Posts Tagged ‘Pay Taxes’
Tax deed sale question.. People with experience or in the know answer?
Monday, March 8th, 2010My question is simple.
I own a tax deed on a piece of real estate that I got dirt cheap. I’m curious to know this: If the previous owner steps up and wants his property back - can he just take it back? What is the process for him to take it back? Shouldnt he at least have to pay me back the taxes that he didnt pay? The taxes and liens that were in default? I already know about tax deeds and how to buy them, etc.. I’m wondering what happens if the owners steps up and wants his property back?
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Tax question on state taxes paid for a business?
Sunday, February 14th, 2010I own an S-corp that purchased a significant amount of county property tax liens. The liens accrue interest at 12% per year on the face amount of the tax plus any statutory costs, which include subsequent taxes paid. In order to preserve your claim you are required to pay all subsequent taxes on the property. They have until April 2008 to redeem their property and pay all costs plus interest. The initial payment is of course an extension of capital. However, are subsequent payments an expense or are they capitalized? For example, expenses for title work and to pay other subsequent taxes are they capitalized expenses and an increase in basis or an expense of holding the lien. About 1% of all liens default so recovery of costs with interest are highly likely. The lien expires without claim if not acted upon in a timely fashion as described in the governing statute by the owner. The property converts by law if acted upon in a timely fashion to the lienholder.
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Does this seem fair for owner financing (on a house)? Or is the guy trying to make a few bucks?
Sunday, February 14th, 2010My fiance and I have plenty of $ for a down payment on a house, but can not obtain a mortgage. A seller is offering financing @ 8%, and after 1/2 of it is paid (30k) he will give us a deed for trust. If we fall behind and don’t pay for 30 days, he pockets all of the money we have invested and we’re evicted. He has offered to pay taxes/insurance and just add it on to our principle.
He said that he has "been doing this all of his life". What do you think?
We would be dealing w/a real estate attorney as well (for the documents).
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Does anybody know how get listings on property with a lien tax in the U.S.?
Monday, February 8th, 2010I had a list of properties before , where you can pay off the taxes owed on that property to the IRS and buy the property. Does anybody know what i am talking about?
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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..
