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What is definition of cash to available financing in real estate multi listing report?
It means that the Seller will accept CASH to purchase his property.
Is there federal inheritance tax for cash?
cash inheritances are not taxable. property inheritance is however. Cash is most certainly an asset of an estate, cash being "property". That is why, for example, in New York, a bank will seal a safe deposit box if it finds out that the box holder has died and another box holder (or an heir) will have to go to court to get an order opening the box (so the tax authorities can make sure the decedent did not have a lot of "taxable" cash or other assets, like jewelry,there). That being said, unless the cash and other assets of the decedent (excluding joint assets, like those in a spouse's name too) exceed $2,000,000 (for a decedent who died in 2008) , there is no federal estate tax. There may be a state estate tax (if the aount is large enough) since New York, for example, only allows an estate of less than $1,000,000 to be exempt from the estate tax. (You would have to check the law in the state where the decedent lived to know the amount). Of course, since it is "cash", who would know?
Does an estate have to sell real property to pay decedent's credit card debt?
If creditors have filed claims against the estate and there is no cash to pay the claims then the real property must be sold to pay the debts. The debts of the decedent must be paid before any property can be distributed to the heirs.
What is the process for receiving a cash house offer for my property?
To receive a cash house offer for your property, you typically need to contact a real estate investor or a company that buys houses for cash. They will evaluate your property, make an offer based on its condition and market value, and if you accept, they will proceed with the purchase process, usually closing the deal quickly without the need for financing.
Can you explain how cash offers work in real estate transactions?
In real estate transactions, a cash offer means the buyer is paying for the property in full with cash, without needing a mortgage. This can make the offer more attractive to sellers because it eliminates the risk of the deal falling through due to financing issues. Cash offers can often result in a quicker and smoother transaction process.
What is definition of cash to available financing in real estate multi listing report?
It means that the Seller will accept CASH to purchase his property.
What is distribution in kind?
Distribution of asssets "in kind" generally means that the asset itself is distributed to a beneficiary as opposed to the asset being sold with the cash being distributed. An example is where an estate has physical assets like stock certificates or real estate. The beneficiaries can normally request that they get the certificates or property (in kind) or that those assets be sold by the executor with the cash being distributed.
Can a child keep cash found in the deceased parents estate?
By law, it is supposed to be included in the estate and disbursed along with funds from the sale of property.
How does a person save to buy real estate in cash?
A person can save by using cash in real estate because they are not paying interest on a loan. Some buyers also like cash because the money comes faster and may decrease the cost of the property for cash buyers.
If there is no money in the estate of deceased family member who is responsible for the credit card debt of the deceased?
If there is no cash in the estate, other personal property OR real property, the estate is said to be insolvent and the creditors are out of luck. However, the sole debts of the decedent must be paid from any property, real or personal, before that property can be distributed to the heirs.
Is the FL Accrual Basis or Cash Basis with Sales Tax?
cash basis
Who is responsible for a deceased parent's bank loans?
The parent's estate is responsible for the loans. If there are no cash assets to pay the loans the lenders will take the property such as real estate or a vehicle.
Is there federal inheritance tax for cash?
cash inheritances are not taxable. property inheritance is however. Cash is most certainly an asset of an estate, cash being "property". That is why, for example, in New York, a bank will seal a safe deposit box if it finds out that the box holder has died and another box holder (or an heir) will have to go to court to get an order opening the box (so the tax authorities can make sure the decedent did not have a lot of "taxable" cash or other assets, like jewelry,there). That being said, unless the cash and other assets of the decedent (excluding joint assets, like those in a spouse's name too) exceed $2,000,000 (for a decedent who died in 2008) , there is no federal estate tax. There may be a state estate tax (if the aount is large enough) since New York, for example, only allows an estate of less than $1,000,000 to be exempt from the estate tax. (You would have to check the law in the state where the decedent lived to know the amount). Of course, since it is "cash", who would know?
What does estate vested back to you mean?
In bankruptcy, it means any property that belonged to the bankruptcy estate is yours again. Usually because your case ended, was dismissed or the trustee decided to abandon the property as not worth the cost of converting to cash.
What is cash basis of accounting?
a system that recognizes revenue and expenses on a cash basis, not an accrual basis
Does an estate have to sell real property to pay decedent's credit card debt?
If creditors have filed claims against the estate and there is no cash to pay the claims then the real property must be sold to pay the debts. The debts of the decedent must be paid before any property can be distributed to the heirs.
Can you get property that you were to receive from a will if the estate was probated and the property was sold?
If the estate was probated and the property was sold to pay the debts of the decedent you cannot get it back. The debts of the decedent must be paid before any property can be distributed to the heirs. If there were debts and not enough cash assets to pay them then the executor may need to sell the real property. An executor can sell real property if that power was granted in the will or if the court issues a license to sell the real estate. If you have questions about what was done you should call the attorney who handled the estate and ask to have the issues explained to you.
