Hi All, I own rental properties in Pennsylvania (PA) under LLCs. i paid registered agent for a physical address since it is required by the state. also, i hired a property management in PA who takes care of collecting rent, maintainance and so ...
All of the answers are correct. The LLCs are disregarded entities, so all the income flows to your personal tax return. Therefore, your actual address of domicile (NY) goes on your tax return. The PA source rental income requires a non-resident return be filed allocating that income to PA to be taxed at PA rates. The rest of your income, assuming a NY source, will be taxed in NY for state tax purposes. Hope this helps.See question
I'm divorced, my ex and I bought a house together, both of our names are on the mortgage, my ex took possession of the home once divorced, it is now in foreclosure or about to be placed in foreclosure, my name was never taken off the loan nor th...
If you are on the mortgage, the bank thereby can resort to the collateral. They cannot rely on your divorce decree and need there to be a way to foreclose your equity. However, you have no liability unless you signed the Note. If you did, the divorce decree has no effect as between you and the bank, and if you are pursued for money, which you are accountable for, the divorce decree merely lets you go after your husband for reimbursement.See question
Hi: I am delinquent more than 7 years on a 2nd Mortgage. I recently got served with foreclosure papers for this 2nd Mortgage. There is no acceleration clause in my 2nd Mortgage. Is this past the statute of limitations or does the statute be...
Courts are reluctant to enforce the Statute of Limitations against the bank even where it is blown and you should proceed with caution in making that argument. With a 2nd mortgage, you may be able to negotiate a payoff for pennies on the dollar.See question
Our house is been foreclose and we received a letter that we need to get an attorney to fight. Or else we needed to move out with nothing.
You should consult withe a local foreclosure defense attorney in your area. You can find one using Avvo search.See question
My father's house is up for foreclosure. It was put into our local newspaper that any interested parties should contact a certain lawyer for documents/copy of the complaint, as an action had been filed in court. usually how long after this step ...
These timeframes vary and you should consult a local attorney who specializes in foreclosure matters.See question
Mortgage company listed our home at FMV of 109k and advised IRS 95346k cancelled. (1099C form sent to us and IRS) Now they are saying they did a modification with us and want to collect 120k on our home. Can they do this?
You need to meet with a local foreclosure attorney who also has experience with tax law. You do not owe taxes on cancelled debt income if you fall within the exception under IRC 108(a)(1)(B). IRS Pub 4681 explains this in some additional detail and has an insolvency form you can use to check. Generally, if your liabilities exceed your assets, you are insolvent. This will be the case if you are in foreclosure the majority of the time.
Now, as to whether the mortgage company can collect on the deficiency of the $120K, that is a separate issue. On a residential mortgage, this almost never happens. When it does, however, you need to defend yourself vigorously.
You should certainly contact a local foreclosure specialist and I am happy to answer any additional questions you may have on this issue.See question
State is NJ. The County Sheriff typically provides two adjournments for 14 days each. Does the Sheriff have discretion to adjourn the sale for longer?
There is something called a Motion to Stay Sheriff's Sale. Any foreclosure attorney can help you to file one of these to get additional time. The usual reasons that a Judge would grant this are: (1) a sale is pending or contemplated; (2) a modification is pending review; or (3) the property is listed and a buyer coming forward is likely.
The Sheriff itself cannot simply adjourn the sale for a period beyond the two statutory 14 day adjournments, which total about a month or 28 days, as you note.
There are many ways to turn the situation around even as late in the game as you are. Someone at my office would be happy to help you to understand your options and there are also a number of local foreclosure attorneys specializing in these matters in the Princeton area.See question
I'm a realtor in houston tx, and I wanted to know can I owner finance a client that's in pre-foreclosure? If so are there any laws that I need to be aware of when marketing to pre-foreclosure?
I don't see what would prevent you from doing so but I am a bit confused about what you are trying to do.See question
if an ex refused to vacate a home one owns outright and files a lis pendens claiming equitable interest...foreclosure occurs because home can't sell and the ex has his son buy it at auction so he can keep the home. IS this legal? What are the ram...
This is a bit complicated and hard to follow. Basically, with facts like this, you are best off making a consultation with a local foreclosure specialist.See question
The property is in Hartford, CT. I was given the above judgment and need to know if I have a tax liability for any debt forgiveness or debt cancellation,.
You could call my office on this or discuss with a local CT foreclosure specialist or even a bankruptcy lawyer. Someone with tax knowledge as well would be preferable.
Bottom-line is that the waiver of deficiency can be a form of "debt cancellation" that gives rise to cancelled debt income under IRC Sec. 108. However, even if this constitutes cancelled debt income, you do not owe the taxes if you are "insolvent." Insolvency means that your liabilities exceed your assets. To qualify, you can simply file Form 982 with your Tax Return and fill out the Insolvency Worksheet contained in Publication 4681 and in almost all cases you will fall under the EXCEPTION in IRC Sec. 108(a)(1)(B).
Any accountant worth their salt should be able to help you out with these forms, but you may want to enlist a Tax Attorney if you are really concerned and need a more detailed explanation of what you are doing.See question