Reader opinion: Strategically placed fans cheaper than suing

This past week, some readers were commenting on each other’s problems. Here’s the simplest suggestion that came in for the unhappy condo owners:

I read your column regarding the folks suffering from secondhand smoke from the condo below them. Some strategically placed fans on their balcony and a window fan or two might give them adequate relief. It’s certainly cheaper than moving or suing. — R. Q : I read your letter concerning the sale of the house that G. inherited. I inherited my late mother’s longtime home this year and sold it several months later. We sold it for less than the county’s accessed value. Are we allowed to take a capital loss on the difference between the county’s accessed value and sale price? If so, would the difference include the Realtor’s commission and the closing costs that we paid? — D. A : Your cost basis is the value of the house at the time of your mother’s death or within six months thereafter. I have no idea how you settled (or are settling) her estate and whether you needed an appraisal. At any rate, the property tax assessment figure is not considered your cost basis.

Whether you take a capital loss for your sale expenses depends on the specific situation, and it’s a question for your tax professional. Q : Your reader may enjoy getting airline miles when he pays his property taxes by credit card, but most municipalities charge an extra fee when taxes are paid with credit card. I assume this differs from city to city. —J. H. A : Q Thanks for the reminder. : I enjoy your column very much. You saved my brother a lot of trouble. I told him not to let his ex have the house with his name still on the mortgage during their contentious divorce. Fortunately, he has had much better days since.

About that escrow item: My mortgage lender does not collect extra money to pay my future bills. I have always insisted on paying my own taxes and insurance for several reasons.

First, when I was on a local zoning board several years ago, we used the tax rolls for sending out hearing notices. A lot of notices went to banks rather than homeowners, and the homeowners never learned about the potential problems until it was too late.

I have known people who had their fire insurance cancelled when their mortgage was bundled with a lot of others and sold to some other investor. The insurance bill didn’t get to the new mortgage holder, so it didn’t get paid. Then the insurance company sent notices to the same place it was sending the bills, which was pretty much useless. Then again, if you itemize taxes, it can be complicated to get a receipt for paid property taxes. Fortunately, I’ve always had very good credit and a big down payment. — B. D. A : Many mortgage borrowers don’t have a choice about whether the lender will collect their property tax and insurance payments month by month and hold it in escrow. It was probably your large down payment and excellent credit rating that allowed you to choose a mortgage plan that didn’t require escrow.