Today TaxMama® hears from a couple of people in the TaxQuips Forum, with this problem this week. They have sold real estate on an installment sale. They have been the mortgage-holder. And after a while, the buyer defaulted and they had to repossess the property. Let’s look at the problems arising when carrying a mortgage.
Today TaxMama® hears from Tony in the TaxQuips Forum with an odd problem. (Here’s the short version – read the long version on the site.) “He just got a notice that his home is about to be sold because the property taxes haven’t been paid on it. He’s never gotten the invoices – they have […]
Today TaxMama hears from Jesus in the TaxQuips Forum, who is on the cusp. “I made my offer for my home on 04/29/10 but I closed escrow on 06/14/10. My HUD-1 statement says STAEMENT DATE : JUNE 14, 2010, basically the day I closed escrow. Do I still qualify? The binding contract is confusing. What […]
Today TaxMama hears from Craig in the TaxQuips Forum, who asks. “Are items on a HUD-1 (seller’s side), Lines 510-519, deductible by the seller as taxes paid on Schedule A or are they adjustments to the basis?”
Today TaxMama hears from Gaetano in the Tax Parlor, who asks “When you do a section 1031 exchange for investment real estate are you “required” to use a qualified intermediary to receive the funds from the sale of the first property or is this just an advisory to make sure you do the exchange within […]
Today, Michael from Palm Bay, FL tells us “I bought a home in 1984 as my residence. I was transferred in 1991 and had to rent it due to there being no market for home sales. It was rented (rental property schedule E) until 2004, when I retired and sold it. Do I declare the […]