How can you avoid negative tax ramifications for the transfer of the title and loan of a property from parent to a child in California for a property that was purchased 4 years ago?
Prop. 58 You need to file a Propositon 58 with the Assessor's office. This is an exclusion for reassessment when the transfer of the real property is between parent and child. To get the full exclusion you must file within 3 years of the tranfer/recoradation, otherwise the exclusion would begin with the current fiscal year.
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If an attorney is going to put a lien on your property because of a judgment from 9 years ago can you do a quick deed transfer to avoid the lien and still be able to sell the house?
Answer . Yes, however, once the deed is transfered only the owner can sell the house.\nThe owner will incure the taxes on the income therefore, having to keep the money, hence there being a paper trail. Therefore, you are screwed.
Yes, anyone who takes title by operation of law, inheritance for example, is an insured under the title policy. No. Title insurance is non-transferrable.. The coverage is only for the life of a loan (Mortgage Policy) or from conveyance to a new owner from the current owner (Owner Policy).. Even i…f the property you inherited had been "in the family" for years, it is still wise to have a property search done on the property to make sure it is free of liens and possible claims. Once you know the true status of it, you can make the decision to purchase an Owner's Policy to insure your interests against prior owners. If you are not keeping the property, intending to sell it, you'd want to know the status of the title so you didn't have surprises later on at the closing table.. The fact that you are inheriting the property does not guaranty clear title. ( Full Answer )
Answer . Once the deed is recorded, the new "owner" will start receiving bills for the property taxes and other municipal assessments.. The new owner may also have to pay a recording fee (tax) to have the deed recorded (typically as a percentage of the stated price). . As for income taxes, tha…t would depend on what value (if any) there was on the property when it was conveyed, which would establish the basis for later calculation of capital gains (if any). ( Full Answer )
Like anything else, you apply the appropriate amount on the appropriate schedule when you file your tax return.. There are four types of deductible nonbusiness taxes :. State, local and foreign income taxes; . Real estate taxes; . Personal property taxes; and . State and local sales taxes. . … To be deductible, the tax must be imposed on you and must have been paid during your tax year. However, tables are available to determine your state and local general sales tax amount. Refer to Form 1040 Instructions for more information. Taxes may be claimed only as an itemized deduction on Form 1040, Schedule A . Note it is the amount paid...not the amount that may have been charged. If your taxes are part of your mortgage, the amount the mortgage company estimates and charges monthly is different than the amount actually paid in that year. However, all you need to know about any taxes or interest charges will be provided by the mortgage company at the end of the year. Just use those values on your return. (If you use any of the popular tax return softwares, just follow the questions and answers....and if not...this is a great time to start)!. ( Full Answer )
Answer . A Deed it can be warranty or a general warranty deed or a Quit Claim Deed depending on variables in the transaction. A Title company or county clerk can probably lend advise as to the best sort of deed for your purpose. It needs to be notarized and recorded at the local county court hou…se. ( Full Answer )
Answer . In some cases, yes, you can, but it depends on whether the bank, county, state or whoever is selling it has other criteria on the purchase. Probably will be some fees along with the back taxes and don't forget, even though someone has "lost" their property because they haven't paid the…ir taxes, they may still get it back even if it's been posted, taxes paid by another, paperwork signed. The owner will still have a fall back period in which they can come up with the money and pay it and it reverts back to them. ( Full Answer )
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 worth 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. ( Full Answer )
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 parties.. Most of the time, real estate, ad valorum taxes are pro-rated. That is, the taxes due, are divided by the length o…f 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. ( Full Answer )
No. Title insurance only covers the person who purchased the policy. You would need to purchase your own title insurance policy.
Well, you can apply for the loan and see what the lender needs from you to make it a viable project. You quite possibly would pay for an initial inspection to verify the quality of the earlier work that was done and the permits that were out on the job, hire a contractor unless you can verify your e…xperience in construction and have a plan, the amount of time it will take as well as the estimated material costs in writing. ( Full Answer )
\nYes. Unless you have expertise in property law. A very small error on a deed can result in a very huge problem.
Yes, you can obtain financing from a lender who is located in California to refinance a Florida property. Many lenders refinance properties located throughout the United States.
it depends on the price of the home you purchase. the less the appraised value is, the less you pay in taxes. the higher the more money spent on taxes. its safe to say about 1.25% of your home purchase price is due annually. for example a 169k home purchased would be 2112 bucks per year. payable in …2x payments or one lump sum. of course you can save in installmenst and set aside for the lump payment ;) ( Full Answer )
I want to add my child to the title of our home. The home will be paid off in approx. five years. How do I go about doing this?. I want to add my child to the title of our home. The home will be paid off in approx. five years. How do I go about doing this?
The property tax in California can vary from year to year. However, to calculate the California property tax for one's home is quite simple. The tax can not exceed more than 1% of the home's value and can not increase more than 2% from the previous year.
If an owner of property does not pay their property taxes then the town has the power to take possession of the property and sell it under state laws.
If a parent adds a child to the title of their home before death does the property go directly to that child at the time of the parents death?
