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selling a house

Q&A: Determining a house’s value

March 4, 2024 By Liz Weston

Dear Liz: I understand that as a widow, if I sell my house I get the stepped-up value from the year my husband died. Should I have gotten an appraisal at that time (26 years ago)? How do I find out what my home was worth then? We bought it in 1973 and he died in 1998.

Answer: In most states, half of a couple’s jointly owned property gets a new, favorable step-up in tax basis at a spouse’s death. In community property states such as California, both halves of the property may get that step-up.

A professional appraisal 26 years ago could have been helpful, although a good appraiser can do a retroactive assessment, said Jennifer Sawday, an estate planning attorney in Long Beach.

Before you hire an appraiser, though, hire a tax pro, Sawday said. The CPA or tax preparer will use the data to file your return, report your home sale and compute any capital gains taxes owed, so find out how they recommend obtaining it.

Filed Under: Q&A, Real Estate, Taxes Tagged With: selling a house

Friday’s need-to-know money news

September 2, 2022 By Liz Weston

Today’s top story: Don’t let money rules of thumb get you down. Also in the news: If insurance covers birth control or not, and the high cost of smoking in your car.

Don’t Let Money Rules of Thumb Get You Down
The typical down payment on a house is far less than 20%.

Does Insurance Cover Birth Control?
Most health insurance plans cover birth control without requiring you to pay anything out of pocket, but there are exceptions.

The High Cost of Smoking in Your Car
Smoking is bad for your health, but it’s also bad for your car’s resale value, which can be reduced by hundreds of dollars.

Filed Under: Liz's Blog Tagged With: birth control, cost of smoking in a car, Down Payment, Insurance, selling a house

Monday’s need-to-know money news

March 7, 2022 By Liz Weston

Today’s top story: Smart Money Podcast on why to sell your house, and managing investment fees. Also in the news: How to handle a year-round homebuying season, and a guide to the current federal tax incentives for energy efficiency and other green upgrades.

Smart Money Podcast: Why to Sell Your House, and Managing Investment Fees
Sellers should consider the advantages in this housing market. And investors need to know about the fees they pay.

How to Handle a Year-Round Homebuying Season
High demand and low inventory have upset the housing market’s usual ebb and flow.

Made Green Upgrades in 2021? Don’t Miss These Tax Credits
Here’s a quick-start guide to the current federal tax incentives for energy efficiency and other green upgrades.

Filed Under: Liz's Blog Tagged With: green upgrades in 2021, homebuying season, housing market, managing investment fee, selling a house

Wednesday’s need-to-know money news

August 4, 2021 By Liz Weston

Today’s top story: 7 ways to manage Medicare drug costs. Also in the news: Prep for hiring your first employee with these 6 steps, how to have a retirement worth saving for, and how to buy and sell a house at the same time.

7 Ways to Manage Medicare Drug Costs
Medicare beneficiaries with pricey drugs can face high out-of-pocket costs. Here are some ways to lower the tab.

Ready to Hire Your First Employee? Prep With These 6 Steps
To hire successfully, business owners need to understand their finances, find professional support and more.

How to Have a Retirement Worth Saving For
A happy retirement isn’t all about money. Make a plan for health, social connection and day-to-day enjoyment.

How to Buy and Sell a House at the Same Time

Filed Under: Liz's Blog Tagged With: buying a house, hiring tips, Medicare drug costs, Retirement, selling a house

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