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John D. Sheridan

John Sheridan’s Answers

6 total

  • Can the court award any part of my income tax return for spousal support?

    I am trying to get my alimony stopped in DEC 2010. Can the court award any part of my 2010 income tax return? I am current on all alimony payments, and I have been working overseas, so my ex spouse has not supported, or contributed to any of my ea...

    John’s Answer

    Your refund on a tax return is not income per se. As long as your are current on your support order, the court will not interfere with your refund.

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  • I have contracted a buyer for my home with $60,000 short sale 35k 1st 25k 2nd the bank excepted. do i pay tax on 60k as income?

    two years ago i purchased another house while this residence was on the market. after several months of no takers i could not afford two mortgage payments any longer, so i stopped paying. now i have a buyer in which the bank is acccepting the shor...

    John’s Answer

    It's unlikely you will incur any tax. You say that you are selling it for less than the mortgage balance so presumably you paid more that $60k and therefore you will recognize a loss on the property. Also if there is a forgiveness of indebtedness issue, that will go away if you are in bankruptcy.

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  • I sold a home under contract and the person that purchased has stopped paying the mortage and has disappeared. what can i do?

    the mortage is in my name and there was a contract but it expired about 6 months ago and they have been paying promising to refinance and or pay off the mortage and have done neither.

    John’s Answer

    Your question is somewhat confusing. You say your name is on the mortgage and yet "they", the buyer have been promiissing to refinance. How can they refinance if the property is in your name?

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  • I have a home that I have a morgage on, can I sell the home and finance the home and pay the morgage from the reciepts

    I have a home that I have a morgage on, can I sell the home and finance the home paying the morgage from the reciepts of the sale

    John’s Answer

    Generally, the answer is no. Most mortgages have what is called "a due on sale clause". This means that the entire balance is due once the property is sold.

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  • Do I have to pay taxes on A home that I am selling which I inherited?

    My Grandfather passed away 10 years ago. In his will he left everything to his live in girlfriend except he put a life estate for the home in his will for her. It says that if she is unable to reside int he property for more than 60 days then prop...

    John’s Answer

    You will pay taxes if the selling price, net of selling expenses, is greater than the fair market value of the property at the time of your grandfather's death. The tax however is at capital gains rate which is 15%.

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  • Husband owed taxes b4 I married him, filed ch7 in 07 attny said eliminated those taxes, he died have sell home, have tax liens ?

    Taxes were from un paid hospital and Drs bill, he had heart attack. Couldnt pay. Has been very ill last 4 1/2 years unable to work hardly at all. I have to quick sell or bank will foreclose on me. I've been left penniless and the IRS has put lie...

    John’s Answer

    If your home was held as tenants by the entirety, it became yours at the time of his death. Tax liens assessed against him became a lien against his estate. If all he had was jointly owned property, IRS liens are worthless. If on the other hand he had assets in his own name, which became part of his estate, the IRS may collect against his estate.

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