• How to avoid a tax liability selling a house below what you owe?

    I own a house that has been vandalized and is now worth less than what I owe. If the property loan 90,000, and I sell for 30,000 how do I avoid the 60,000 tax liability on the balance owed? The bank has agreed to allow me to sell the property.
    I own a house that has been vandalized and is now worth less than what I owe. If the property loan 90,000, and I sell for 30,000 how do I avoid the 60,000 tax liability on the balance owed? The bank has agreed to allow me to sell the property.
    5 answers · United States · 5 years ago
  • Bank cashed my one dollar check for a mortgage payment?

    Long ugly story. I have been making monthly payments to the bank for $1 in an attempt to get the bank to finish the foreclosure. They have been returning my checks with a note stating account closed, paid in full, no payment due etc. They cashed one of my checks. How do I use this to my benefit so they can sell the property and get out of my life?
    Long ugly story. I have been making monthly payments to the bank for $1 in an attempt to get the bank to finish the foreclosure. They have been returning my checks with a note stating account closed, paid in full, no payment due etc. They cashed one of my checks. How do I use this to my benefit so they can sell the property and get out of my life?
    2 answers · Renting & Real Estate · 5 years ago
  • Booth Rentals and Taxes?

    I rent booth space at two different antique malls. I tag my items and they sell the items and also collect sales tax for these items. How do I list what I am paid on my taxes without being double taxed? Since the mall is already collecting taxes. Do I list this as business income? Thanks
    I rent booth space at two different antique malls. I tag my items and they sell the items and also collect sales tax for these items. How do I list what I am paid on my taxes without being double taxed? Since the mall is already collecting taxes. Do I list this as business income? Thanks
    4 answers · United States · 5 years ago
  • How do I sell property with a charged off loan?

    I have a house with a charged off loan. So the house has a lien on it. I have a buyer who is aware of the lien and repairs needed. If I sell the house to my buyer can I still be sued for this charged off lien on this property? Can I be held responsible for anything else regarding this property. This would be an as is sale. I want to sell the... show more
    I have a house with a charged off loan. So the house has a lien on it. I have a buyer who is aware of the lien and repairs needed. If I sell the house to my buyer can I still be sued for this charged off lien on this property? Can I be held responsible for anything else regarding this property. This would be an as is sale. I want to sell the property but I do not want any issues in the future.
    2 answers · Renting & Real Estate · 6 years ago
  • What is the banks benefit by waiting for a property tax sell?

    I have been trying to get rid of a house for two years now. Bank started foreclosure then cancelled the foreclosure and charged off the loan. House is worth $20,000 (due to vandals) but has a $90,000 lien. The house is two years behind in property taxes but will not be sold by the county until three years behind. I was told they would not... show more
    I have been trying to get rid of a house for two years now. Bank started foreclosure then cancelled the foreclosure and charged off the loan. House is worth $20,000 (due to vandals) but has a $90,000 lien. The house is two years behind in property taxes but will not be sold by the county until three years behind. I was told they would not sell the property sooner as I requested. I have been trying to work with the bank to sell this house to interested parties but no luck. What is the banks benefit by having the house sold for back taxes? The money is then going to the county and not the bank. So I just do not get it. Why are they dragging their feet? Unless I win the lottery I will not be inventing any funds in this property. Any way I can unload this property quick?
    2 answers · Renting & Real Estate · 6 years ago
  • How do I sell property with a charged off loan?

    Bank said they were going to foreclose. Instead they charged off the loan, property destroyed by vandals, I can not afford to fix. How do I sell, get rid of, give away etc. the property without passing on the lien on the property. The property is not worth the amount of the lien. No where close.
    Bank said they were going to foreclose. Instead they charged off the loan, property destroyed by vandals, I can not afford to fix. How do I sell, get rid of, give away etc. the property without passing on the lien on the property. The property is not worth the amount of the lien. No where close.
    2 answers · Renting & Real Estate · 6 years ago
  • Break Even Point in Sales?

    Sales $2,000,000 Variable Costs $1,200,000 Contribution Margin $800,000 $2,000,000 Sales Mix $4,000,000 $0.50 Contribution Margin Ratio $800,000 $2,000,000 $0.40 Total Fixed Costs = 800,000 I just need a double check... show more
    Sales $2,000,000 Variable Costs $1,200,000 Contribution Margin $800,000 $2,000,000 Sales Mix $4,000,000 $0.50 Contribution Margin Ratio $800,000 $2,000,000 $0.40 Total Fixed Costs = 800,000 I just need a double check that I am figuring the break even point in sales correctly. Fixed cost / 1-(contribution margin / total sales) equal break even sales revenue 800,000 / 1 - (800,000 / 2,000,000) = $799,999.60 Is this correct? If not where is my error? Thanks
    1 answer · Other - Business & Finance · 6 years ago
  • Quit claim property back to bank? 2nd question?

