Sell the house AS-IS and show that as the actual value of the prize you received then pay tax of that amount you received (not the amount qouted by the sweepstakes).
Although you are required to include sweepstakes wins on your tax return, paying taxes on those winnings will depend on your total income for the year. Those winnings can also put you into a higher tax bracket, which will cause a higher tax rate than in previous years.
You pay tax on the profit from a sale. And get a tax benefit from a loss.
No, you pay inheritance tax and, ultimately, property tax as the owner.
Yes it is always possible that may be required to pay some capital gains tax on the sale of your first house.
How much tax would you pay on 50,000.00 if sould house for short sale
No. Banks will pay the property tax before they foreclose to make sure the government does not place a lien on the house; thus, not allowing them to take ownership.
A delinquent property tax owner.
no tax is owed
Do you have to pay taxes on deceased mother's house when it sells
Yes, but not as to the tax liability, including any penalties and interest.
I just gave to my house title to my son (21 years old). The title has life estate in it. Is there is any gift tax do i have to pay? or my son have to pay any tax? I live in California jamie
You should negotiate about tax with house owner