Yes. If and only if the parent transfers the property to self and the child as joint tenants with the right of survivorship.
Assuming the children did not pay for the property (whether in cash, goods, services, assumption of debt), capital gains tax does not apply. Gift tax may apply. However, when the property is sold, the children may owe a capital gains tax.
If children are on title for a property along with a parent but are not owners are there any tax implications to that?
You are very confused.. If you add someone to the title of a property, by definition they become an owner of the property. If you don't want someone to become an owner of your property, do not add them to the title.. A few states (Arizona, Arkansas, Colorado, Kansas, Missouri, Minnesota, Montana, …Nevada, New Mexico, Ohio, Oklahoma, and Wisconsin) have what are called "beneficiary deeds" or "transfer on death deeds" that allow you to specify a person (or persons) who will inherit your property on your death if that is what you are trying to accomplish.. Please don't take offense, but you have some very large misconceptions about how titles to property work. Before making a decision that could cost you hundreds of thousands of dollars, spend a few dollars to consult with a real estate attorney who can advise you how to accomplish whatever it is you are trying to do properly. ( Full Answer )
If both parents die and a child is on the deed to their property does the child have to pay inheritance tax on this property?
\n. \nNo. If you owned the property in a joint tenancy with the right of survivorship their interest in the property "disappeared" at death and the property belongs to you alone.
Its all based on the city and county you live in. Contact the assessors office in your city and they will tell you exactly. You can reduce your tax assessed if your property value dropped in recent years. Do not over pay!
Better check with your local tax office. Not TOO many years... most jurisdictions quickly seize property for non-payment of taxes and sell them ASAP.
Does parent to child transfer of all funds and property entitle free state nursing home aid after five years since the transfer of all funds and property?
Without researching the laws of all 50 states, I BELIEVE that five years satisfies most (if not all) the requirements for this maneuver.
That depends on whether the last surviving grandparent had a will. If the real estate was devised by will, the will must be probated in order for title to pass to the heirs legally. You can check the records of the probate court to determine if a will was probated for either grandparent. If there wa…s no will the property would descend to the heirs-at-law under the state laws of intestacy. Generally, the heirs-at-law are the children of the decedent. You can check the laws of your state at the related question link provided below. ( Full Answer )
It may be used to reduce the child support amount, but support is a monthly obligation for the ongoing support of the child, and property only lasts short term. A year down the road she could go on welfare and they will than raise it.
Generally, being incarcerated does not take away a person's property rights. However, if there is a mortgage to pay, property taxes, insurance and utility bills, the property could be lost for non-payment. If you are dwelling in the property and paying for the upkeep and maintenance, then you should… request your parent transfer ownership to you. If you need to manage the property for your parent then he/she must execute a Power of Attorney that names you as the attorney-in-fact. That would give you the authority to stand in for your parent, sign your parent's name and manage the property. The parent could also transfer ownership to the children if he/she will be incarcerated for a long time. The situation changes when a parent is found criminally responsible for the death of the other parent. In that case the incarcerated parent's right to any marital property is wiped out and title passes to the children. You should seek the advice of an attorney in your area who could review your situation and determine what your rights and options are. ( Full Answer )
It depends what kind of property your transferring if its somethinglike a table you don't have to really do anything.
Yes because the property becomes yours unless they have already payed for the property in full.
im sorry i dont know its just since im a memmber i have to answer all these qestions
If the probate process has been completed and title is in the heirs they can execute a deed to a straw and then the straw can convey the property back to the heirs by deed and the heirs will become the record owners of the property. However, that process isn't necessary except in cases where the hei…rs desire to have a deed in their own names. If the heirs want to sell to a third party they can execute a deed of their interest and cite the probate as their source of title. You should consult with the attorney who handled the estate who can review your situation and your needs and explain your options. ( Full Answer )
You need to have a basic understanding of how to use public land records. Perform an online search using the county, state and "land records' to find the appropriate land records office for the jurisdiction where the property is located. Some offices make their records available online. Others don't… and you have to go in person. Next you need the owner's name and the property address to find encumbrances and deeds related to that property. See the related question link provided below. ( Full Answer )
You avoid gift tax on your property by not gifting it to anyone else. The recipient of a gift has absolutely no tax obligation.
A requirement for a title examination is usually triggered by financing. If the attorney who is representing the buyer must certify title to a lender then a title examination is required. However, any prudent buyer of real estate should have a comprehensive title examination performed to make certai…n the seller owns the property and there are no outstanding taxes, claims, liens and other encumbrances. ( Full Answer )
Title to real property can be transferred by deed, by inheritance through probate court, by a valid taking, by court order and by adverse possession.
My parents' living trust was terminated 13 years ago. We discovered there is one property that was never transferred by the trustee. What should we do?
You should contact an attorney who specializes in the law of property. You may need a court order to transfer the property by a valid deed. You should also check to see it there are any real estate tax delinquencies affecting the property.
Yes. However, you should discuss your plan with an attorney and note that by making a transfer of your interest you will extinguish the survivorship aspect of your ownership. If the other tenant dies their interest will pass to their heirs and not to you as the surviving joint tenant.
