simplified option.” According to the IRS commissioner, the aboriginal way was a accountability on baby businesses “by an estimated 1 actor hours annually.” The new advantage allows a acknowledgment of up to $1500 a year, based on $5 per aboveboard bottom for up to 300 aboveboard feet. For added information, chase “Simplified Advantage Home Office” online.
Q: Can a mortgage lender accomplish you pay a fee to aing the escrow account? Is it acknowledged for the lender to access your mortgage afterwards advertent money for escrow?
A. I am consistently blessed to acknowledgment mortgage lender questions. But there is a bigger abode to go, and that’s the Consumer Banking Protection Bureau. You can book your complaint on their website, and the agency sends it anon to your lender. From my experience, you should get a alert response. Go to www.consumerfinance.gov.
I don’t like escrow accounts. The lenders like it because they get lots of money — absorption chargeless in best states — which they can advance until its time to pay your absolute acreage tax and your home allowance premium. I accept had abounding cases over the years breadth the lender bootless to pay the tax and my audience aboriginal abstruse about it aback they accustomed apprehension that the government was about to advertise the abode at a tax sale.
If you pay off the loan, the escrow will be bankrupt and the lender will acquittance any antithesis in the account. Typically, a lender will allegation a baby fee for processing the adapted absolution documentation, so there should be no added fee for closing the escrow account. However, if you are able to argue a lender there is so abundant disinterestedness in your abode that you no best allegation to escrow, again I anticipate it is adapted for the lender to allegation a baby fee to aing the account.
Can the lender access your mortgage? Yes, if you are behind in your account payments and the lender was advantageous the absolute acreage tax and your insurance. Those amounts can accurately be added to your mortgage balance. This will be accustomed in the accomplishment of assurance (or mortgage) certificate you active aback you aboriginal acquired the loan.
One affair consistently comes up aback the absolute acreage tax is increased. Your tax escrow is based on the bulk of the anniversary tax and allowance that is paid. Clearly, if the lender now has to pay more, that bulk will be anesthetized on to you in college account payments. However, the lender has an obligation to accord you a clear, abridged explanation, and you accept an obligation to anxiously analysis it to affirm it is correct. Again, from experience, there are mistakes.
Q: I am experiencing the exact bearings you wrote about recently. I purchased my abode in November 2011, and paid the aback payments for one association. About 4 four years later, in May 2015, I accustomed a bill from a altered affiliation advertence I had not paid the binding affiliation fees for those four years. What? I was shocked! This affiliation was not appear at closing, and I had no abstraction there were two associations. I additionally purchased this abode through HUD. I am not abiding what to do. Who is now amenable to pay for all these 4 four years of contributed dues, and who pays for these ante activity forward? Is it my closing attorney, the appellation allowance or me? Who can I sue?
A: Check with a bounded advocate about the statute of limitations in your state. Typically, it is three years. You may be able abstain advantageous any bulk that goes above that aeon of time.
I agnosticism you can sue HUD. I would advance you anon book a affirmation with the appellation aggregation that issued you a appellation allowance policy. You may additionally appetite to allocution with the closing attorney. If he represented you, again he should accept advised the appellation address afore you went to closing and appear the actuality of the two associations.
However, if the additional affiliation did not almanac annihilation on acreage records, again you may not accept to pay any aback assessments.
Going advanced is a altered situation. If the additional affiliation is legal, again you will accept to pay accepted and approaching assessments. Would you accept purchased your home had you accepted there were two associations? I doubtable the acknowledgment is yes.
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