All Forum Posts by: Victor N.

You will need to ask a lawyer licensed to practice in the state where you filed. If the defendant is cooperative, you should be able to have him sign something to enter his appearance, waived service of process and confess judgment. Maybe, the Journal Entry of Judgment too.

If you are the property owner, get them signed when you pay. If you are the tradesperson, don't sign them until you are paid with collected funds. My thoughts.

Call a local title company and they can tell you over the phone. I would estimate $500 to $1000 assuming you want title insurance.

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I would get copies of the court papers in the eviction case to find out why the case was dismissed. Then consult with a local real estate attorney to determine your options.

Based on your description of no income and no deductions, I doubt that you had a requirement to file a 1065 for the LLC. I would followup and ask your tax advisor why he thinks you have a requirement to file a tax return. This can probably be resolved with a telephone call and a letter rather than full returns. Yes, the penalty should also be waiveable if you have a filing requirement.

Ask a PA lawyer if you can do something like a determination of descent to clear the title to the property rather than 2 administrations in 2 states.

Your best bet is to hire a collections attorney where the borrower and property are located. You can't take a tax write off unless you try to collect the notes.

Based on your description, you can elect to recognize all of the capital gain as of the closing date and use IRC 121 to exclude the gain from tax. You also may elect the installment benefit but it would not benefit you under the described facts. Note, your mortgage balance has nothing to do with the amount of your capital gain. Also, if you rented this property, you may not be able to exclude all the gain. You should consult a competent tax professional who is familiar with your entire financial position.

Ask for a copy of the underlying contract asap! Take it to your attorney and hope there are contingencies or damage limitations.