Posts Tagged ‘Current’
How do I transfer interest in a property without paying transfer tax?
Monday, July 12th, 2010I have a retired mother who can not get a loan by herself so I need to buy her a house and then transfer it to her after she sells her current house. Can I just do a quit claim once I buy the new house? Will I have to pay any transfer taxes? I will be doing the quit claim deed after she sells her current house and when I get my money back. Is this the best way to go about this? Thanks
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I sold a house CFD and got it back 5yrs later I am now reselling how do I account for on taxes?
Monday, February 22nd, 2010I bought the house (and used as a residence) for k, invested k in improvements and sold for k on the contract for deed. Over the life of the contract I reported interest income and expense but no gains or losses. Expected sale price on the current sale (convential) will be .5. Since I have not been in the house for 5 years I am guessing that I miss the exemption. What is my basis? The k that the contract was worth? My original basis? Or is there another treatment taxwise?
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When you pay property taxes and have old property tax liens, do the payments go to the old taxes first?
Saturday, February 6th, 2010My husband just found out there is a tax lien from 2004 on his credit report (he and his wife were separated at the time and she had the house and didn’t pay) We looked on the city website and the only taxes listed as due are current for the year. If she was paying the taxes the following years would the payments have automaticaly gone to the old taxes first or could 2004 taxes still be due? Thanks..
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What is the process for buying property that a tax lien company currently has a tax certificate on?
Thursday, November 5th, 2009We are hoping to buy some property, but apparently the owner hasn’t paid property taxes on it in over 4 years. A company called Heartwood 88 has a tax certificate on the place…would we be purchasing the tax certificate from them or do we still need to go through the current owner?? any help would be greatly appreciated!!! Thanks!!!
The problem is….I can’t find the owner!!
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I would like to buy a tax foreclosed house, but the county will only sell it to the current tenants?
Tuesday, October 13th, 2009The current tenants, (my neighbors), cannot afford to purchase this house, the house I grew up in, and they offered it to me before it would go to the county treasurer and they would sell it on the market for 10x what they will sell it to them for.
I would like to purchase it, have the money, but the county says they will only sell it to my neighbor, and only in my neighbors name, however I could be a lien holder by putting the money up for the house and making a mortgage contract. My neighbor has already expressed to me that he has no intention of buying it, and in fact plans on moving. The county came up with the plan for me to put up the check, and place a mortgage lien against the title (this would protect my interest in the property). At this point, my neighbor says he would just sign over the title to me and I could charge off the loan. This sounds straightforward enough (jumping through the county’s hoops), but would there be any problems that could arise from this?
My neighbor is a good guy, and I explained that to him, but that I still need to financially protect my interest, and he is fine with that. It comes down to:
Is it legal? Would him signing over the title to me force the sale of the property (ideally I want to keep the property, and have the deed in my name). Can anyone else recommend a different way to approach this. The county is dead set on the requirement that the title be in his name.
Thanks in advance for any advice.