    I will give more details. My lender is Bank of America. 2 years ago I was told the house would be foreclosed. I moved out a week before the foreclosure sale. 11 months later and 4 tickets for codes violations I was finally told they did NOT foreclose on the property. Still paying on fines. When I moved out I also cancelled the alarm service.... show more
    I will give more details. My lender is Bank of America. 2 years ago I was told the house would be foreclosed. I moved out a week before the foreclosure sale. 11 months later and 4 tickets for codes violations I was finally told they did NOT foreclose on the property. Still paying on fines. When I moved out I also cancelled the alarm service. So now the house is completely destroyed, No pipes, No furnace, No hotwater heater and holes in the walls. I mailed paperwork to quitclaim the property back to the bank. I have told them multiple times if they had been honest about the foreclosure I would have never cancelled the alarm service. After a year I was finally told this was an intent to foreclose. The bank has since charged off my loan and the house is two years behind in county taxes. I am trying to get a good idea as to how long it will take to get my name removed from county records as the property owner? I literally can not afford to fix this house and refuse to do any further maintenance. After the give back. What happens to the $90,000 home loan? I plan to file bankruptcy in Jan. Unless I win the lottery real soon I have no funds to pay back 90k.
    2 answers · Renting & Real Estate · 6 years ago
  • Quit claim property back to bank?

    I am quit claiming property back to the bank. How long is the process? How long will it take to get this property out of my name? Thanks
    I am quit claiming property back to the bank. How long is the process? How long will it take to get this property out of my name? Thanks
    3 answers · Renting & Real Estate · 6 years ago
  • Bank charged off mortgage?

    Bank charged off my loan. House is still in my name. Approximately how long will it take for the bank to take possession of this property? Is there any way I can sell the property if the bank is not going to take possession?
    Bank charged off my loan. House is still in my name. Approximately how long will it take for the bank to take possession of this property? Is there any way I can sell the property if the bank is not going to take possession?
    3 answers · Renting & Real Estate · 6 years ago
  • Quick Selling a House?

    My mortgage has been charged off. I have received a 1099A. Bank says this is my property although they have lied to me for a year saying this was not my property. I just want the property out of my name so I am looking to quick selling the house to an investor. Do I pay taxes on this money and can I send the estimated tax payment now so I... show more
    My mortgage has been charged off. I have received a 1099A. Bank says this is my property although they have lied to me for a year saying this was not my property. I just want the property out of my name so I am looking to quick selling the house to an investor. Do I pay taxes on this money and can I send the estimated tax payment now so I don't have to worry April 2013? What happens to the charged off account. Last house payment was Jan 2010. I have not received any calls from bill collectors. The property is not showing any liens. Can a lien still be placed on the property after it is sold?
    2 answers · Renting & Real Estate · 6 years ago
  • Charged off home Mortagage?

    The bank has charged off my home loan. I keep getting tickets for codes violations on the property the bank tells me has been sold. County records shows me as the property owner. It appears the property is still mine? If I sell the house can the bank come back and take the house from the new owner? What happens to my $90,000 home loan? I... show more
    The bank has charged off my home loan. I keep getting tickets for codes violations on the property the bank tells me has been sold. County records shows me as the property owner. It appears the property is still mine? If I sell the house can the bank come back and take the house from the new owner? What happens to my $90,000 home loan? I have not been contacted by a collection agency. My last payment on the house was Jan 2010. I want to get this property out of my name. I can sell it??
    3 answers · Renting & Real Estate · 6 years ago
  • Home Loan Charged Off?

    My home loan has been charged off per the bank. The banks attorney states they did not foreclose on the property. I moved out a week before the listed foreclosure sale. This was a year ago. Property is still in my name although the bank says the property has been sold. Can I sell the property to get it out of my name? Or do I demand... show more
    My home loan has been charged off per the bank. The banks attorney states they did not foreclose on the property. I moved out a week before the listed foreclosure sale. This was a year ago. Property is still in my name although the bank says the property has been sold. Can I sell the property to get it out of my name? Or do I demand the deed to this property? I also sent a payment which was returned. Letter stated the property was "Paid in Full" I am not interested in returning to the property as vandals have ruined the property.
    1 answer · Renting & Real Estate · 6 years ago
  • Home foreclosure and Charge Off?

    Home was suppose to be foreclosed July 2011. Bank of Americas attorneys filed papers with the intent to foreclose but apparently have not. County records shows me as the property owner. I moved out a few days before the foreclosure sale. So house is vacant Bank of America is saying the home is "Paid In Full". Returned my payment. ... show more
    Home was suppose to be foreclosed July 2011. Bank of Americas attorneys filed papers with the intent to foreclose but apparently have not. County records shows me as the property owner. I moved out a few days before the foreclosure sale. So house is vacant Bank of America is saying the home is "Paid In Full". Returned my payment. Taxes have not been paid and the house is no longer insured. City is hounding me for codes violations (Mowing) Who is responsible for the upkeep of this property? Can BOA still take the property if I fix the needed repairs (Vagrants have destroyed the property) and move back in? Can I quick claim the property to someone else? Where is the balance owed on the property? I'm sure BOA is not giving away houses. The total charge off is $99,000 The house is valued at $20,000 on paper Serious answers only Thanks
    2 answers · Renting & Real Estate · 6 years ago