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Is it a fraudulent transfer if the buyer of a forclosed commercial property did not pay the taxes owed for nearly one year?
Payment of delinquent property taxes are governed by state law. In general taxes due on property acquired by foreclosure are due at time of sale. Some states do have laws granting a grace period under specific circumstances. If the law required taxes to be paid at the time of sale, and they weren't, the sale is not valid.
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The decedent's estate must be probated in order for legal ownership to pass to the heirs. The legal owners are responsible for paying the taxes. If one heir is living on the p…remises they should all make up an agreement in writing as to who will pay the expenses.
Of course you do, plus penal;ty and interest. Your jail is for the crime of trying to avoid taxes, not in lieu of paying them.
No, churches are tax exempt.
To find out if back property taxes are owed on property (real estate or personal property) call your local city or county treasurer's office. Some cities and counties have tax… collectors or assessors who handle this function. If you are buying real estate your title insurance company will investigate any back taxes owned the property for you.
Property taxes are normally used to fund the services in the area, such as police, fire department, roads (and plowing them!) and local library. Some portion of the taxes are …used to fund the school system. If you are getting it for free, it is normally being paid for through property taxes.
The owner of the property pays the tax on the income generated by the property. This is known as the "fruit of the tree doctrine."
Resident property owner do pay property taxes to the state of Florida each year.
Yes. But since you will not be around to pay them, your estate will be responsible for paying them. If you are married and your spouse files a joint return for the year you …die, your spouse could be responsible.
Can a seller transfer a deed to the buyer if a federal tax lien is against the property and can the property be settled?
NO. You cannot transfer the ownership of the property UNTIL the lien is paid off, in full.
No. You will. You may be physically dead, but as far as all business affairs, your alive until your estate is settled. So nobody you want to get anything is getting anyt…hing until those you owe, including the tax authorities, take whatever they need.
no. the Amish do not pay taxes.
The seller. The seller is shipping it to the buyer, not vice versa.
So? What is the problem here to discuss. Do one of you get half price on taxes? I never heard of this situation. Put the property in the exempt persons name.
I don't know why it would be. The equity is a valid asset.
Possibly. It depends on your basis, how much depreciation you have claimed, whether the loan is recourse or non-recourse, and whether the bank is canceling the unrecovered b…alance of the loan. A foreclosure is treated as if you sold the property to the bank. On a recourse note, it is treated as if you sold the property for the fair market value at the time of foreclosure. On a non-recourse note, it is treated as if you sold it for the balance of the loan. (I am assuming the loan balance is more than the value of the property, otherwise you would have just sold the property and paid off the loan, right?) On a recourse note, if the bank decides not to pursue a deficiency judgment against you, then the cancelled debt (the difference between the FMV and the balance due) is taxable ordinary income (unless you meet the insolvency or bankruptcy exceptions). You'll also need to recapture depreciation, just like on an ordinary sale. Unlike a homeowner whose personal home is foreclosed upon, you will be able to claim a capital loss.