Real Estate Legal Guidance

Summary

Insurance proceeds for property destruction are generally not taxable if used for rebuilding. Property bought before marriage is typically separate, but consult a New Mexico attorney for confirmation. You can sign on behalf of someone with a power of attorney, but legal advice is recommended. Filing for divorce may simplify asset division. Insurance proceeds usually dont qualify for a 1031 exchange; verify with a tax advisor.

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Please read this and make Notes / corrections as necessary based on New Mexico law. please add corrections inside pantheist and do not alter existing text
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I have two real estate matters I would really really be grateful for you all to consider representing me on or at least provide advice on... * Sandia Rd My home in Ruidoso that was my primary residence for far more than the 2 years minimum to be considered a primary residence burned to the ground, along with everything else in it during the South Fork Fire in Ruidoso. Taxes? Gross receipts? Income tax? Are there any protections for insurance money received? Sole and separate or subject to Hadley who is in Prison for domestic violence against me, sex crimes against his step daughter- 10 years…. I have a power of attorney from him . Can I just sign on his behalf? We were not married at the time of me purchasing the property, but it has increased in value. I am submitting the paperwork to the court for a divorce this coming week. We have been physically separated since he was arrested on
Melissa, you have a complex set of issues here.
- Insurance Money Protections: Generally, insurance proceeds for destruction of property are not taxable if used to rebuild/repair.
- Property Ownership: Since you bought the property before marriage, it should be considered separate property, but consult a New Mexico attorney.
- Power of Attorney: You can sign on his behalf, but it's best to confirm with a lawyer.
- Divorce Proceedings: Filing for divorce could simplify asset division.
- * Exchange: Insurance proceeds typically don't qualify, but confirm with a tax advisor.
Would you like more detailed information on any specific point?