Agent

Absentee co-owner loses out on real estate tax break

Will this spell doom for expected sale profit?

DEAR BOB: My daughter and I own a house as joint tenants. She has lived in the house for the last two years. I have never lived there. We plan to sell it and expect a net profit around $100,000. Can the entire profit be allocated to her so it will be exempt from capital gains tax? --Arnie C. DEAR ARNIE: Yes. If your daughter owned and occupied her principal residence at least 24 of the 60 months before its sale, Internal Revenue Code 121 entitles her to claim up to $250,000 tax-free home-sale profits. Thankfully, this includes the entire $100,000 expected sale profit so no capital gains tax will be due on the sale. For more details, please consult your tax adviser. Purchase Bob Bruss reports online. IS HOMEOWNER RESPONSIBLE FOR TRIMMING OVERHANGING TREES? DEAR BOB: I have renters living in the houses on each side of my house. These rented houses have trees that overhang my property. Is the owner responsible for trimming these trees? If not, can I trim these overhanging trees? --Jim H. ...

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