I bought a fixer-upper. I never lived in it or rented it. I made many improvements and repairs to the property. I also incurred expenses when I sold the property about 8 months later. Where do I report the expenses and gains from the sale on my income taxes?
Don’t laugh, I’m serious! My brother and his wife purchased a historic home in Virginia recently, and there are several outbuildings on the property. One of them is a slave cabin. My brother doesn’t know what to do with it. He says he doesn’t know if he wants to look out the window at it every day, because it’s a pretty sad thing to see and think about. But he also says he hates to tear it down, since it’s a historically significant building in good shape that belongs with the property.
What would YOU do? Tear it down or keep it?
I have been trying to find out what happens when letting an investment property go. Is it the same as a normal foreclosure or short sale, where you get taxed on the difference? Or is there some other route this takes. Just a question not my situation!
$7000.00 ta leain, but since 1997 the property has ben demolished. No only worth $500.00. Wachovia Bank will take nothing less then the full amount. They will not even take payment plan.
I am working on a property that is in foreclosure in WA state. It is 2 months into the process, $11,500 in back payments and taxes and a few thousand in attorney fees for the mortgage holder’s attorneys. Is there a ballpark estimate of how much attorney fees will be once the 135 days is up and it goes to sale, and is there any formula for calculating the rate of their charges?
I just read many different answers to this question, but really need a definite answer. What happens to you if you foreclose on a property in Arizona, and have a HELOC on the property? I tried to shortsale the property but the bank foreclosed instead.
I’d like to experiment with Green Living, which means working hard and having little or no bills. So I guess what I’m really looking for is the one state in the US with a very small property tax. While we’re on the subject, what exactly is a property tax and how is it figured? Thanks.
I’ve moved to the country & we have a problem with coyotes. I’ve already lost a few pets & don’t want to lose anymore. I don’t want to kill them , just get them off my property. Is there any kind of repellant to get rid of them?
I want to plant American Arborvitaes as close to a neighbors property as I can, but want to make sure I won’t go over the line when they eventually grow to normal width.. I can prune regularly to control if I need to so I can plant closer.
There doesn’t seem to be any consistency. Are they based on the sales price of the property? At what rate? Are they reassessed every year? By county, city, district or what?
Thanks for any insight.
My father just died. I think we have to wait 6 months but he owned a lot of property. He left a trust with 4 people; 2 get 20% of all properties and assets and 2 get 30%. I’m a co-trustee so I share some responsibilities with my brother but we are butting heads because he wants to keep the properties for an unspecified time and I just want my share and out of it. I do not want to sue for my share or something. What will happen if we butt heads? Thanks for your time.
So that it can be positively geared?
How do I determine if a property will make a good investment?
Is there a checklist someone can reccommend?
There is a big buzz in my city about the recent property tax increase for next year, 2008. I just bought a house and we close on it next week. How do I find out what the increase is for my area? Is there a Web site I can go to?
Thanks!!
My dad passed away without “properly” funding his trust. We found a form with his trust titled “assignment & transfer of peronal property to revocable living trust” that states he transferred all his property to the trust. If he did not draw a new deed stating the trust owns the property, does this form help at all to void probate? What is it for?
