DEAR BENNY: My father added my brother and I to the deed of his house he bought back in 1979. Now that he did his living trust, he wants to remove us from title (deed) so we don’t have to pay taxes in case something happens to him. I understand his property taxes will go [...]
DEAR BENNY: I built my own house. At first I stuffed receipts into a folder but toward the end when things got hectic, I forgot. I probably have receipts amounting to a quarter of what I believe I spent, land included. How can I establish a credible basis when it comes time to sell? The [...]
I live in a 125-unit condominium. Recently, our board of directors signed a contract for almost $1 million to upgrade our elevators. I believe that the board did not get any bids and just went with one company. Is there any law requiring more than one bid on any one job, especially one as large as this? – Henry
With the General Assembly's 2013 session in full chatter, many are wondering exactly how many tax-policy changes state lawmakers might have up their sleeves, as a slew of proposals have already been bandied about.
I recently heard that the portion of one's monthly condo fees that go into a reserve fund for capital improvements to the overall property can be added to an individual condo unit's tax basis. Is this true?
CHARLOTTE — The final, written report on an outside review of the highly contentious 2001 Mecklenburg County property tax revaluation of homes and business properties is now posted to the county website as a PDF file. The report, by Wilson-based Pearson’s Appraisal Services, contains no surprises but does go into much more detail about the [...]
Several weeks ago, I was one of six panelists at a collegial meeting with some very serious small-business owners in Dallas to share my views and to answer and discuss questions on the economy.
As local, county and state governments face growing, and sometimes desperate, economic needs, they increasingly turn to real estate transfer taxes as a source of funding. This is a tax that may be imposed at the closing of home sales or other real property transactions.
Tommy Lawing is a man looking to buy houses. He needs them, he says, because demand for homes in his rental business is through the roof. But profits aren’t following the upward track and it’s because of one of life’s certainties – taxes.
Karla Knotts, co-owner of Knotts Builders, often trumpets the benefits of owning a home in Clover, S.C., and driving to work in Charlotte. She reasons: Who wants to pay those high North Carolina property taxes when they can save as much as $45 a month by living in the Palmetto State? But she doesn’t have [...]