The Governor recently signed SF 2175 into law which replaces Iowa Code Chapter 651 which deals with Partition of Real Estate. The biggest change in the new law is the establishment of a partition procedure for “heirs property”. For the first time a new law allows the equitable remedy of “owelty” which provides for a payment of money to equalize the value of property received in a partition in kind action. Under the new Chapter, an individual who inherits property as a tenant in common with other relatives and who does not want to sell the property, in all likelihood
More Legal News & Information... →A new law was recently signed by the Governor which authorizes tax-preferred First-Time Homebuyer Savings Accounts beginning in the year 2018. Under the law, when an individual sets up a FTHSA account, he or she may exclude from their Iowa adjusted gross income yearly deposits of $2,000. Married taxpayers who file a joint return may exclude up to $4,000.00 a year if the money is deposited into a joint FTHSA. Any interest earned on a FTHSA account, will not be included in a taxpayer’s income. At the time that the FTHSA is opened, an individual can designate a sole beneficiary.
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