Inheritance of properties

Member since 2024 · 14 posts · 0 votes

We need 22000 to pay property taxes on property left to my girlfriend by her father. Anyone know a way to get a loan to pay the taxes? If we get the 22000, we have access to 6 properties we will sell.

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James Mc Ree

Rental Property Investor · Malvern, PA · Member since 2016 · 1k+ posts · 936 votes

It is the estate's responsibility to pay the tax, not your girlfriend. She can't get the property until it is paid, but the law does create a liability on the heir. Set this aside.

You wrote your end state goal is to sell the properties, meaning you want cash not the properties. A much better approach is for the executor to directly sell the properties out of the estate.

The taxes will be paid at settlement and your girlfriend will receive the proceeds. The estate may require your girlfriend to sign a doc to agree to accept cash in lieu of the properties. This approach is faster, cheaper (no double transactions) and no one has to come up with cash.

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Matthew CrivelliBusiness Member
Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
2y
Quote from @Jason Jacob:

We need 22000 to pay property taxes on property left to my girlfriend by her father. Anyone know a way to get a loan to pay the taxes? If we get the 22000, we have access to 6 properties we will sell.
Is the property fee and clear or have a good amount of equity? You could preform a cash out refinance, the lender would use some of the cash out proceeds to pay off the back taxes at the closing.
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
We need to pay taxes first then get the properties
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
They wont let us have access to any property without paying all the taxes. We had access to one and were about to sell but the irs told us we had to pay it all
0 Reply
James Mc Ree
Rental Property Investor · Malvern, PA · Member since 2016 · 1k+ posts · 936 votes
2y
It is the estate's responsibility to pay the tax, not your girlfriend. She can't get the property until it is paid, but the law does create a liability on the heir. Set this aside.
You wrote your end state goal is to sell the properties, meaning you want cash not the properties. A much better approach is for the executor to directly sell the properties out of the estate.
The taxes will be paid at settlement and your girlfriend will receive the proceeds. The estate may require your girlfriend to sign a doc to agree to accept cash in lieu of the properties. This approach is faster, cheaper (no double transactions) and no one has to come up with cash.
2 Reply
Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
She is the executor
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
I don't know why her father didn't leave her money to pay the taxes
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
As executor, can she sell property to pay taxes?
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
Sounds like she can
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Dan H.Pro Member
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
2y
Quote from @Jason Jacob:

They wont let us have access to any property without paying all the taxes. We had access to one and were about to sell but the irs told us we had to pay it all

IRS has nothing to do with property taxes
In addition at death the taxable value is adjusted to the value at time of death.
Not sure if you are trying to scam or are being scammed.
Be careful.
Best wishes
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
Quote from @Dan H.:

Quote from @Jason Jacob:

They wont let us have access to any property without paying all the taxes. We had access to one and were about to sell but the irs told us we had to pay it all

IRS has nothing to do with property taxes
In addition at death the taxable value is adjusted to the value at time of death.
Not sure if you are trying to scam or are being scammed.
Be careful.
Best wishes

Thanks
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
She says a sexecutor she cant do anything until taxes are paid
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
As executor lol
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
She says no access to assets because its Texas law
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
There are 2 trucks and money in the inheritance but she says she cant sell the trucks or use the money
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James Mc Ree
Rental Property Investor · Malvern, PA · Member since 2016 · 1k+ posts · 936 votes
2y
With limited information, it looks like she needs assistance from an estate attorney. The estate resolves its own expenses and can't require parties outside the estate to pay into it to resolve the estate's debts.
It is correct that she as an individual cannot take the assets, but she can use the assets to pay estate debts as executrix. She might not be understanding something or explaining it to officials properly and that is where an estate attorney can help.
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Dan H.Pro Member
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
2y
Quote from @Jason Jacob:

She says a sexecutor she cant do anything until taxes are paid

I already explained there is no gains tax due to step up basis at time of death and the IRS has no role in property tax.
I believe you are trying to scam someone. Get them to front money to pay taxes to obtain this property. Run off with the fronted money.
Readers beware.
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Jerel Ehlert
Attorney · Austin, TX · Member since 2014 · 890 posts · 759 votes
2y
Probably need an estate/probate attorney in the state.
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
Thanks to all who commented. I don't know why she is so adamant about what is going on,but she keeps saying laws are different in Texas
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Jason Jacob
OP
Member since 2024 · 14 posts · 0 votes
2y
None of this makes sense to me. She should be able to pay taxes from the estate. She says I don't understand
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