In 1989 Fareed and Rashida Cassim bought their home and insured it with Allstate Insurance Co. But in December 1990, a fire resulted in at least $40,000 damage to the home, plus about $43,000 damage to their furnishings.

When Fareed and Rashida filed their claim with Allstate, they were promptly paid a $10,000 advance toward living expenses because the house was uninhabitable. But after Allstate investigated the fire, Allstate's adjuster concluded the fire was caused by arson.  more...

DEAR BOB: Recently you had a fascinating letter about a person who inherited a house. You said the heir received a new "stepped-up basis" to the market value on the date of the decedent's death (or valuation date used by the deceased's estate). Then you commented if the heir sells the inherited property immediately there would be no capital gains tax to pay. As I am in a similar situation, expecting to inherit several pieces of property after my terminally ill mother passes on, how soon must I sell that inherited property to avoid paying capital gains tax? – Fred R.  more...