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I'm not absolutely sure with the State of Michigan but the Federal income tax, you are required to show income on property sold whether or not the property was inherited. It may also be different based on what kind of property you are talking about. The taxes may differ when you have real property like a home or other property like bank accounts, stock, insurance proceeds, etc. I would suggest that you have a professional prepare your taxes in a situation like this.
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Do you pay tax on inherited personal property when you sell it in new york?
You can have a taxable gain on the sale of personal property however you obtain the property. Individuals do no have to pay estate taxes, the estate of a deceased person would have to pay any inheritance taxes due before property was dispersed to the heirs. As to the sale of property by someone who inherited property, you would owe taxes on any gain on have from the sale of such property. You basis (value) of the property is the fair market value of such property on the date of death of the previous owner. This is called a stepped up basis and a benefit of inherited property.
Do you need to pay income tax on inheritance?
Not the inheritor. The estate may need to, if it is large enough. If you sell stock or property you inherit, you need to report the sale, but you will only owe tax on any gain that comes after you inherited but before you sold. The commisions or selling expenses can be subtracted, so same day sales are usually a loss.
Do you pay taxes when selling an asset?
Yes you do if you owe any capital gains tax on the sale of the asset after your income tax return is completed correctly and IF you owe any taxes on gain.
How do you find out if you owe back property taxes?
Contact your county treasurer's or tax assessor's office.
Where do you find out how much you owe in real estate property taxes in Arizona?
You can call or visit the town assessor's office.
Do you pay tax on inherited personal property when you sell it in new york?
You can have a taxable gain on the sale of personal property however you obtain the property. Individuals do no have to pay estate taxes, the estate of a deceased person would have to pay any inheritance taxes due before property was dispersed to the heirs. As to the sale of property by someone who inherited property, you would owe taxes on any gain on have from the sale of such property. You basis (value) of the property is the fair market value of such property on the date of death of the previous owner. This is called a stepped up basis and a benefit of inherited property.
Do you owe anything after foreclosure?
property will be sold, if it does not bring the loan and sale cost, you will owe the remainder. If it brings more you get the extra back.
If a person sales their share of inherited property to the other person who owns the other half of land do you owe taxes?
Yes you will have to report and pay some income tax on the sale of this personal asset to the other owner of this nonbusiness land.
How do you put a lien on a property that is for sale or how do i get a court order for the money the realtor owe's?
You need either a court order or a contract that allows you to place a lien on the property. Then you file it with the country clerk against the property.
Can the courts put a lean on someone?
Property-yes. If you owe a creditor & they get a judgment they can garnish or in some cases put a lien on personal property which must be satisfied at the time of sale.
What is a short sale on a home mean?
A short sale is where the lender agrees to allow the mortgagor to sell the property for less than what they owe on the loan (because the value of the property is less than the loan amount and therefore that's all it can be sold for).
Do you need to pay income tax on inheritance?
Not the inheritor. The estate may need to, if it is large enough. If you sell stock or property you inherit, you need to report the sale, but you will only owe tax on any gain that comes after you inherited but before you sold. The commisions or selling expenses can be subtracted, so same day sales are usually a loss.
Can you sell your property in bankruptcy and what happens to the funds of the sale?
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
How do you find out if you owe personal property tax on a vehicle in Missouri?
how do I find out if I owe property tax on car that I co sign for
You live in California you bought a house in Florida then filed a short sale in California do you still owe taxes and can they come after my new property?
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Can unsecured credit card companies sue you for your property or home?
If you have the assets, and owe them the money, and it is financially profitable for them to sue you, they will. And if you owe them, they will win. This will give them a Judgement against you, and if you own property, they can force you to sell under certain circumstances, or they can wait until you have your house sold, and your lawyer will deduct the lien from your proceeds after closing on your sale. THAT IS THE LAW.
What capital gains would you owe on commercial property you bought November 8 2001 if you sold for 470000 in Florida?
What % of capitol gains would be paid on a commerical sale in PA?
