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4 August 2022 | 19 replies
However, if the Joint tenants are married filing a joint return then technically it is only one taxpayer and not two.
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13 September 2018 | 19 replies
The list actually gave me the mailing address (I assume whatever was registered in the tax payments, as well as the property address).
8 September 2018 | 2 replies
To get technical, you will be going up against the Economic Substance Doctrine which states that a transaction has economic substance if: (1) the transaction changes in a meaningful way (apart from Federal income tax effects) the taxpayer’s economic position; and (2) the taxpayer has a substantial purpose (apart from Federal income tax effects) for entering into such transaction.By transferring your primary residence into a LLC, you would not be changing your economic position.
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11 September 2018 | 23 replies
If I were lucky enough to find another property within the required time frame and make the 1031 exchange, I would have to still have the thoughts of future tax payments in the back of my mind for possibly years( unless I died, then it would not matter).
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11 September 2018 | 3 replies
@Tamara Glass, The taxpayer for the old property has to be the tax payer for the new property.
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14 September 2018 | 1 reply
If the taxpayer sends the improvements affidavit to the investor by certified mail, and it has been more than 40 business days since the affidavit was sent, with no response by the investor, then the taxpayer will be allowed to redeem anyway.Shelby County will note their files if an investor claims to be entitled to payment for improvements.
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21 September 2018 | 16 replies
It goes on to say that I cannot get title insurance on this type of deed because there is no "quiet title action" or "quit claim deed" from the defaulting taxpayer.
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17 September 2018 | 6 replies
I can't speak for other folks, but on my properties I have my accountant accrue the property tax payment over the life of the property tax period.
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23 January 2019 | 65 replies
I had a rental appraisal done for it for additional cost during the process and the results were good enough so that 70% of that number covered my Principal, interest and insurance and property tax payments with a little left over.
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26 July 2018 | 4 replies
So buying the house and lot and then splitting the lot out and buying it from yourself in the 1031 won't work.If the entity that buys the house and lot is a different unrelated taxpayer to you then sure it would work.