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?
What is forgiven debt in relation to mortgage short sales? How do I go about pursueing this?
I’ve been told that if I hold the money made from a property sale in an account with the intent on useing it to buy a property in the future that I’ll be liable for an added tax of some description when I withdraw it to use as a deposite. Is this true? Does anybody know the truth about the tax laws concerning profit made from a house sale?
I found a wonderful property but it is now a short sale situation and I have to sell my current home in order to buy it. I was told that a offer contingent upon the sale of my current residence would not be accepted. Are there any other options?
My wife and I live in Texas. My wife’s father died in April 2006. His estate was left to my wife and two siblings. The proceeds are divided evenly. He owned some land in Oregon that was sold last month. The beneficiaries were listed as the sellers of the property. It was not listed as my father-in-law’s property, nor was it listed as belonging to his estate. Her share of the sale was just over $10,500. What is our federal tax liability on the sale of the house? What is our tax liability with Oregon, if any?
We have been trying to purchase a home for the last 5 months. We are being told by the seller’s realtor that the seller’s mortgage company is not responding to their repeated attempts to finish the closing deal. The seller’s realtor is faxing the paperwork 2 times a day, calling and getting the run around, etc and getting nowhere with the company. Two weeks ago the mortgage company did respond and said they were missing a form from the realty company, which has now been completed and still no response. Are there possible reasons why this mortgage company is not responding? What do they have to gain by not following through with the sale?
Our 2nd mortgage company is suing us for $25,000 (the balance on our 2nd after they signed off the lien for the short sale). They have submitted paperwork to attach 25% of our wages until it is paid off? Is their any legal way out of this?
Is a short sale a bad idea for a first time buyer? I have been researching and I have nothing but time to wait for it to close. Yet is it worth the extra hassle for what looks like a great deal?
What should you do if the personal property tax office for a state you no longer reside in is seeking you for payment on personal property for real estate that was sold several years ago? Is there a statute of limitations on the sale of real estate? If the proper papers were never recorded, does this mean the property is still owned by the original owners? Can the property be taken back by the seller, if all owed back taxes were paid up? Where can I get information on this?
I was recently having a conversation with someone who purchased a home and I asked what they paid. They were a little taken back and said they got a good deal. I was under the impression that house sale prices were public information, is that true?
Are there any websites which tell you whether properties are bought or rented? I’m looking to gauge an idea of the house prices/what’s on the market in my local area. Any help much appreciated. Thank you.
I have two homes with one mortgage on each (same lender). One home is now in negative equity and has a high interest rate on the mortgage. Even though the bank refinanced the home only two years ago as an 80/20 loan, they will not allow me to refinance now. I thought about renting until the market get’s better but I can not cover all of the costs.
I bought a house a couple of years ago. I don’t have much equity in it. Now my fiance and I want to buy a new home, but we won’t be able to sell my home for what is owed on the mortgage. Are there programs that let you borrow on your new mortgage to allow you to pay off previous mortgage?
My siblings and me inherited a piece of rental property about two years ago. Since then we have established an LLC and may a go of being landlords. Instead of having the property appraised we went with the tax value, not giving it much thought. Now we are getting out of the rental business and selling the property for approximately $20,000 more than the tax value minus 2 years of depreciation. The gain will be split 3 ways. Any way for us to know how much we will be taxed on that gain?
