Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

I bought a house in 1973 for$20000 lived there for 35 years…

Customer Question
I bought a house...

I bought a house in 1973 for$20000 lived there for 35 years it's may be considered a 2 nd home now.dauther lives there now.she is moving if I sale the house for 100,000 do I pay taxes on how much? It talks about base price does that change in time ? I have refinance several times owe 86,000 now.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Nothing

Lawyer's Assistant: Have you talked to a ND lawyer about this?

No

Submitted: 1 month ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 11 minutes by:
3/21/2018
Real Estate Lawyer: Damien Bosco, Attorney replied 1 month ago
Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 4,249
Experience: Helping you with your legal questions.
Verified

Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
Ok
Real Estate Lawyer: Damien Bosco, Attorney replied 1 month ago

The mortgage would not affect the capital gain. Recall, the capital gain tax is what you pay on the profits of the sale (after deducting closing costs). Capital gains is calculated from the "adjusted basis" of the property.

So, over time the basis can change.

To calculate the gain or loss on the sale of your property, you take the gross sales price less your selling expenses to calculate the total amount realized. The next step is to subtract your “adjusted basis” to determine the gain or loss on the sale, which is the original purchase price plus any improvements that you made to the home over the years. So, the basis can increase if there were home improvements over the years, lower the capital gain.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
Does the base flow up from $20,000 with time 45 years. Cost of living and value of the home in the areas go up and do I need to show improvements cost over the years.
Real Estate Lawyer: Damien Bosco, Attorney replied 1 month ago

It does not flow up with time. Some people have bought houses in the 1950s, and the basis would be at that price, plus adding in the home improvements. Ideally, you would have kept records of all the home improvement costs as evidence. However, reviewing what home improvements occurred and the costs involved, could work also.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
That said it seems like I would be better off to let the bank have the house back and I do rate you a 5 star although the answers are not what I wanted to hear they were true
Customer reply replied 1 month ago
I hope I'm not signed up for a $55 monthly fee
Real Estate Lawyer: Damien Bosco, Attorney replied 1 month ago

I know this is not the exact answer you would have hoped to have heard but it is better for you to know what is expected in this situation.

We can continue to discuss this if you want. Just let me know.

If you are satisfied with the services I provided to you, please provide a positive rating between 3 and 5 stars at no additional charge to you so I can get credit for helping you. Again, if you have a follow-up question, just let me know. Best regards.

Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
I have lived there off and on for the last 10 years what would I need to prove that to make it my first residence
Customer reply replied 1 month ago
You are 5 star Sir.
Real Estate Lawyer: Damien Bosco, Attorney replied 1 month ago

If the homeowner has two houses, and uses each as a residence for successive periods of time (such as alternating between Palm Springs in the Winter and North Dakota during the rest of the year), the property that the homeowner uses a majority of the time during the year will usually be considered the principal residence.

Thanks. You can rate the 5 stars on your page. Best regards.

Ask Your Own Real Estate Law Question
Was this answer helpful?
Ask Damien Bosco Your Own Question
Damien Bosco
Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 4,249
4,249 Satisfied Customers
Experience: Helping you with your legal questions.

Damien Bosco is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
The homeowner next door to our property is redoing their
The homeowner next door to our property is redoing their retaining wall. It faces perpendicular to our property however, the original wall was over the property line. The wall is 'small' - about 6 fee… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
On the mortgage or deed but have been paying the mortgage
my name is ***** ***** the mortgage or deed but have been paying the mortgage frm sept.2015 -apr,2018 I don't have I know legal rights but I still want to know if there is anyway that can protect me … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,724 satisfied customers
DO an HOA have the right to have homeowners paint the
DO an HOA have the right to have homeowners paint the exterior of their home just due to fading of paint … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,297 satisfied customers
Is it lawful in the stae of sc for an homeowners to trhanfer
Is it lawful in the stae of sc for an homeowners to trhanfer ownweship of a condominium building with many unites to their ownership so that they can control the water bill. They transfer my condo wit… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
MORTGAGE QUESTION: When mortgage lenders make loans to
MORTGAGE QUESTION: When mortgage lenders make loans to individuals to purchase a condominium/home where there is a Condominium Association / Home Owners Association (HOA), do they typically require be… read more
Lori
Lori
Juris Doctor
1,101 satisfied customers
My question is in regards to homeowners associations for a
My question is in regards ***** ***** associations for a maintenance provided community. There are by-laws and covenants and then there are rules and regulations. In the community in which I live, the… read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,724 satisfied customers
I'm installing a pool in Sarasot county Fl in a homeowners
I'm installing a pool in Sarasot county Fl in a homeowners association subdivision. The pool contractor didn't get homeowners approval but I did send e-mail to homeowners manger to get a application b… read more
Ely
Ely
Counselor at Law
Juris Doctor
4,925 satisfied customers
If a new development Homeowners association was established
If a new development Homeowners association was established with restriction prohibiting open RV, or boat storage (no driveways, and street view), can the association following the CC&R amendment prov… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,052 satisfied customers
Although you say that Homeowners that are in non-compIiance
Although you say that Homeowners that are in non-compIiance can vote according to The State of Texas ....I just researched texas code(###) ###-####which says it pertains to populations of at least 2.8… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,052 satisfied customers
I'm concerned about being asked to pay closing costs on anew
I'm concerned about being asked to pay closing costs on anew house that has not been built yet … read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
A homeowner has a shed that does not meet the restrictions
A homeowner has a shed that does not meet the restrictions to size and placement according to our CCR's. They had the county come to check on it and the county did not feel it was in any violation of … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,297 satisfied customers
I live in Grizzly Flats, California. The Homeowner's
I live in Grizzly Flats, California. The Homeowner's Association has been inactive for several years. Can the rules still be enforced? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I recently reinstated a Homeowner's Insurance policy that I
Second opinion] I recently reinstated a Homeowner's Insurance policy that I had approx. 9 months ago, after the policy was in effect, a week or so later I received a letter stating that my policy will… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I bought a home paid for down payment and closing cost yet
I bought a home paid for down payment and closing cost yet put my boyfriend on deed and co owner . He abandoned home after 5 yearss leaving me to pay mortgage property tax ins maintainable for now 7 y… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I wrote a short seller clause for maximum closing cost, I
I wrote a short seller clause for maximum closing cost, I want to know if possible if the below clause is legally correct. Seller agrees to pay at closing up to a maximum of $ 20,000.00 of closing cos… read more
Lori
Lori
Juris Doctor
1,101 satisfied customers
Should a homeowner have the right to pay extra escrow and
Should a homeowner have the right to pay extra escrow and expect it not to go towards its principal? … read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
Can a homeowners association deny a homeowner's application
Can a homeowners association deny a homeowner's application to plant trees within his property borders because it has a drainage easement where the trees will be planted? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Do you have to pay closing costs or provide a down payment
Do you have to pay closing costs or provide a down payment when the deed is in two sister's names and one of the sisters is buying the house?… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x