A Question of Title (August 20, 2006)
I am selling a condo that is in my daughter's name. I have lived in the condo for the last seven years and paid the mortgage payments. The sale will close the first of next month. It will show up as a $120,000 capital gain for my daughter. Can she use the sales procedds to pay for another house for me to live in and claim it as a gift?

Title Insurance (August 20, 2006)
Let's assume I purchased my home 10 years ago for $150,000 and obtained an owner's title insurance policy at that time. Suppose I sell it now for its current $400,000 market value but I discover I don't own marketable title. Will the title insurance pay me $150,000 or $400,000?

Long Commute (August 20, 2006)
In October 2005 I bought my home. But in March 2006 I found an excellent job, which is a 1.5-hour drive from my home. My wife and I have put the house up for sale and are in the process of moving close to my new job. I know that to get the full $250,000 per owner prinipal residence sale tax exemption, we must own and occupy the home 24 of the 60 months before its sale. But what are the tax implications in our situation where after only a few months of ownership and occupanycy we have to move due to a long commute? Is this an "unforeseen event" so our expected $20,000 net profit will be tax-free?

© 2005
Tom Chapman
San Diego, California