Is anyone familiar with the title 5 tax credit laws in Mass. sold a house there and need some advice. Thanks?
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The following is a portion of the Massachusetts law concerning a Title 5 tax credit:\n\n(i) Any owner of residential property located in the commonwealth who is not a dependent of another\ntaxpayer and who occupies said property as his principal residence, shall be allowed a credit equal to 40\nper cent of the expenditures for design and construction expenses for the repair or replacement of a failed\ncesspool or septic system pursuant to the provisions of Title V as promulgated by the department of\nenvironmental protection in 1995. Said expenditures shall be the actual cost to the taxpayer or $15,000,\nwhichever is less; provided, however, that said credit shall be available to eligible taxpayers beginning in\nthe tax year in which the repair or replacement of said cesspool or septic system was completed; and\nprovided, further, that said credit shall not exceed $1,500 in any tax year and any excess credit may be\napplied over the following five subsequent tax years up to an aggregate maximum of $6,000. The amount\nof any such credit shall be reduced by an amount equal to the total interest subsidy or grant received from\nthe commonwealth, whether directly or indirectly, toward the cost of said expenditures. The department\nshall promulgate such rules and regulations as are necessary to administer the credit afforded by this\nsubsection, including, but not limited to, a notification system by the commonwealth to recipients of said\ninterest subsidy or grant of the amount of the total subsidy provided by the commonwealth.
173919
local law might protect the renter by invalidating the contract clause that is not reasonable. check with an attorney specializing in rental law.\n\nanother solution is that you might want to approach the seller of your home to help you to pay the remaining 5 month rent. include that in your purchase contract clearly though.
18669
If it is anything like the program in MS, then there are companies that give you credit (a certain % of your rent) towards the future purchase of a house.  I know that down here you have to pay some fees to do this.
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First off, they will charge you interest.........1.5% per month is the state statute.  They can also assess a late payment penalty.  None of that is very pretty to hear, I am sure.\n\nIf your boyfriend was also named on the property tax bill, this may give you some sort of legal recourse but I wouldn't hold my breathe dear.  What could be a good idea is contacting the treasurer (who you would pay the property taxes to) and discuss the situation with them.  For them knowing something might come to your benefit.\n\nI'm not completely sure of the time frame you have, but I would guess up to two years before things begin to get serious.  Even paying a little every month towards this can help save you from losing the property.\n\nIn any case, good luck.
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Go to the county office, the county secretary or clerk should be able to help you. They usually have a lot of properties left over after the tax auctions. I'm about to start purchasing some of these homes myself from different counties. I hope this helps you
800364
When you had the contract for sale drawn up, did it include a clause that there were no known pending assessments on the property?  Did you review the association minutes to see if anything out of the ordinary was discussed?  Sometimes a pending assessment will even show up in a title search if the attorney for the condo assoc. has filed it in an attempt to alert potential buyers to that possibility. \n\nYou can file a form with the post office that says you need their new address in order to serve them with a subpoena.  Some states even allow you to send in a request to the DMV for a current address for process of service.\n\nDidn't they put their forwarding address on their 1099 certification form at the closing?  You could also do a property tax search in their current town to see if they own any property and have them served at that address. \n\n"most lawyers will give you thirty minutes to figure out of you've got a case or not (they're looking to see if they can make money with it). "  Oh please ... time is money and no one gives money away for free.  These types of matter are NOT taken on a contingency basis.  Very few cases are taken on a contingency basis, and 95% of those are personal injury matters or workers comp.  Those are the only two matters that are virtually guaranteed to get a free consult.
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Hey, kid!\n\nYou are funny!  At least you did sell your house!  The job, sad though it is, doesn´t come into play here.  Surprizingly neither do the unemployment and moving.  \n\nHere is the deal.  There have been changes since you last checked.\n\nThe pattern now is a $250,000 exclusion from gains if you lived in the house for 2 of the last 5 years.\n\nIf you were married, hey you didn´t mention it, there is an increase to $500,000.\n\n\nSales price - sales costs - basis - exclusion equals gain.  \n\nIf you have a gain, you will have to list as a cap gain, despite the move and the job loss.\n\nGood Luck.
