Unfortunately, there is no standard form contract nor any IRS form that gives you the safe harbor you seek. However, there are many sticks in the bundle called "ownership". The fact your son is not "on the deed" means, he is not a co legal title holder. He presumably did not sign the mortgage loan agreement. However he pays the monthly mortgage and all expenses so it would appear he wishes to claim the mtg interest deduction because he is the equitable owner of the property. He can claim...
Unlike a federal tax lien, the California Franchise Tax Board cannot enforce its debt unless it has a recorded lien and it can only collect an amount in excess of the current Nevada Homestead Exemption ($500k). Personal loans collateralized by Deeds of Trust have priority over tax liens.
Yes. U.S. citizens are required to pay tax on their world wide income. The fact you do not purchase a home in the same year as the sale occurs is irrelevant. The purchase of a new home even in the same year of your land sale does not protect you from tax. The tax you pay is based on the difference between what your father paid for the land and your sales price less sales expenses. You should pay tax at capital gains rates which is lower than ordinary income rates. Good luck. Bob
Filed income tax returns for years more than 3 years old qualify for discharge in bankruptcy absent fraud. However, bankruptcy will not discharge tax liens so be very careful. An offer in compromise may be better unless you desire to discharge consumer debt as well a tax debt. Good luck. Bob
Are you a joint tenant with rights of survivorship? If so, you will get the property by operation of law after their survivor dies assuming proper ownership now. No portion of survivorship property goes through probate. However, all property is included in their taxable estates so if the home is worth more than $525,000, they have to file a 706 Estate tax return . As survivor, you pay no tax when you get the property and your basis is not stepped up at date of death.
Just leave it alone. He gave you his consent to file the Joint return and you re just fine with that consent. Many taxpayer spouses sign for their marital partners and so long as they sign with the consent of that partner, its all good.
First, take a look at copies of your tax returns. Since you did not mention that IRS audited you, your returns are the source of your liabilities. Form 1040, Page 2, just above your signature has a box called "balance due". You should also secure a copy of your account transcript from IRS for all balance due years and reconcile your returns with the IRS transcript. Once that's done, you need to deal with how to pay what you owe. There are numerous options for you. You have no basis to...
Currently, you and your parents are the legal owners of the property . If they desire to make a gift of their interest to you, they may do so with a deed of gift to you and by signing a joint deed with you as sellers to you as transferee. There may be gift tax considerations. First, see a lawyer and yes they can covey their title while in NY.