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What else can I help you with?
Is money from the sale of property part of the estate?
If the property was part of the estate then the proceeds are also part of the estate.
Do the proceeds of an estate sale involving another persons personal property have to be documented?
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What does revenue ruling 71-287 say?
Revenue Ruling 71-287 addresses the tax treatment of gains from the sale of property by a partnership to its partners. It states that when a partnership sells property to its partners in exchange for their partnership interests, the transaction is treated as a sale for tax purposes. This means that the partnership recognizes gain or loss on the sale, and each partner takes a basis in the property equal to the amount of the partnership's adjusted basis in the property. This ruling clarifies the tax implications for partnerships and partners involved in such transactions.
Are the proceeds of sale from a property to a third party unearned income?
The proceeds from the sale of a property to a third party are generally not considered unearned income, as they represent the capital gained from an asset you owned. Unearned income typically refers to earnings not derived from active work, such as interest, dividends, or rental income. Instead, the sale proceeds are often classified as capital gains, subject to taxation based on the difference between the sale price and the property's original purchase price.
What are the rights of the secured creditor?
To receive the proceeds, before others, fom the sale of the secured property.
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.
If the homeowners association foreclose on property how does your loan get paid to the mortgage company?
If the homeowners association forecloses on a property, the foreclosure process typically involves a sale of the property. The proceeds from the sale are used to cover various expenses, including any outstanding debts, such as mortgage payments. The mortgage company will be paid from the sale proceeds first before any remaining funds are distributed to other creditors or the homeowner.
What happens if the owner of the property did not sale his property?
he would have to get out busness
Will having a lien prevent the purchase of a home?
Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.Yes. A lien must be paid off before a property can be sold or mortgaged. In the case of a sale, the buyer's attorney will make certain the lien is paid from the proceeds of the sale before the buyer takes title.
Is there a law preventing you from getting money on a short sale if you are not on the mortgage but on the deed?
If you are an owner of the property by deed and there is any money left over from the sale after the mortgage has been paid, that money will be paid to you according to your proportionate interest in the real estate. If two people own it then the proceeds will be split 50/50. However, there are no proceeds to distribute after a short sale since the property is being sold for less than the amount owed on the mortgage.If you are an owner of the property by deed and there is any money left over from the sale after the mortgage has been paid, that money will be paid to you according to your proportionate interest in the real estate. If two people own it then the proceeds will be split 50/50. However, there are no proceeds to distribute after a short sale since the property is being sold for less than the amount owed on the mortgage.If you are an owner of the property by deed and there is any money left over from the sale after the mortgage has been paid, that money will be paid to you according to your proportionate interest in the real estate. If two people own it then the proceeds will be split 50/50. However, there are no proceeds to distribute after a short sale since the property is being sold for less than the amount owed on the mortgage.If you are an owner of the property by deed and there is any money left over from the sale after the mortgage has been paid, that money will be paid to you according to your proportionate interest in the real estate. If two people own it then the proceeds will be split 50/50. However, there are no proceeds to distribute after a short sale since the property is being sold for less than the amount owed on the mortgage.
What happens if you have a lien on a property that goes into foreclosure?
If a property with a lien goes into foreclosure, the lien typically remains attached to the property. During the foreclosure process, the lender holding the primary mortgage has priority over other liens, meaning they will be paid first from the proceeds of the sale. If there are remaining funds after satisfying the primary mortgage, the lienholder may receive payment from those proceeds. However, if the foreclosure sale does not cover all debts, lienholders may not recover their full amounts owed.
Who gets proceeds of sale when Life use property is sold?
If the life tenant is deceased the proceeds go to the "remainderpersons" who are the fee owners of the property. The life estate was created in some legal document such as a will or a deed. That document should identify the "remainderpersons".
