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I need the steps to take or a class on learning how to purchase tax sale homes.
go to the court house in the area you wish to purchase in, and they can help you.
Our home is mortgaged but we couldn't pay the taxes so it was sold in a tax sale-what will happen next? do we have any other options but to move out? we live in Iowa-serious answers only please.
No, the first guy is wrong. Relax and take a breath.
When a house is sold at tax sale, you have 1 yr to pay off the person who bought your home at the tax sale. (plus interest).
If after one year you do not pay them back in full, then the have the legal Right to your home. I would start extra savings, or beg borrow and plea for some money to pay the taxes. How about a 2nd job?
I am considering selling my home. I bought it about three months ago at a very steep discount but need to move on. (very long story) I understand that if I live in it for a total of 2 years and then sell, I will have no tax liability on the gain. I may need to sell sooner than that.
I need to understand the difference between selling before one year of ownership and after one year of ownership (but before two years)
I've read a few articles on it, but it's still not clear. If I sell before one year of ownership, do I just count the gain as ordinary income? Would it just go on my taxes as "wages" or would I report it somewhere else?
If I sell after one year of ownership (but before two years), is it taxed as a long term capital gain? If so the rate would be 15% or 5%, depending on my tax bracket?
Any help would be greatly appreciated. Thank you!
Thanks for the help. Here's the additional info:
Bought for $110,000
Will sell for around $135,000
No other properties bought or sold.
I am married with 2 kids.
You are partly wrong about living in it for 2 years. What you have to do is live in it as your primary residence for 2 out the 5 years before you sell it. If you do this you can exempt up to $250,000 of gain if single, and $500,000 of gain if married. If you sell it before 1 year of ownership, it is short-term capital gain, and would be reported on Schedule D, and be taxed at your regular tax bracket. If you sell it after 1 year but before the 2 years, it would be long-term gain, and taxed at either 5 or 15% depending on your tax bracket. If you sell it in 2008 a rate of 0% will replace the 5% tax. There are some exceptions that will enable you to prorate the gain if you sell it before the 2 year holding period (forced move because of job, etc.).
Realtors are fighting the North Carolina State law makers from taxing the sale of your home.
Duration : 0:6:31
I sold a home for the tax year 2006. I was charged an excise tax by the county and state. Can I take this tax off on my tax return? Would I list it as a sales tax or property tax? Or would it be listed under the adjusted sales price of the house?
Real estate taxes (or property taxes) are deductible on Schedule A as an itemized deduction. All other taxes paid by the seller are considered transfer taxes and should be added to the cost basis of the property, which in turn lowers the gain on the sale.
On this show I discuss several issues: I talk with Registered Tax Preparer Manuel Alvarez the tax consequences of a short sale and foreclosure. I also discuss the current real estate market conditions, some credit tips and more. I would also like to add that every situation is different and some people may not be able to take advantage of a tax free sale in a short sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original purchase deed) as there are also different consequences for each. As always, consult with a qualified CPA prior to making your decision on whether a short sale or foreclosure is your best option. Hard to get everything in a show and many times there are things that I think to myself, “I forgot to say this or that!” By watching this episode hopefully you will get some good information from it if you are involved in a short sale as a homeowner or a real estate or mortgage practitioner.
In addition I invite you to tune in to my Radio and TV Shows “Let’s Talk Real Estate!” on the following:
TELEVISION: Wed., 9pm, Channel 15A-015 Comcast Digital Cable in San Jose, Campbell & Cupertino
RADIO: Thurs., 1-2pm, Newstalk 1080 AM - KSCO
Listen to us Live via internet on our Website at http://www.letstalkrealestate.com/abouttheshow.htm
I would also like to add that every situation is different and some people may not be able to take advantage of a tax free sale in a short sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original purchase deed) as there are also different consequences for each.
As always, consult with a qualified CPA prior to making your decision on whether a short sale or foreclosure is your best option.
Hard to get everything in a show and many times there are things that I think to myself, “I forgot to say this or that!”
Thanks for watching. Looking forward to your replies, comments and suggestions.
Robert Aldana www.LetsTalkRealEstate.com robert@letstalkrealestate.com
Duration : 0:10:0
I purchased a house back in january of 2007 for 110k. I paid 80k down which left a balance of 30k. Since then I inherited a house which I just sold this month (July) for 45k. I want to take that profit and pay off my 30k balance which will leave 15k in my pocket. My question is what kind of taxes am I looking at here? Inheritance tax, Gift tax or what part of the money is taxable? I live in Mississippi and know nothing about what kind of taxes I am responsible for paying or claiming? No taxes have been paid on anything yet. All I have is the check for 45k in my hand and am headed to the bank to pay off my 30k debt. Any help will be gladly appreciated. Thanks!
Whether you have any taxes on the house you sold depends on what the value of it was upon the previous owner's death. When you inherit something you get the value of it at the date of the previous owner's death. If the house was valued at at least $45,000 when the person died then that is your inherited cost basis, and therefore you would have no gain. If the cost basis was more than $45,000 than you would have a capital loss. If the cost basis was less than $45,000 than you would have a capital gain. Inherited property is always treated as long term, so you would have long-term capital gains tax, which would be no more than 15%.
My parents are selling their investment property to fund their retirement. However upon my calculations they are looking at a 45K hit in capital gains. I was going to suggest that upon selling they use a seller financed mortgage so that they will not be taxed on the full amount at once along with providing them a steady investment without any risk. Would this work?
What if they incoming payments were put directly into a Roth…would this still be taxable income? Is there any way to reduce this amount?
While an installment sale would stretch out the gain and the tax over time, it can hardly be said to be risk-free in today's economic situation.
Putting the payments in a Roth won't change anything.
On 09.15.05, Erma Frye borrowed $32,000 against her home in order to prevent it from being sold for delinquent taxes. The settlement company, Keystone Closing & Settlement Services, LLC, claimed the monies held for delinquent taxes were sent to Dauphin County Tax Claim Bureau in a timely manner. However, the tax claim bureau stated the checks were received on 10.04.05, twelve days after the property was sold by the bureau at tax sale for $2,810.27. The sale was upheld in Dauphin County Common Pleas Court on 03.10.06, and again by Commonwealth Court on 12.18.06. The sheriff sale of Frye’s property, scheduled for 01.11.07 was continued due to the court actions.
Duration : 0:2:55