jo_nyc's Profile
- Jo Martin
Author's Posts
October 21, 2009
Wood Floor under Water Heater?
Is it a code violation, or a fire hazard, to have hardwood flooring underneath the boiler? I'm installing wood floors and have reached the water heater. I don't know if I should continue underneath it (and the metal stand it rests on) or stop at the edge. Thanks.
July 13, 2009
Gifting an Apartment?
I want to buy my father-in-law an apartment (cash purchase, no mortgage). How do I do this? Can I put it in his name without him incurring taxes? I know I will eventually have to consult an accountant, but I was hoping to get some basic info first so I can be better informed. Thanks for any help at all--I greatly appreciate it.
Author's Comments
Thank you bklyn_born! Much appreciated.
Posted by: jo_nyc at July 12, 2009 1:32 AM in response to Gifting an Apartment?
Responses to Author's Forum Comments
It is good to know a knowledgeable person answered the inquiry. This info helps everybody.
Posted by: Ysabelle at July 12, 2009 10:08 AM in response to Gifting an Apartment?
Also, be aware that some coops will not allow this. Some specify that the purchaser must reside in the apartment. And then there is the question of who pays the maintenance.
Posted by: mopar at July 12, 2009 10:33 AM in response to Gifting an Apartment?
For what it is worth, you may also want to note that by using up your gift tax exclusion today when you make the gift, you reduce your available estate tax exclusion upon your demise. This is because there is a unified gift/estate tax credit.
Posted by: butterfingers at July 13, 2009 7:32 AM in response to Gifting an Apartment?
If it is a cooop, talk with the closing department of the management company and get the sale package. You may also want to consider setting up a trust and having the trust purchase the apartment. Most coop boards will not have a problem.
Posted by: BH76 at July 13, 2009 10:01 AM in response to Gifting an Apartment?
Can I be your father-in-law? =)
Posted by: jkg11218 at July 13, 2009 12:38 PM in response to Gifting an Apartment?
No stock answer. It depends on the appliance (boiler or water heater, terms are not interchangeable) and its approved proximity to combustible surfaces.
Look up the make and model and see what the manufacturer says.
Some water heaters and boilers are even made specifically for "closet installations."
Posted by: Master Plvmber at October 21, 2009 3:29 PM in response to Wood Floor under Water Heater?
Sorry for the confusion--I meant water heater, not boiler (unless the terms are interchangeable?) It's the round water heater.
Posted by: jo_nyc at October 21, 2009 11:27 AM in response to Wood Floor under Water Heater?