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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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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.
Answer Answer depends on where you live. No one answer fits all scenarios. Property taxes are based on "assessed values" of property i.e what your property is wor…th at a particular point in time compared to SIMILAR properties in your area that have SOLD within a 3 to 6 month period. Once you have the assessed value established, then you multiply that by the "millage rate" or Mills or as a percentage i.e 1 mill is 1%. If the area your property is in had any new bond levies or bond passages, typically school and hospital, fire district improvements, the your millage rate will be higher than an area that did not acquire any new levies or bond passages. Example: $100,000. assessed value X .013856 (millage)=$1,385.60 annually. Check your county auditors office for millage rates for your area.
It depends on if it was mentioned in the purchase offer. In the state of Florida the seller commonly pays for the deed transfer taxes but there is not a mandate on who pay…s it.
No, most of the time. The entity who pays real estate taxes which accrues to property, regardless of the ownership period, is generally established by agreement between the pa…rties.Most of the time, real estate, ad valorum taxes are pro-rated. That is, the taxes due, are divided by the length of the holding period for the property for the tax year of the political subdivisions which have the power to levy the tax and to collect it by judicial means.Not always, it is always fundamentally a matter of contract and agreement. When executors, trustees and administrators deliver property (convey) property to the heirs or devises, the way the executors, trustees and administrators agree with the heirs or devises, determines who and when the taxes are paid.In general, in most of the States in the United States of America, you are supposed to file a return (a report of what something is worth) to the tax collector early in the year. Then the tax collector's office sends a 'tax bill' to the last known owner of the property (in its records: the burden is on the owner of the property to keep the tax collector informed :-) as to who owes what and owes what.) The the tax is due, after which there are frequently penalties, and interest and possible sale of the property for failure to pay real estate taxes.The collection process is slow, and must proceed by rules and regulations. It is not all that easy to lose property for back taxes; the states, like banks, don't generally want to reposes anything; it is very expensive, time consuming and politically unattractive.
Answer: The municipality can record a Tax Taking against your property and eventually take ownership through a court decree for non-payment of taxes.
If your primary residence was forclosed and fell short of the balance owed do you have to pay taxes on that shortfall?
Before Bush passed the new law this year, yes, but now NO. Go to the Irs website and read about it. Trust me, I just did a short sale on my home and did a lot of researc…h on it before I did it. This new law is for short sales and foreclosures
FEDERAL TAXES ARE THE SAME THROUGHOUT THE COUNTRY...YOUR STATE MAKE NO DIFFERENCE. (However, State tax laws are specific to each area, and generally follow the Federal guideli…nes, but not always). Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type of income. THERE ARE NO SUCH THINGS AS START AND STOP AGES, OR DON'T HAVE TO FILE (or pay) BECAUSE RETIRED, OR ON SS, OR WORK FROM HOME, OR MADE IT ON THE INTERNET, OR A STUDENT, OR IT WAS A BONUS, VACATION PAY, AWARD, OR SUCH.....it is all addressed as a matter of "how much TAXABLE income". (Note working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources...savings, investments, etc. and TAXABLE income is different than what you may otherwise think of as income...in most circumstances you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. And it changes and is a different amount for each person, based on their own situation. And, the amount any person may pay is normally different on say dollar 1 as compared to dollar 25,000 Once put through the calculations, some may be taxable income and some may not...some taxable income may not be taxable TODAY, but is later, or it may be offset by losses, many things can happen. The amount withheld or estimated payments doesn't change how much you pay, just when you paid it. These items are discussed in other questions, but they are under YOUR control, not your employer etc. But they are required or there will be penalties. I am always astounded that people ask questions of this variety...if anyone claims to provide an answer for you the only thing you can be sure of is it is wrong. I can only ask back, to those of you posting questions saying 'how much tax do I pay on X $" -- Do you really think that's all there is to it? Start with what do YOU mean by tax, or withholding? Seems everyone here has a different definition, and most don't put any thought into that there may be a difference at all or the obvious difference state by state and frequently city to city. Do you mean Federal Income Tax? How about State income Tax? What about FICA? Disability? Unemployment? Consider, even your private medical insurance and retirement (or other employer benefits) may have contributions "withheld" from your gross pay. Most of these are elections made by you or your employer and no one else really knows anything about. FIRST OFF TAX IS CALCULATED ON TAXABLE INCOME WHICH IS NOT THE SAME AS WHAT WAS "MADE" USING ANY OTHER METHOD. IT IS NOT YOUR SALARY. IT MUST BE DETERMINED TO CALCULATE TAX. Income of different types is taxed differently, if at all, and each person is taxed differently. DETERMINING IT IS 99% OF MOST TAX MATTERS. Hence there is no tax bracket, or percent or anything for "someone making X$". Whatever the amount is, one could pay nothing, to a very high percent, depending on what results when calculating taxable income. After determining if your even taxable at all, much more goes into determining how much tax is due, and even how much was paid. Again, sometime in life you must have heard things, spoken and written about virtually everyday, in news, social, school and business situations and concerning tax. Things like location, marital status, number of dependents, how much and type of deductions or expenses you have (like medical or interest paid on a home), how or the costs in how the money was made....etc, etc! Maybe your just think all that applies to everyone else and not you? UNDERSTAND 2 PEOPLE, WORKING AT THE SAME JOB MAKING THE SAME WAGE, WILL ALMOST NEVER PAY THE SAME TAX! Other than their personal situations like married or not, children or other dependents, charitable contributions, what they choose and how the employer handles medical, retirement and many other elections at work, what if any interest or other taxes they pay, how they spend their money....and many other elections surrounding how any one person chooses to handle their filing options, their investments and much, much more...the differences that result can be substantial. Heck, every year you probably see a local TV station having 10 experts (normally incl the IRS too), calculate the tax for someone...and get 10 different answers...most all of which may actually be right! And also, you must have seen all those companies and software sellers advertising programs, etc, etc that do this - calculate tax and prepare returns - for people. You may well have noticed there are entire professions, an industry of billions of dollars of revenue, with lots of busy people, again many spending large advertising amounts to get business of preparing and planning how to change or effect the tax due for those even in fairly easy circumstances? Not to mention that most all of those brightest and most informed financial (or otherwise) people seek out and hire specialized people to handle figuring their tax out, and pay large sums to do so. (Think they would miss that the answer is just a number somewhere that simply applies to them? Just something already determined and you can ask on the internet?) It is probably a good indicator you need to get professional assistance in doing it (handling your tax AND financial affairs), and also start learning what is involved, because the one that can do it best for you....is you! Virtually no 2 people with even the same job and income, or getting income from some source, will owe the same tax. That is why all those steps, forms and considerations that must be addressed and then properly applied need to be done.
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.
If you forclosed on property and refused to pay landscaping services can you be sued for not paying?
You can be sued for almost anything but the easiest thing for the offended landscape company is a lien, on your property, which will effect your resale of the property for… about the next 7 yrs.
Your federal income tax amount that was owed for the tax year 2009 income tax return was due April 15 2010. After the April 15 2010 due date the amount owed is now past due an…d the amount is increasing with the late payment charges that are being added to the past due amount. If you owe any state income tax the state due date may be a different date you could find this information at your state tax department web site.
i don't know but i do know tht a lot of men pay a lot of money for sex,like john terry and Wayne Rooney :/
The seller. The seller is shipping it to the buyer, not vice versa.
Then The owner may get the house took off them until they pay it,/ may loose the rights to any owner ship and loose all contents inside the property
The state pays the property tax.
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.