I have a mortgage and sell my home. I plan on buying another home but I haven`t found one in time. do I have to pay a penalty to close out the mortgage or can I put a mortgage on hold?

Powered by

I am paying the taxes of a relative's property because they no longer want to pay the taxes. i am paying the taxes now but do not have the property in my name. ederly person hesitates to get it put in my name. i need advice.

I would look into quitclaim deed. If the person doesn't want to transfer, then you have the option to stop paying the taxes.

Powered by

The property was in spain. he paid my half of the property out to me. i transferred some of the money from my ger. bank account to my us account. do i have to pay taxes? if so, can i purchase a house or land here in the states to avoid paying taxes? also, if some money was sent to a relative say in the amount of 8,000usd, do they have to pay taxes on this?

1. If you purchase land, you can not avoid paying capital gains on property you sold. 2. $8000 given to a relative is a gift. You can give gifts of up to $13,000 to any number of individuals without filing gift tax return. 3. You have bank account in a foreign country. You put settlement money in the account, so if you have more than $10,000 in foreign banks at any time in a year, then you MUST file Form FBAR. Very Important.

Powered by

Hi! we are loaning a significant amount of money to a relative and wanted to know if there is any way to make a claim on their property without transferring title, or if we do transfer title, do we have to pay taxes? they currently have a tenant (not themselves) in the property they own. how do we go about getting claims to the property with them continuing to receive rent and be responsible for the upkeep of the property? we have already made a promissory note... should we add it as collateral without transferring the property?

You want a secured note, you want a lien on their property. Easy to do, see an attorney. Forms at stationery store. Then you record it against property with county so that title can't be transferred without you finding out.

Powered by

I'm legal resident of the united states for little more than 3 years, not a citizen yet. property which intended to be sold is current residence of my close relatives(mother, father and grandmother) they will move here in new york city and reside as permanent residents. my question is: do they have to pay any kind of taxes, if yes then what % of the whole amount. also, as they do not have any banking accounts here in us, possibly, they'll transfer these money to my account electronically. in that case would i be liable for any kind of taxes from amounts appeared on my accounts? thanks in advance. any answer/advice will be gladly appreciated. bostonianinmo, just perfect as always, i'm glad that he found my question interesting enough to answer, although his answer isn't complete a)what percentage off the whole amount such tax consist? b) what kind of misunderstanding could result someone's money located on my account? assume that they put those money on my account just for their convenience (because of lack of literacy, language?) does fact itself of money transfer triggers some attention? c) as i understand just keeping someone's money on my account doesn't obliges me to pay any taxes(except tax on earned interest). i didn't earn that money, so it's nontaxable event. correct me if i wrong.

Assuming that they are not yet US residents there will be no US tax on the gain on the sale as long as they sell before they become US residents. If they are US residents they will be subject to the same taxes as any resident or citizen. The exclusion for gain on the sale of a principal residence also applies to property outside the US so there may well be no gain if they otherwise meet the qualifications to exclude the gain from tax. You should help them arrange to open accounts in the US to transfer the funds into so that there won't be any misunderstandings as to whose money it is. This isn't strictly necessary but would be the best way to proceed. Altenatively they could leave the funds in a bank at home and arrange a wire transfer once they arrive and open their own accounts.

Powered by

About 20 years ago i bought an old house from a relative. there was no bill of sale, we just used a quit-claim form to transfer ownership. i assumed their loan that they assumed on the previous owner, the payments were never more that $300.00 per month, and when i went to a bookeeper to claim the interest on the loan, she told me there was not enough interest to claim on my tax return. ever since, i have just prepared the tax return myself, as i don't own my own business and the return is fairly simple. the house was paid off 15 years ago, and this year, i decided to efile using turbotax, where i found out that my property taxes, about $900.00 per year, were tax deductible and i could get a larger refund by claiming them. however, since i have never claimed any interest on a home loan all these years, will this send up a red flag to the irs and maybe cause me to get audited, because i can't really prove that i actually bought the house from this relative, and maybe they could try to get me for "gift taxes" that they think i should have paid when i bought the house because i don't have the cancelled check anymore that i used to buy the house from this relative. what do you think i should do?

very likely your itemized deductions of which mortgage interest is one were never enough to exceed the standard deduction therefore you never claimed the interest or the property taxes however for two years now the IRS has allowed the property taxes to be added to your standard deduction, this year on a Sch L(also the sales tax on the purchase of a new car) this should make any flags wave on your behalf if you look at your quit claim deed I believe it shows something related to the amount paid for the property(I know mine did)

Powered by

If a non us citizen relative quitclaims a property deed to me, which is worth $700k, would i have to pay taxes on this "gift?" if so, can i claim the property to be worth say $400k to avoid a heavy tax? would the government revalue the property to get the true value when the deed is transferred to me?

