Would you kindly let me know if my son would pay any tax on my inherited house if he uses it as his residence?

Only a handful a states impose inheritance tax. Maryland, for example, is one, but property inherited in that state (via will or intestacy) by a child is not subject to inheritance tax. Inheritance tax, when imposed, is owed by the person who inherits.

People sometimes confuse inheritance tax for estate tax, which is imposed by some states on the value of the decedent's estate. In those states that do impose an inheritance tax, it is based on the total value of the decedent's property over a certain exempt amount. For example, in the District of Columbia, the estate tax is based on the value of the estate over $1 million.

I cannot guarantee this is up to date, but the Tax Foundation website has a nice summary of the states that have inheritance and estate tax (www.tinyurl.com/j3yc4nf).

?

We inherited our mother's home in 2008. It was valued at $650,000, per the estate appraisal. We kept the house vacant because the market was so bad. Finally, in 2015, we sold it for $459,000.

Can we take a long-term capital loss of $191,000?

The answer is a qualified yes. You received the stepped-up basis of $650,000 when you inherited the home. Then, when you sold it six years later, the property value had declined. So that resulted in a capital loss. But you cannot claim the entire loss in the tax year that the property was sold; you can only claim $3,000 of the loss per year but can carry the rest forward — year by year — indefinitely.

?

I have repeatedly requested a copy of the board meeting minutes for three years. I live out of the building mostly, but it is my residence. Management and the board claim they do not have to email or give me a hard copy of the minutes. They only have to provide them at the building, and I have to come and make a copy. They claim they are not obligated to send information to anybody not living in the building. If I ask each month, they will put a hard copy in my box, and I can retrieve it. I say the condo law does not differentiate ownership. What is the answer?

That's a difficult question to answer. True, there is — or should be no — differentiation between owner-occupants and owner-investors — but, in reality, there is.

And even if you are not an investor but just keep the unit available for your periodic visits, you still should be treated equally with all other owners. But here's the dilemma. If the board arranges to send you the minutes, they would have to do that for all owners who do not reside in the building. And this can become costly.

Are you willing to pay management a small amount so you can get the minutes? That may be one answer. Do you have a friendly neighbor who can send you those documents? And does the association have a website? More and more associations have an online presence where everything can be found; this would include not only the board minutes but also legal documents, rules and regulations and important announcements.

Personally, I think the board (or the property manager) should honor your requests, but I do not believe they have the legal obligation to mail them to you.

However, we are talking about board minutes. It is a different matter if the board is considering rule changes or proposed amendments to the bylaws. In those situations, the board has the obligation to make sure all owners get the appropriate information on a timely basis.

mailbag@kmklawyers.com