Tax FAQ
 

How Do I Get My Home Back From A Tax Sale?

Question by Deanna G | Posted in United States

My retirement community is being put up for tax sale on Tuesday (3 days away) and it says that I needed to pay the amount due by a month and a half ago to a halt the tax sale. I have the cash in hand to pay it. What do I need to do to get it back? There is a "redemption period" specified on the certified the humanities, as well. But it's after the tax sale. If I take my money to the courthouse Monday (the day before the sale) will I be able to stop the sale?

Answer: the redemption spell indicates that you have that amount of time to pay the taxes in full to retain ownership of your property
if you have the money now to pay the taxes, go to your nearest county establishment and pay the taxes, that should exempt the property from the tax sale
 
 

If I Buy A Property At Tax Sale From The County Trustee, Could Lean Still Be Executed On The Property?

Question by Nice Guy | Posted in Renting & Real Estate

I am anxious about mortgage and probate holding-up the property. Is a deed issued by the county trustee, after sale at tax auction, unoccupied from mortgages and leans against the property entered into by the previous owner. I would think if the mortgage players wanted it they would outbid me.
And would I be responsible for payment of the lean. I do not intend to sell or change the properties.

Answer: You are buying a hand over lien, that is what you own, the lien itself. You do not own the property, no deed will be issued to you, you are not buying a whore-house. You will have no rights to sell or transfer the properties, just the debt.

Related Topics:

Illinois County Tax
Missouri Tax Forms
Tax Information Income

 
 

How To Stop A Tax Sale Foreclosure?

Question by aamanda_88 | Posted in Renting & Real Estate

My bawdy-house went up for a tax sale and someone purchased the certificate. They are about to foreclose. My father is on SS disability and we live in New Jersey. He is half holder of the house which he shares with a brother. The house is paid off except for the taxes. Are there any programs, loans, or any succour out there that can save my house?

Answer: Have him talk to a bankruptcy attorney pronto. A Chapter 13 filing would halt the sale and give him the opportunity to pay the outstanding taxes off over a three year spell.

Related Topics:

Debt Irs Tax
Tax In Washington
Tax Internal Revenue Service

 
 

How Much Do I Really Pay To Purchase A Tax Sale Property In California???

Question by funkucla!!! | Posted in Investing

I positively want to invest in real estate but I don't have the money to do it and I am currently unemployed. I saw an ad on tax sale properties saying that one can buy properties for closely a few hundred dollars and some for a few thousand. What I really want to know is, whats the catch?

Answer: One intercept is, if the property is improved (has a structure on it) you will generally not be able to inspect the property before buying it. So you would be entrancing it "as is." I think people and companies who make money at this to all intents have enough money to buy several such properties at a time, and they can average out the risks and make a good profit in the sustained run. But they will need to have plumbers, electricians, carpenters and painters available to do repairs

Related Topics:

Tax Forms 1099
Tax Income Refunds
Tax Investment Property

 
 

What Happens To The Mortgage On A Property When It Is Sold On Tax Sale?

Question by Jami | Posted in United States

My mollify I are looking at buying a house on tax sale. I have been told two different things about what happens to the mortgage on the trait...can someone help!!

 

Homes for Sale & Taxes ? What a Seller Needs to Know |

by admin

If you put jointly with your spouse, your homes for sale net is tax exempt up to $500,000 — this is a half-million dollars, tax-unfettered profit. In the quondam, any take from a to the quick for sale could be taxed, unless rolled over into the securing of a new stamping-ground. Now, homes for sale have the first $250,000 of profit exempt from any taxes, if you are the proprietor and filing fasten on significance. There is, however, a occasionally and local examine that must be met in statute to take home this tax freedom for your homes for sale profit. In May of 1997, the tax pandect governing profit from the sale of a actual living quarters was changed. The new Internal Gain Usage rules are more opportune to sellers of homes for sale. This means that if you purchased a domestic for $200,000, you could market it for $450,000 as a set aside or $700,000 as a combine and attract no taxes on the profit....

Read more...
© 2011 Tax FAQ