You won't have to pay taxes on the gift. The recipient of a gift never pays taxes on it. The donor does. However your basis in the gift will be the lower of the donor's adjusted cost basis adjusted for any gift tax paid by the donor, or the FMV on the date of the gift if it's lower than the donor's adjusted cost basis. That will affect your capital gain and the capital gains tax when you sell the property yourself. Any time that property is transferred by gift or bequest you need to have proof of the value if you are ever audited. That would be proof of the donor's basis in the property such as copies of his purchase or other acquisition records or a professional property appraisal if you're claiming a lower FMV on the gift. If you don't have proof, the IRS may make their own determination of the values involved which would require you to prove otherwise. In the example given, assume that the donor's basis was $150,000. That would be your basis since it's lower than the FMV of the property. If you sold it immediately you'd have a taxable gain of $550,000. Since you held it for one year or less it would be taxed as ordinary income. That's a large enough gain that it would span several brackets, up to the max of 35%. If you sold it over a year later for $750,000 then you'd have a taxable gain of $600,000 but it would be treated as a long term capital gain and would be taxed at 15%.

Powered by

The title connection when a home owner does not write out a valid will, in the event of them departing, it can be difficult to take their name off the title of their home and have a judge grant new ownership to their estate. our attorneys and team of title professionals can assist you in the transferring of their property, making it easy for you to exercise home ownership choices such as selling, renting, refinancing, or choosing to live in the home. assistance is available if you are concerned about: having a friend or family member pass away with no written will extending your legal rights to their property disputes between friends, neighbors, or relatives paying for attorney & court fees regarding their estate homesteading rights - legally protecting your stay within a property delinquent property tax payments renewing the title to their home options we can assist you with: paying for all up-front expenses, until you are legally the owner coordinating with attorneys & court officials arranging payment on property taxes that are due representing you in court without a written will filing legal paperwork to protect your control over the property getting you a secure bank issued cashier’s check helping to create financial security the problem may be extremely complex, but the answer is simple. working confidentially with attorneys and title professionals can help you find a solution that fits your needs. if you are looking for help, don’t wait any longer and give us a call now.

Should be written completely in 2nd person. Beginning is weak - third person is not effective in advertising. Rework 1st paragraph. To whom does "their" refer? - Ambiguous Don't end phrases w/prepositions. "Problem" - it really isn't - poor choice of word. Sounds amateurish. If this is for a real business, get free help from SBA or SCORE. If this is for a class - not bad, but needs polish.

Powered by

I work along side a hired attorney, and i negotiate and find prospects for opportunity for the three parties involved. attorney/myself/our client. of course we do seek minimal profit, but what we do is help them get title to a house, and they can pay us much later down the road (with a t.deed) or we find a way to sell/settle the estate. the people i send business cards to are extremely limited, and have a short attention span, (not to be mean, i just work in extremely odd scenarios) and they’ve kind of fell into a little luck with me finding them. thanks for your help, if you could copy/paste the way you think it should look that would be great! thank you =] *********************** *front part of the business card along with my company name/logo/phone number etc* ********************** trying to transfer home ownership of someone who has died or can’t be found? we know the court system and can help you generate a settlement or resolve property disputes over the subject/subject’s estate **********back side******** benefit with options to choose from, we offer to: pay delinquent property taxes before public auction represent you as a relative, friend, or heir to their estate without a written will receive cash proceeds before or after public auction unresolved problems don't go away on their own. call us today, we’re here 24/7

To make the card better make the following changes: Trying to transfer home ownership of someone who has passed away? We can help you generate a settlement or resolve property disputes over the estate. Our Services: Represent you as a relative.... Pay delinquent... Receive cash..... Call us. Unresolved problems don't go away on their own. We're available 24 hours a day, everyday. 1) delete unnecessary phrases like: a. "or can't be found" even though you can transfer home ownership of a person who can't be found, is this normal or necessary to list on a business card? b. "We know the court system" if the company is a hired attorney, you should know the court system already. c. "subject/subject's" you can't have property disputes over the subject. Calling a person a subject seems cold. The subject is already mentioned in the first sentence. The estate's owner is implied. d. "Benefit with options to choose from" seems long and isn't a complete phrase. We can benefit from options. "to choose from" is redundant, if you have an option, of course you can choose from one of them. e. "today" if you're giving them the card, do you want them to call you today, even if you're looking right at them? 2) Get rid of technical jargon. doesn't look like you have a whole lot. see if you can re-word some of your sentences. 3) Consider your target audience. If you are giving these cards to people who you are sure are going to call or people you are already in contact with, why give them the "Unresolved problems" bit? There are other parts of the card that sound like a phone book ad (which is good If you're handing the card to people who haven't contacted you before), you may want to edit both front and back or delete the paragraphs altogether. 3.5) Change "We're here 24/7" its small, unnoticable, and not memorable. 4) ensure you have a website that's clean and operating. Even though they can call you 24/7, personally, I wont call unless I know what I'm getting into. A website is less confrontational than a phone call. 5) Consider a brochure instead of a card. A brochure sized card (3 2/3"x 8 1/2") can hold additional graphics and more information. I hate how perogatory this answer sounds...sorry. *~*

