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Updated about 9 years ago,

User Stats

452
Posts
10
Votes
Michael Dunn
  • Olive Branch, MS
10
Votes |
452
Posts

Distressed Properties ( locating the Owner ) & Taxes on Proceeds?

Michael Dunn
  • Olive Branch, MS
Posted

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