Ask Farnoosh: Health Insurance Options for Immigrants
MK emails: My sister-in-law, who lives in India, just got her U.S. immigrant's visa and will be moving to the U.S. in January to live here permanently. I would like to know what medical insurance options will be available to her while she is looking for a job.
Fortunately, the Affordable Care Act provides access for legal immigrants to buy coverage through the new state-based exchanges beginning in October. Legal immigrants who earn up to four times the poverty level — about $46,000 for an individual - will also be eligible for subsidies through the new marketplaces.
Your sister may also be able to seek high quality health care at Federally Qualified Health Centers (FQHCs). These are community-run centers that offer primary care — including preventive services, prenatal care and counseling services — to underserved areas. Another option is a free or charitable clinic. Unlike FQHCs, these clinics are run predominately by volunteers, but they provide a range of medical, dental and pharmacy services to the uninsured, regardless of ability to pay. You can find a free clinic near you here.
Join Yahoo Finance and Yahoo News for a live chat Tuesday, Oct. 1, as the health care marketplace launches. We’ll be taking questions from readers.
Gigo emails: I have just sold an investment property that my mom and I purchased together about 12 years ago. Both of our names were on the mortgage but I was the one who always made the payments. At the time of the sale my name was the only one on the deed, as well, since my mom previously granted her portion of the deed to me. When it comes to taxes can both my mom and I claim the long-term gains from the sale (i.e. split it)?
Generally speaking, after living in the home for at least two years, sellers can exclude up to $250,000 in profit from the sale of a main home (or $500,000 for a married couple). Tax law states that the capital gains exclusion only applies to the person with the legal liability and responsibility/ownership of the property.
In this case, since you now have 100% ownership, only you can claim the gain. “While the mom had legal liability for the mortgage, she is not on the deed, therefore, she cannot take the capital gain on the sale,” says John Stancil, a certified public accountant.
As a side note, when your mother transferred her portion of the deed to you, this was technically a gift, says Stancil. Make sure she filled out a gift tax return if her portion of the home’s value exceeded the annual exemption amount for gifts at the time. She may not owe any taxes on it but the gift amount would need to be deducted from the lifetime Gift/Estate tax exclusion.
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