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Jason Jacob
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Inheritance of properties

Jason Jacob
Posted

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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Matthew Crivelli
Lender
  • Lender
  • Massachusetts
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1,418
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Matthew Crivelli
Lender
  • Lender
  • Massachusetts
Replied
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
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Jason Jacob
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We need to pay taxes first then get the properties

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Jason Jacob
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Jason Jacob
Replied

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

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James Mc Ree
  • Rental Property Investor
  • Malvern, PA
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James Mc Ree
  • Rental Property Investor
  • Malvern, PA
Replied

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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Jason Jacob
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14
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Jason Jacob
Replied

She is the executor

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Jason Jacob
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14
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Jason Jacob
Replied

I don't know why her father didn't leave her money to pay the taxes

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Jason Jacob
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Jason Jacob
Replied

As executor, can she sell property to pay taxes?

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Jason Jacob
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14
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Jason Jacob
Replied

Sounds like she can

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Dan H.
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  • Investor
  • Poway, CA
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Dan H.
Pro Member
  • Investor
  • Poway, CA
Replied
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

  • Dan H.
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    Jason Jacob
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    Jason Jacob
    Replied
    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

    User Stats

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    Jason Jacob
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    Jason Jacob
    Replied

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

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    Jason Jacob
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    Jason Jacob
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    As executor lol

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    Jason Jacob
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    Jason Jacob
    Replied

    She says no access to assets because its Texas law

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    Jason Jacob
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    14
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    Jason Jacob
    Replied

    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
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    James Mc Ree
    • Rental Property Investor
    • Malvern, PA
    Replied

    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
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    Dan H.
    Pro Member
    • Investor
    • Poway, CA
    Replied
    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.  

  • Dan H.
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    Jerel Ehlert
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    • Attorney
    • Austin, TX
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    Jerel Ehlert
    Pro Member
    • Attorney
    • Austin, TX
    Replied

    Probably need an estate/probate attorney in the state. 

  • Jerel Ehlert
  • User Stats

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    Jason Jacob
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    14
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    Jason Jacob
    Replied

    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
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    Jason Jacob
    Replied

    None of this makes sense to me. She should be able to pay taxes from the estate. She says I don't understand