Estate Tax-Federal Estate Tax

victoriouscorrupter asked:


I’ve call tax advisors and they either don’t know what I’m talking about (the yearly income tax preparation people) or the they help people already in trouble with the IRS. I’m trying to prevent that. I own a home in FL. Several years ago, I took downpayment assistance from the FL government as a first time home buyer. I had to live there for 10 years and I would not pay them back for the money. If I moved before that, rented it out, sold it or refinanced it before that, I would have to pay them back. In this economy, I can’t sell or refinance this house for what I owe plus the downpayment. I want to move to AL to marry my fiance, work and go to school. I was hoping to solve the issue so that I have the freedom to move. Please help!

Rolf Sappah

jann asked:


I need someone to take a lien on my property for $10000.00 so that I can pay my property taxes.
one small loan exists from deceased parent. Delinquent taxes are my responsibility. I need to refinance and have to pay taxes to do this. Is there another way to do it in 20 days? I want private lender.

Shizuko Zavitz

Kevin D asked:


My wife and I live in a house owned by my mother in law. It is 100% owned, no mortgage or any banks involved. We currently pay her fair market rent. In November we have the option to put the house in our name pay the property tax and insurance and my mother in law will extend us a “loan” for the market value of the house. We will pay her monthly payments for the loan until she dies at which point she will (in her will) forgive us of the loan.

Option 2. The house stays in her name until she dies. We continue to rent it from her then she leaves us the house in her will when she dies.

Which is the better option? If the house is put in our name will there be additional taxes involved other that property tax?

Mervin Kribs

Adam asked:


If I personally rent out my house, is there a tax benefit to get my own real estate license?
Will I be able to write off more for taxes because I’m officially licensed and it can be considered a business?

Moira Aiava

bellingergerald asked:


There is two names on the deed of property. The other owner, has left the state, and I can not find him, and don’t have the money for a people search. He is not helping with property tax, and has no interest in the property. I would like to sell or buy him out, but with two names on the deed, what do I do. It is called a tennants in common realationship or contract. Help! if you can.

Chu Rojo

Sumpthinspec02 asked:


I will be purchasing a short sale property. The current sellers purchased the home for over 300k 3 years ago. I will be buying the home for almost half that amount. The real estate taxes are over $3700 per year.

Being that property values have plummeted is there any way to have my real estate taxes be based on my purchase price of the property?

Jerrod Narron

Sweet n Sour asked:


There’s a 3.8% tax everyone who sells a home valued at $250,000 or higher must pay, even if it’s their primary residence and they use the money to pay off their mortgage or as a downpayment to buy another house. The money will be used to pay for one of the 9 new health care bureaus.
acemill, i guess you think the Wall Street Journal is just a silly little paper that lies. Don’t shoot me the messenger silly bt.

Dianna Garrido

hmm asked:


I mean do you pay them, every month or every six months or once a year? How much are they? Is it a percentage of the cost of your home or something? eeeeek

Lacy Horwood

freond1 asked:


I’ve read all the standard material, and I’m still confused.

I bought and sold residences in Cook County, which has the odd practice of paying RE taxes a year in arrears. I’m putting in dummy numbers for illustration purposes.

On home I sold:
I paid $1200, the first installment of 2006 taxes, early in 2007. At closing on 7/31/07 I paid the seller another 1200 for the second installment, which wasn’t due yet, and 1400 for 7 months of 2007 taxes not due until 2008.

I think I can deduct $1200+1200+1400 in 2007. Is that correct?

Assume similar situation for the seller of the home I purchased. On that home, assume that the seller paid me 1100 for estimated second installment of 2006 taxes, and 1300 for his share of estimated 2007 taxes. Assume that when the second 2006 installment came due late in 2007, it was only $1000, which I paid. How much of the $1000 can I deduct in 2007?

If I pay $2000 total in 2008 for 2007 taxes, how much of that can I deduct in 2008?
I’m pretty clear on the home I sold; what I paid to the county or at closing is deductible on 2007 return. I’m less clear on home I bought, since I paid the county money for 2006, when I didn’t live in the house; seller paid me to do that. Seems logical that I can’t deduct that, but I learned long ago that tax code isn’t always logical. Can I deduct amt pd to county in 07 for 06 tax?

In 08, when I pay 07 tax, do I deduct:
(a) full amt I pay the county
(b) amt I pay the county less what I was advanced for 2007 taxes at closing
(c) what I pay the county prorated for the time I lived in the home?

If (c), does the amount advanced to me by the seller, which was based on an estimated prorated share of his taxes, matter, e.g., if seller paid me less than what his prorated share of actual taxes turns out to me, can I deduct more than my prorated actual share? If the seller paid me more, does that reduce my deduction?

Chrissy

shannon l asked:


In the state of Florida what are the advantages and disadvantages of a sales associate or broker associate registering as any of the following:
Professional corporation
Limited liability company
Professional limited liability company

Maxie Mastriano