Archived
What do I need to do?
Paul's answer
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Answered on November 05, 2014
Be aware of the time limits to respond to the IRS notices, once those pass it is more difficult or impossible to abate taxes, penalties and...
Archived
“We have sold a family home in Malaysia, it has been in the family for 30 years. Do we have to pay real property gains tax?
Paul's answer
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Answered on November 05, 2014
Not an easy question. You will need to look at the tax treaties between the US and Australia and Malaysia to determine the correct tax treatment...
Archived
I granted an irrevocable trust 17 years ago. Tax laws have changed and it is no longer to my advantage. If I get it revoked
Paul's answer
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Answered on November 05, 2014
It depends on the terms of the trust agreement. You need to have a trust attorney review the trust terms.
Archived
When homeowner sells a home in installment payments (in course of 2 years) can he use 250,000 exclusion in the first year?
Paul's answer
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Answered on November 05, 2014
Yes you can exclude the gain of your personal residence when sold on an installment sale, but the exclusion is limited to the gain on the...
Archived
A 2nd home was recently seized and sold at a sheriffs sale. The value is approximately 300K, mort 280. IRS lien 1MM. Options?
Paul's answer
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Answered on November 04, 2014
You need to consult with a tax attorney, and if appropriate, a bankruptcy attorney. If the house was seized and sold for taxes, then these...
Archived
Received deposit on house for rent. 4 days before move in he changed his mind. do I have to return deposit?
Paul's answer
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Answered on November 04, 2014
Depends on the terms of the agreement. If no signed lease, it doesn't govern. Was there a rental application? Does it have terms? If no written...
Archived
Can the real estate company I am in contract with, brake the contract, and buy that property 2 days before closing. and put it
Paul's answer
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Answered on November 04, 2014
depends on the terms of the contract, please take it to an attorney to review
Archived
Who is responsible to collect the leaves at townhouse residential with monthly association fees? Does bylaws specifies that?
Paul's answer
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Answered on November 04, 2014
Review the Declaration of Covenants, Conditions and Restrictions that were recorded against the development.
Archived
I am looking into purchasing a duplex and the realtor came back asking my thoughts about "the seller holding the mortgage".
Paul's answer
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Answered on November 04, 2014
I assume that you mean seller financing secured by a mortgage on the property. This has the same risks as financing the property through a third...
Archived
Can a landlord change the locks if tenant has not moved out at the end of the lease term and has not paid the rent?
Paul's answer
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Answered on November 04, 2014
A holdover tenant must be evicted through a court process, but may be liable for additional rents and costs arising because of failing to vacate on...
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