John D. Sheridan’s Answers

John D. Sheridan

Harrisburg Tax Lawyer.

Contributor Level 6
  1. 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?

    Answered about 4 years ago.

    1. John D. Sheridan
    1 lawyer 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.

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

    Answered about 5 years ago.

    1. John D. Sheridan
    1 lawyer 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.

    1 person marked this answer as helpful

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

    Answered about 4 years ago.

    1. John D. Sheridan
    2. Ayuban Antonio Tomas
    2 lawyer answers

    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.

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

    Answered about 5 years ago.

    1. John D. Sheridan
    1 lawyer 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?

  5. 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

    Answered about 5 years ago.

    1. John D. Sheridan
    1 lawyer 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.

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

    Answered about 5 years ago.

    1. John D. Sheridan
    1 lawyer 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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