I have been seeing this infomercial quite often and I’m interested in it, but I am unease about its claims. The infomercial claim that its program teaches you how to buy a tax foreclosure home and gives you advice on how to find them. But doesn’t something like that-or anything that involves taxes-should be handled by a tax attorney. And can you actually buy homes and lands so inexpensive; are there hidden costs that invoves in these treansactions.
I know the program is cheap, but is it worth it?
I am really looking to start investing a little of my money into revenues such as real estate.
Can this be the strategy I should consider?
I am the sole heir, executrix and power of attorney of my uncle’s estate and would like to know if there is anything I can do now to avoid paying estate or inheritance taxes when he dies. He lives in NJ and I live in FL and because of his medical condition he is unable to perform any physical or mental tasks at this time.
my father died,his will stated that myself and my sister split whatever is left in his bank,savings etc accounts.My sister is shady she is overseeing the will through his attorney.I received 8,000 dollars,she now “claims” she turned my information into the IRS and that i must pay taxes on the money.She is in Cali where the will was drawn & where he died,I am in Texas.Also,he sent me 7,000 dollars about 3 weeks before he died in the form of a wire transfer from his bank to mine.She also has claimed to turn it into the irs so i will have to pay taxes on it.Can she legally do this and can the IRS make me pay taxes on it? The 7000 was a gift from him.so in total she wants me to pay taxes on 15,000 dollars.Can this be done?
t/y everyone for the feedback.It’s a long story with reguards to his death.My sister claims she has hired his attorney as her own to handle the estate.it went to probate court on aug 22 but have heard nothing.my sister wont tell me anymore information and this attorney is a complete d*ck,cause my sister told him i’m a crack ho,which is untrue,so when I do call to ask about the estate,he reguards me as a money hungry idiot.My father died under foul play which his body was held at the morgue for 20 days due to police investigation,my mother died 6 weeks prior to this due to a suicide which was also put into investigation,my sister was their “caretaker”.This 8 thousand is from his bank accounts.The house,cars and other items somehow got transfer into her name,all the titles etc,before he died.The lawyer sent me copies of the titles,which show just his sig on it not hers.When he died the attorney said the cars etc were to be sold and split,now he claims my father gave them to her.fishy!!!
Monies were dispersed. Now a year later, I get a letter from the attorney who handled her estate stating she owes the state of Ohio for income tax for 2006. I thought that was what probate was for… to clear up any debts before the estate is closed. Any thoughts on this
I asked a previous question about taxes and escrow and noticed that a few responders recommended seeking advice from a real estate attorney. I’m still very early in the buying process for a home that would cost less than $200k. From a cost perspective, does it make sense to retain an attorney? What are the advantages?
I am trying to purchase a home and just ran into a BIG problem. The home is 7 years old and it is a foreclosed property valued on tax record at $240,000 but for whatever reason they were only asking $169,000. I offered them $115,000 and they accepted.
The original purchase agreement was signed in early November 2009. I gave them the earnest money of $1000.00 and everything seemed normal. We then had to sign an amendment to the PA on 11-28-09 giving the seller/bank till Feb. 2010 to locate a POA (power of attorney) or I could back out after that if I choose to. They apparently located a POA and then we signed another agreement stating we would close on or before Jan. 15 2010.
On the first purchase agreement my real estate agent had me sign at the time of the offer it said I would be going with an “in-house loan with a minimum of 5% down”. This was just him speculating given we didn’t know what direction we would go for sure at the time. I had a letter from my banker stating I was approved for financing just not what kind of financing and it gave no dollar amount but it satisfied as a pre-qualification letter. My banker doesn’t have a problem doing this because they are fully aware of my finances and know for a fact I will get approved.
After they located the POA my banker and I started moving forward quickly. We decided that an FHA loan would work best given that rules for in-house loans had just changed and now required 20% down. I was approved for financing and the appraisal was scheduled. The seller/bank got word of this and decided not to accept an FHA loan as funding for the sale. They also refuse to extend the agreement to accommodate getting the in-house loan done.
My theory is that maybe FHA has issues with “as-is” homes… the home has 2 cracked windows and the carpet isn’t great in a couple spots but acceptable…would that pose a problem that the seller may not want to deal with? Other than that it’s a brand new house. My second thought is that maybe throughout this process they have become more aware of the value of the house and want this to fall through so they can relist it and get more money for it.
Should I hire an attorney to fight this??? Or am I just out of luck given the original agreement said I was going with an in-house loan?
It does however say in the contract that:
“buyer may obtain financing from the lender of buyers choice. Within 72 hrs of execution of this counterproposal by buyer, buyer will either apply for financing or provide evidence satisfactory to the seller that a lender has per approved the buyer for financing”…I did this by giving them the letter from my banker stating I was approved. The letter just didn’t say from what source or an amount but the seller did accepth this letter as proof like they asked. What do you think?? Do I have a shot at fighting this? I REALLY want this home. Thank you for reading all of this information.
Date : February 22nd, 2010Category : UncategorizedAuthor : Editor5 Comments
Product Description The decline and instability of the financial market has led to a white-hot market in real estate. Millions of investors are moving their money from equities to real estate. As the rate of transactions increases sellers are discovering that there are some tax surprises associated with selling real estate. The two primary tax considerations are capital gains and recapture of depreciation. Between the two, Federal and State taxes can be as much as one third of the profit on the sale of a property. Both individual investors and real estate professionals can discover legal methods for deferring or eliminating these taxes by reading this book. Selling Real Estate Without Paying Taxes is a non-techn… More >>
Amidst the Real Estate & Mortgage Meltdown; Foreclosure Fraud & Scams; Real Estates Future is Great. First Time Home Buyers, FHA Loans & Seller Paid Closing Costs. Go To http://RealEstateMarketingT…
Amidst the Real Estate & Mortgage Meltdown; Foreclosure Fraud & Scams; Real Estates Future is Great. First Time Home Buyers, FHA Loans & Seller Paid Closing Costs. Go To http://RealEstateMarketingT…
We bought our place 6 months ago and just got the second half cook county, il tax bill that is 5k over what we got during our closing. do i have any recourse to sue for the difference from my attorney?
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Spouse died in 2006. Are attorney fees for setting up the trust documents, retitling assets to trusts, meeting with the PR, POA and Trustee tax deductible for the survivor?