Powered by

1. my brothers basically stole my mothers estate years ago. 2. a lawyer wrote them a letter and only then, did they produce the "will" it was blank and a "roost" into getting her to sign all the documents. they wouldn't take her to a lawyer. she was waiting. 3. one brother ripped the other brother off. he threaten him and he then gave him $90,000. 4. the other brother continued in renting the property out for $2500 per month for 3 yrs. 5. he then sold the property to another relative and pocketed the proceeds. the relative was well aware of them having my mother in signing the "grant deed" on her death bed. 6. the relative began losing the house. he made a deal with the bank and he has moved. 7. i filed a "probate" yesterday for the accounting of all proceeds of the estate. 8. the brothers had my mother to sign on her "death bed" a "grant deed, will and power of attorney" ..... i know the power of attorney is null and voided at death. i was told by others (that were there) that my brothers convinced her that she need to sign in order of preventing a long probate! and that my mother trusted that my brothers would divide up things equally. 9. i searched the records. my brothers already had the property granted to them before! it was to get a loan for my mother to pay her taxes. they never returned the property back to her, as agreed. (taking advantage of the elderly) or so i thought. ...so in solidifying their crime (scared that they would be discovered) 2 months prior to her death they transferred the house back to her! this is why they never kept the appointments with the lawyer! then they pretended to be non-the wiser and had her to sign another "grant deed" hours before her passing. 10. the title company did not take steps in investigating the prior grantor. (my mother). the property was granted with "no" consideration. (with an indication of fraud) i know that title company's have a system in place that they run property's threw. there is a "flag" system, so in preventing lawsuits. 11. as of date, the mortgage company has not file putting the house into their name. (the market is flooded with so many foreclosure). my question is....lots of activity on this property. can we record the probate against the property, alerting anyone concern that the transfer is being contested and that the previous transfer was fraudulent. we have a lawsuit pending against my brother, the title company and the mortgage holder. how is the foreclosure stop? i came out of the woodwork from the hospital. we were hit by a drunk driver. my mother died of pancreatic cancer. she was diagnosis just months before her death. i am not asking for legal advice. there are thousands of people on yahoo that have simple knowledge. and that knowledge is knowing of a specific "form" that i can record, putting persons on notice that "i am here and that i have a interest" ....simple.

You can file a lawsuit. You can file any legal document and record it against the property. The document must not hinder the legal owner from negotiating or invade their rights. If it does, it must be signed by a Judge. You have to put yourself on calendar for this. This notice will give the lien holder what is called "Constructive Notice"; in your State they pay attention to notices that are filed. They must be legitimate notices and not done under false pretenses. Its a shame that people will call consulting giving legal advice. I presume that it is to only in lining their own pockets. Also stop the "SPAM" ..... predictors of the world!

Powered by

When my mother past away, my maternal grandmother raised my sister and me. she received ssi benefits for our care. my grandmother did something wonderful for my sister and me, she invested a portion of the money in the property we currently live on. when my grandmother was ill my aunt (her daughter) convinced me to let her put her name on the title of my property, because i would have to pay an inheritance tax at that time. short story is i found out she lied; my grandmother had a will stating that i was the executrix of her estate, she also put my aunt on it. shortly after my grandmother past away, my aunt took the will and it has not been seen since. i have gone to court and hopefully all the legal documents will be recovered to move on with a probate. my aunt transferred the property into her adult children names which has created additional problems. one, them thinking that their mother is within her rights. i will never talk to any of these people again, but, now must decide if i want to sue them for all my sister and my grief. insult on injury my aunt call my sister and said she had no intention of ever evicting her. thank you - within the law. i am going to court to recover all the documents including the will. i consulted a probate attorney and was told that i don't need the will, i just need to know what it contained. my grandmother had four children, three are still alive. she financial helped each of them when she was alive. my aunt progressively transferred the property into her name, over a period time in order to not reimburse medi-cal. the first attorney i spoke with informed me that what my aunt did if fraud. i confronted my aunt about what the attorney told me, and that i could have had the property put in my name just as she did. my aunts response was that she did it this way to protect the estate from her living brother's 5 sons. that they would want their share and that they were not entitled to anything. the attorney i have not has requested all the document if any proving that my aunt had the right to make this transfer from the probate courts. i know for a fact that she does not.

Hi Suez, it sucks how greedy people are willing to steal and cheat. Same thing happen to my mom with a beautiful acreage she inherited in Poland. I would consult a lawyer specializing in this field, look up some of his/her cases ( in Quebec this is easily accessible- imagine its the same where you are ). I'd ask the lawyer to agree to be paid a certain capped percentage, ( say,...x% or z$ ) of what you recover, ( you don't want lawyers fees to devour your entitlement ), or a fixed amount ONLY if you win your case. Good luck, I wish u well. Hank