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What is the IRS Tax on Sale of Non-investment Personal Real Estate?
Wiki User
∙ 14y ago
Could be any where from the -0-% rate to the 15% maximum rate for long term capital gain for the tax year 2009 for the sale of nonbusiness property held more than one year.
You have a worksheet in the schedule D instruction book that will be used for this purpose.
Wiki User
∙ 14y ago
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In Connecticut can an executor ignore requests by the heir for an estate accounting and to communicate when real estate is to be sold?
If you have questions you should call the attorney who is handling the estate. The attorney is being paid a generous fee to handle the estate and should be willing to answer any questions from the beneficiaries and explain the legal timetables for sale of real estate and filing the final account.
How do you collect expenses from siblings after sale of inherited house?
The estate of the owner must be probated in order for title to the real estate to pass to the heirs, or, for an estate representative to convey legal title to any buyer. When the estate is probated the court will appoint an Executor if there is a will or an Administrator if there is no will. The court will issue Letters Testamentary or Letters of Administration. Those letters give the estate representative the authority to settle the estate according to the provisions in the will or/and the state probate laws, under the supervision of the court. The debts of the estate must be paid before any property or proceeds from a sale can be distributed to the heirs. In the case of an Executor, the real estate can be sold only if that power was granted in the will or by a license issued by the court. An Administrator must obtain a license to sell from the court. Since the estate representative has the power and authority to sell the real estate, and the authority over the estate, there should be no question regarding how to 'collect expenses' after the sale of the property. The expenses should be deducted before the proceeds are distributed. If the Executor or Administrator has distributed the proceeds prematurely, they must get funds back to pay the expenses or they will be personally responsible for paying those expenses due to their mishandling of the estate. Remember, the debts of the estate must, by law, be paid before any property can be distributed. If the house was sold by the heirs after the estate had been settled in probate, the proceeds should not have been distributed by the sibling who represented the family in the sale until the expenses were deducted. The person who handled the sale will be held personally responsible for paying the expenses incurred by the sale and they may have to sue their siblings for reimbursement.
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 the revenue stamp in a real estate tranaction?
It depends on the town in which you are making your purchase or sale. In some cases it is the buyer and in others it is the seller. Check with your Realtor or attorney.
What is the 1099 form used for?
The 1099 form is used by an independent contractor or a freelancer to report and record the income from a particular business. This form is also used for recording real estate sale proceeds.
Where can one find real estate for sale in Brooklyn?
Good real estate in Brooklyn can best be found by looking on Google maps for interesting places and then asking an estate agent for personal insight into the case.
In what section of The Des Moines Register are real estate listings printed?
The Des Moines Register real estate listings are printed in the classified section under real estate. Real estate listings include homes for sale, condos, foreclosures, real estate auctions, land for sale, businesses for sale and other real estate classifieds.
If the attorney of an estate is also the personal representative of that estate can she sell the real estate and collect both the real estate commission and her attorney fees?
The real estate agent is the person who collects a commission on the sale of the real estate not the estate representative (executor/administrator). Generally a person who fills both roles, attorney for the estate and executor, can charge for both services.
Where can I view real estate for sale in Tulsa online?
There are multiple online websites and channels that show real estate for sale. You can also locate realtors in Tulsa and check theire websites for real estate for sale.
How does one find homes for sale in Fresno?
One can find homes for sale in Fresno by checking on the different real estate companies such as the following; Fresno Real Estate and Homes for Sale in trulia, Fresno Real Estate in Zillow, and Fresno Real Estate in Realtor site.
What is an estate sale of real estate?
An estate in this sense refers to the real estate owned by a decedent at the time of their death. The purpose of an estate sale is to sell the property of a decedent so the proceeds can be distributed to the heirs. After an owner of real estate has died, their estate must be probated so the real estate can be sold. The sale must be handled by an estate representative duly appointed by the probate court and that representative must have the proper authority to sell the property. An estate sale of real estate would be a sale of the real property owned by the decedent.
What is the real estate definition for an estate sale?
An estate sale is a type of sale or auction to dispose of the majority of the materials owned by a person who is deceased or will be moving.
Where can a Canadian find real estate for sale in Australia?
A Canadian can find real estate for sale online at a website, Luxury Portfolio, which offers information on luxurious real estate which is available for purchase.
How does real estate apply in real estate?
If you want to apply for real estate in Juhu, 4 bhk flat for sale in juhu
Where can a person view videos of real estate for sale?
Youtube has various videos of real estate for sale, though these seem to be of more expensive homes for sale. Video OpenHouse also has videos where you can view real estate for sale. Real Estate Videos also offers the same service, as well as allowing you to upload your own videos.
What does is a psa in commercial real estate?
PSA stands for Purchase and Sale Agreement in Real Estate..
What is the website Commercial Real Estate all about?
The website Commercial Real Estate is about finding Commercial Real Estate for sale and lease. You can also find Office Space and Industrial Properties and Businesses for sale.
