In my county if the owner misses 3 tax payments, then the property goes to tax sale.

Prices of houses skyrocket, CEO's get huge bonuses for inflated profits as they create the faulty mortgages and resell them to fannie/freddie.The govt (i.e. taxpayer) then has to bail out all these crazy banks and prop up the mortgage companies (fannie/freddie) that are taking all their bad loans back.And, then, the govt is going to turn around and give thesebig banks/funds huge discounts on these houses so theycan make money on their own bad deals AGAIN!

Generally, if you receive rental income from real estate, you are considered to be in a trade or business of renting property and therefore have the same Form 1099-MISC reporting requirements as other taxpayers in a trade or business.

I've found the low prices and allure of large profits and improving the area from such low priced property is an illusion and the savy investor should consider areas with better economics before placing high risk bets in these areas.Here are some bullets on lessons learned:- If you have debt service and tax payments, you may not have time to wait and find those housebroken tenants as your expenses clip away.

I guess my real problem is a gov. that loans money (they printed and devalued mine) to private entity and does not use said money to help people, but instead found another ave. to profit off tax payers.

However, one of them still is valid and the tax payer listed on the lien is deceased (purchasing the property from her Son who 'inherited' the house).The Son feels that the lien should have been paid a while ago and perhaps the IRS simply failed to discharge it from record.

That means you must at least file Form 1065 US Partnership Tax Return.All incomes and expenses will be reported on this form and that income will pass through to the both of your personal tax returns based upon your ownership percentage.The limit is different for one person versus married.Your biggest mistake is using a program to answer your questions.I represent taxpayers(individual and business) before the IRS.

There's a flat deduction for folks that fall under the AMT.Not only that, the Taxpayer Relief Act of 2013 reinstated the personal exemption phase out AND the limitation of itemized deductions.

The end result is - the house often sits empty with no mortgage and/or tax payments made by anyone.

The taxpayer's personal residence will not qualify.Ref: 1031.org