DEAR BOB: My sister and I inherited about $300,000 plus a house we sold for $270,000 after our father passed away. According to my knowledge of the tax law, as long as an estate is below $650,000 we owe no inheritance tax. But what type of tax will be due on the $270,000 real estate portion. My sister says we will receive a Tax Form K for the next year's taxes. Is this correct? – Vincent M.  more...

DEAR BOB: We are currently engaged in a major remodel of our home. It is nearing completion. To preserve our sanity and our marriage, my wife and I decided to spend the summer away from the house living in our "weekend place" about 80 miles from my job. Each day, I commuted 160 miles round-trip. But it was worth it. We had a great family summer together and we moved back into our nearly finished home just before the kids started school. We spent about $85,000 on the remodel (borrowed on our home-equity line of credit).  more...

Kevin Lewis, an electrician, was severely injured when a hot water pipe burst while he was working for an electrical contractor at a commercial building. A copper hot water pipe broke, releasing steam, causing Lewis to fall and suffer additional injuries.

Later, Lewis sued the current building owner for negligence, premises liability and other causes of action. He settled with the property owner.

Purchase Bob Bruss reports online.  more...

DEAR BOB: I just purchased my first home, a condominium. But I feel like I was robbed by my real estate agent. I stopped by a Sunday afternoon open house being held by the listing agent. The condo was exactly what I had been searching for. Great location. Nice complex about 6 years old. Affordable price. The agent was very helpful. Although I was a bit "light" on my cash down payment, she arranged a mortgage I could afford. But what really bugged me was, at the closing, the listing agent tacked on a $695 "administrative fee" to my closing costs. She didn't even show up for the closing.  more...

Dear Barry,  more...

Real estate sales agents have nothing to fear from the new edition of "How to Sell Your Home Without a Broker" by Bill Carey, Chantal Howell Carey, and Suzanne Kiffmann. Although the latest revision explains the pros and cons of selling your home alone, and has excellent blank forms for the reader's use, the book doesn't supply enough details to enable homeowners to make a successful sale without a professional agent.  more...

DEAR BOB: I've read several articles you wrote in 2001 and 2002 about the Internal Revenue Code 121 $250,000 principal residence sale tax exemption (up to $500,000 for a married couple filing jointly). Is that tax law still in effect? My husband and I spend six months each year in our Florida home and six months annually in our other home, which we recently sold. We filed a Florida homestead to save on property taxes. Our accountant said that because tax-law changes occur all the time, we should check to see if we qualify for the IRC 121 tax exemption.  more...