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Updated about 9 years ago,
Distressed Properties ( locating the Owner ) & Taxes on Proceeds?
I have a few random questions that I'd like to ask and get feedback from others please ( Thanks in advance ) ......
1. What is the best way to find out who the Owner(s) is , on a property that looks distressed and or abandoned .
This recent property that I am interested in , looks to be abandoned , and it is definitely distressed. There are no cars on he property either ( to look up the owner by Car Tags ). I wrote down the Street the property is on , as well as the house number.
Do I need to call the County Tax Assessor and or the Chancery to find out who owns the property ( who is on the Deed of the property ) .
2. When a property sells and there are 4 beneficiaries on hat property ( 4 people who will split the proceeds from the sell of the property ) ...... The money that the all receive ..... Is this money taxable ? I'm asking because I was told that they have to each fill out a 1099 .
Also ..... Will the money that they receive be perceived as " Income " , meaning ..... will it show up on their taxes as " Earned Income " ?
And lastly..... if you cashed the check in 2016 vs 2015 , It would show up as Income on your 2016 taxes and not your 2015 correct ( so long as the check is dated 2016 at the time it is written ) ?
Thanks as always, I really appreciate everyone's willingness to always help and the advice and knowledge that is shared