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Can a property that was sold for taxes be included in an estate?
Wiki User
∙ 12y ago
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoNo. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
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Do you have to pay capital gains taxes on an inherited property that was sold and inheritance taxes were already paid on the estate?
On the amount the property went up in value from the value used in calculating the estate tax
Is land sold need to be reported on taxes from an estate?
Yes someone is supposed to report the sale of the land from the estate and if pay any income taxes that may be due on the sale of the land from the estate. The trustee or administrator of the estate or the beneficiaries of the estate.
Who pays real estate taxes and other related expenses on estate property before distribution is made to the heirs?
The debts of the decedent must be paid by the estate before distribution can be made. If there isn't enough cash the property must be sold to satisfy creditors. To save the real estate heirs often get together and pay any outstanding debts in order to inherit clear title to the RE. YOu should discuss it with the attorney who is handling the estate.
Are children responsible for paying back taxes owed on deceased parents house in Michigan?
The estate of the deceased is...of course that may essentially be simply a reduction of what the children would get. But the tax does not go away..the property owes it and if it must be sold to collect it, by the estate (or the tax jurisdcition), it has to be, before clear title can go to anyone else.
If a property is sold who pays the property taxes?
The seller is responsible for all property taxes assessed for the period through the date of sale. The buyer is responsible for all property taxes thereafter. Remember in most states that property tax is paid in arrears which means you are paying for a time period of 3-6 months prior to the current date. On a HUD 1 closing statement those time periods and costs are clearly shown.
What happens to back taxes if the estate has no money?
If they are property taxes, there is a lien on the property. In those cases the property has to be sold to settle the debts. If there are no assets in the estate, the taxes won't get paid.
When there are four siblings to an estate but only one pay the taxes on the property do they get the same amount when the property is sold?
Taxes due before sale are paid by the estate. After that they are paid by the new owner(s).
Do you have to pay capital gains taxes on an inherited property that was sold and inheritance taxes were already paid on the estate?
On the amount the property went up in value from the value used in calculating the estate tax
Can an executor of an estate remove heirs from a property that is designated to be sold in the will if those heirs have paid the property taxes?
Yes, if the property was owned by the decedent and the Will provides that it be sold. In that case, the executor must carry out the provisions in the Will unless the provision is changed by a court order. It is assumed that there are other heirs besides the ones who paid the taxes on that property. The heirs who paid the taxes can file a claim against the estate for the amount they paid in taxes and they can offer to buy the property from the estate if they wish to keep it. They should speak with the attorney who is handling the estate.
Does a deceased owner of property in argyle ny have to pay school tax until property is sold?
The estate of the deceased is required to pay any and all taxes on property held by the estate.
Does land have to be sold before any assets can be distributed from an estate?
It depends on the extent of the estate. It may be required to settle the debts. The assets may have to be retained to pay taxes on the property until it is sold.
In the state of VA if property is sold for unpaid taxes does this dissolve the life estate?
Generally, property taxes owed to the town take priority. As the life tenant you should have paid the property taxes if you wanted to remain in possession of the property. You could pay the back taxes, interest and costs and redeem the property within the statutory period of redemption. However, if the taxes remain unpaid the land can be successfully taken and the life estate would be wiped out.You should consult a local real estate attorney to determine if you have a right of redemption.
Can property in a life estate be sold to an outsider?
The fee to the property can be sold but only subject to the right of the life estate holder to the use and possession of the property.
Do you still owe real estate taxes after foreclosure?
The property taxes are owed by the owner. When the property is sold at auction the debt stays with the property. If the winning bidder is the lender then the lender ends up with the obligation. Until the tax is paid a lien will remain on the property's title.
What is struck off property?
Struck off property is real estate that is so overdue in property taxes that it is a burden on the government authority. It is usually sold or auctioned by the governing county, where the buyer will pay a reduced value, plus any owed taxes.
Is there a state tax lien on real property after the owner dies and if so how is it released?
The state sells the house/property in a auction if the taxes are not paid eventually. All taxes have to be paid. The details vary from state to state but upon the sale of the property, the taxes must be paid by someone.Added: The tax lien becomes a lien against the deceased's estate and when the estate is probated the executor must satisfy the government's lien from the proceeds of the estate (if any).It IS conceivable that the property may have to be sold in order to get the funds to pay the back taxes.
What is included in house contents in a will?
Unless specifically called out, the contents are personal property. They will be a part of the estate and go to the remainderman if they are not sold to settle debts.
