Can a cash out loan (2nd position ) principal be added to the cost basis of the property for income tax purposes?

generally no, my colleague is correct about the proceeds of the 2nd loan. This is a CPA question not a legal question. Your CPA may have more advice.

Can a grantee cancel a transfer of a quit claim or Grant Deed if the property has liens/judgements on the property? If so how?

You should cancel your money through EBAY if they have a REFUNDS process. You can't "cancel" it through the recorders office, you CAN record a deed...

I'm buying a property that is on Short Sale. Loan was approved and in process since September but no closure had been reached.

The agent should have know about the 2nd lender and the agent and borrower should have been submitting the short sale application to the 2nd lender...

I've lived with my brother for 2yrs and yesterday he tells me, investor took over house and I have to b out in 10days. What I do

You have rights as an occupant regardless of what your brother says. He clearly isn't looking out for you by not giving you the whole story as it...

Several years ago I bought property through a private party (he carried the note) with a trailer on it that burnt to the ground

Why don't you try renting out the place to pay for the property. Or sell it. Why would you want to walk away from the fully paid mobile home and...

Who owns a property when one party on title dies?

My colleagues have all given you correct answers too many variables, what your mother's will says whether there was a trust, whether there was a...

My wife agreed to sign an interspousal deed in 2000 so we could refinance our house in Upland. We never put the house back in

the interspousal deed likely does not say "as his sole and separate property" and even if it did, there is certainly a community interest she...

I live and work at my day-job in California. I want to form my new S-Corp in Florida. What will the tax implications be?

You can always form a corporation in any state; the problem is with CA if you doing anything whatsoever in CA having to do with the business...

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Hi, my name is Elena, I have a Deed of trust that was recorded It dose not have the legal discription of the property

Well if there is no legal description it may be that the deed of trust is not attached to your property!; Maybe the trustee name being different...

The DBA name for my sole proprietorship is available through Los Angeles County and the City of Torrance.

Fictitious Business name statements are filed by County not city, and most counties have an online search and some allow you to apply online. You...