If you have gifted the property, which obligates you to pay the gift tax, then you no longer HAVE it as collateral for any purpose, at least to the extent you have reduced its value through your gift. For instance, if you gift your child $15,000 worth of your house, the value of the remaining own…ership is practically worthless as collateral since it would be impossible to sell it without permission of the other parties on the deed. ( Full Answer )
The Kings County Tax Collector holds public auctions of tax-defaulted properties in Lemoore and all towns in the county. These tax sales are conducted online. You have to put down a deposit in advance of the auction and the winning bidder is obligated to purchase the property. These properties are s…old as is, so make sure to research and inspection before you bid. ( Full Answer )
The decedent's estate must be probated in order for title to pass to the heirs legally. You should consult with an attorney who specializes in probate law. The decedent's estate must be probated in order for title to pass to the heirs legally. You should consult with an attorney who specializes in …probate law. The decedent's estate must be probated in order for title to pass to the heirs legally. You should consult with an attorney who specializes in probate law. The decedent's estate must be probated in order for title to pass to the heirs legally. You should consult with an attorney who specializes in probate law. ( Full Answer )
The lien must be paid in order to clear the title. The lien must be paid in order to clear the title. The lien must be paid in order to clear the title. The lien must be paid in order to clear the title.
I purchased my home 4 years ago. The property has a fence around it which is 2 feet into the neighbors property. Can a neighbor make you move a fence that was erected more than 21 years ago?
They could just remove the fence. It is on their property, which means it technically belongs to them. It is very likely that when it was originally erected it was put up by the person who's land it is on. Most fences are installed a foot or so inside the property line of the owner.
Absolutely not. Only a warranty deed carries any warranty of title. Absolutely not. Only a warranty deed carries any warranty of title. Absolutely not. Only a warranty deed carries any warranty of title. Absolutely not. Only a warranty deed carries any warranty of title.
An owner died 20 years ago and the taxes on the property are currently being paid by a bank so how can you purchase the house?
If the taxes are being paid by a bank there must be an outstanding mortgage. You should contact an attorney who specializes in real estate and ask that they arrange to have the title examined. That will disclose any outstanding liens and the name of the bank that holds the mortgage. You can make an …offer to purchase through your attorney. It would be misguided to attempt to purchase the property on your own without legal representation and a title examination. If the taxes are being paid by a bank there must be an outstanding mortgage. You should contact an attorney who specializes in real estate and ask that they arrange to have the title examined. That will disclose any outstanding liens and the name of the bank that holds the mortgage. You can make an offer to purchase through your attorney. It would be misguided to attempt to purchase the property on your own without legal representation and a title examination. If the taxes are being paid by a bank there must be an outstanding mortgage. You should contact an attorney who specializes in real estate and ask that they arrange to have the title examined. That will disclose any outstanding liens and the name of the bank that holds the mortgage. You can make an offer to purchase through your attorney. It would be misguided to attempt to purchase the property on your own without legal representation and a title examination. If the taxes are being paid by a bank there must be an outstanding mortgage. You should contact an attorney who specializes in real estate and ask that they arrange to have the title examined. That will disclose any outstanding liens and the name of the bank that holds the mortgage. You can make an offer to purchase through your attorney. It would be misguided to attempt to purchase the property on your own without legal representation and a title examination. ( Full Answer )
How can you get a clear title when buying land from someone that has been paying taxes on a property for 28 years but does not have the title or deed for that land in the state of Texas?
You need to contact an attorney who specializes in land law. You need to contact an attorney who specializes in land law. You need to contact an attorney who specializes in land law. You need to contact an attorney who specializes in land law.
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
There is no way to be absolutely positive that your child will not have Morquio's syndrome if both parents have the gene, but there are genetic screenings to help prevent having a child with Morquio's syndrome.
No. The buyer's attorney must make certain the taxes are paid by obtaining a certificate to that effect from the town. No. The buyer's attorney must make certain the taxes are paid by obtaining a certificate to that effect from the town. No. The buyer's attorney must make certain the taxes are pai…d by obtaining a certificate to that effect from the town. No. The buyer's attorney must make certain the taxes are paid by obtaining a certificate to that effect from the town. ( Full Answer )
If you need to borrow money to make the purchase the bank will require that the title defect be resolved before it loans purchase money. If you plan to pay cash there is nothing to stop you from purchasing land with a title defect. However, you will encounter problems if and when you try to sell. … Under normal circumstances a proposed buyer's attorney arranges to have the title examined prior to purchase. Any defects disclosed by the title examination must be resolved before the buyer takes ownership. You haven't mentioned the nature of the title defect. Title defects can be extremely costly to correct. ( Full Answer )
You should consult with an attorney before taking that step. As for a minor child, see the related questions link. Regarding an adult child, you should be aware that once you convey an interest to the child it will be their property and subject to their creditors.
Yes you can, it is called pre-qualifying. It is an advantage forthe buyer to offer their information that they are approved for theamount offered as it is backed up by their bank pre-qualification.Sellers do not have to wait for the buyer to get approval and oftenperfer to work with pre-qualified bu…yers. ( Full Answer )