Frank M.
Owner owes back taxes and is about to be foreclosed on
Hey guys! I have a strategy/financing question. I am curious how to approach a homeowner that is about to lose their house due to 8k in back taxes that they cannot afford. They want to stay in the home as it has speci...
Mike Chubb
Abandon home-taxes owed are more than the property is worth
hello everyone this is a property that I have had on my mind for quite along time can anyone (which I don't think anyone can) tell me if there is any sort of creative idea that works with this kind of problem? What h...
Eric Tomlin
Tax owed when selling a rental home after a fire loss
Good day experts. I am trying to understand the tax laws and determine my tax liability for rental property that I have sold. The uniqueness of this transaction is in the fact that the property suffered a fire, and I...
Mary Ann Hall
Bought out co-owners of inherited property...will we owe tax?
My mother-in-law passed away in December leaving her home to her four children. To help reduce the family drama my husband and I bought his three sibling's shares in March. We are making repairs so that a nephew can q...
Mike Enzwiler
NC Commercial RE sale - tax question - how much will I owe?
I am looking to sell my commercial warehouse here in NC. I have owned it for 19 years but have refinanced it a couple of times over that period. So, being that the amount of depreciation I take or have taken effects...
Brian Hunsaker
Wondering how to minimize taxes owed to IRS from rental properties
We have 3 rentals, and Turbotax says we made about $27k off the 3 combined last year, so I ended up having to pay the IRS $8k. Currently the tenants pay us directly to our bank accounts. Would we owe less if we set up...
Russell Buxton
Pay down mortgage or use interest deduction to limit taxes owed?
I would love advice on this investment question. I currently own 4 properties that I pay approx. 5k in total in mortgage interest payments per month. I could easily pay off all my mortgages and own all the properties...
Account Closed
Should I pay the taxes owed to buy a house - $14000
I have an opportunity to buy a house, but the current owner owes $14,000 on the house. I could probably buy the house for $40,000 to $50,000 (not including the taxes) and the place probably needs about $20,000 - $30,0...
Ken P.
Does an HOA owe federal tax when selling a foreclosed unit?
A condo HOA where we have a number of units and where I sit on the board is being told by our accountant that we owe tax on the profit on the sale of a unit owned by the Association. The Association has owned it for ...
Julius G.
How to find information before tax sale
I am looking at an off market Atlanta property that is scheduled for a tax sale. My research shows that the owner is deceased. Any strategies on how to acquire the property before the tax sale? I’ve thought about the ...