1013143
Ask your real estate agent about a the Nehemiah program.  Have a look here for more information:  http://www.nehemiahcorp.org/\n\nI just sold a home to a family with weak credit and no down payment under this program.  I also have two friends who bought homes using the program.  Both were of very modest means and had weak credit.  Any agent worth their salt knows all about the program.  If yours doesn't, find one who does or point them at the URL above.\n\nGood luck!
1077745
A tax deed is a deed to a property that in tennessee has a right of redemption of 1 year. This means if you buy it it's your house but the person that previously owned it has one year to pay you the cost of what you paid for the deed and penalties. They do not have to pay anything else, so don't go improving the house AT ALL in the first year. Unless you are just making conditions livable for yourself that actually don't cost much of anything. \n\nGeorgia has tax liens, where you pay the taxes for the delinquent person and if they catch up at some point in the year you get the money back plus 20% interest. If they don't pay it back you get to go through the process of foreclosing on the place and getting a tax deed. They auction tax liens off every month. They don't sell every lien so there are also tax deed sales where you are bidding against others for the property just like you would in TN.\n\nThe key point to the whole exercise it that you need money up front and not just some of it. You need a bunch, so you will likely not be able to unless you have money. \n\nThe best way to buy property if you have horrible credit and no one to lend you a bunch of money is to do one of two things. \n\nThe first is to find someone that owns the property free and clear and only needs a monthly income from selling it to you. They sell it to you and you make payments to the escrow company and they get the money each month. You just have to find a nice person that wants to give you a chance, keep in mind they will still be protected and if you have bad credit and plan to keep having bad credit then you shouldn't do this as you will lose the house pretty fast if you quit paying if the contract is done properly to protect the seller.\n\nThe second way is to go to a real estate investors meeting, I hear that one of the biggest clubs is in atlanta and meets most nights of the month on some topic. There you will teach yourself about how to do it and then do the work for someone else at first (bird dog- means you will find a deal and then for a small fee sell it to an investor) small fee to the investor of $5,000 might however seem large to you. Then you beg to let you help them out and teach you (for free) and once you have the experience you can then offer to get a piece of the profits on the next deal for doing the work while they watch over you.\n\nyou will need to be very motivated to make this happen. Good luck. \n\nthere is a program on wednesday nights from WNKU called real estate for real people. It might be a good thing to listen to, they have a podcast as well. Jus tto become familiar and start your education process.\n\nhttp://www.podcast.net/show/39906\n\ngood luck
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Great point TaxGuru... great answer too.\n\nI'm referring to the fact that you might have depreciated the property and refinanced the property (taking cash out) over the years.  You might have only paid off your liens, but still received funds in excess of your adjusted basis.\n\nCalculating your real estate gain takes into account a number of factors.  Your original purchase price could have easily been much lower than your present liens.  Although you wouldn't have had to pay gains tax when taking cash out, you would have to account at the time of sale/title transfer.\n\nI've been working on my 1031 exchange real estate site, and should complete the site by July 4th.  Many of the functions are up and running.. you can calculate your capital gain here:\nhttp://www.1031store.com/resources/1031_capital_gains_calculator.php\n\nAlso, the site will have a place where you can search for professionals who will be able to help you... notably accountants(1031 exchanges are about deferring capital gains).\nhttp://www.1031store.com/experts/1031_exchange_experts.php\n\nI hope that you do not owe anything because this sounds like a tough situation.  Your foreclosure expenses probably ate up an awful lot of your potential gain.  You might want to also contact a real estate attorney to make sure that you are getting a fair shake.\n\nHope that this helps...
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Has the lien been reported to your credit?\nIf not, pay it off. If so, consult an attorney specializing in real estate.
69639
Depends on how experienced that person is. It's not that difficult. I'm a CPA in Orange County and can help you, but to be honest, Turbo Tax works great. Things you'll want to have handy is your 1098 from your mortgage company (mortgage interest paid, points paid if any, property taxes paid - unless you paid them yourself instead of through impounds), DMV registration (personal property taxes paid on your car), closing statement from when you bought your house (you may find other property taxes paid that is not included on the 1098). There are other deductions that you may be able to get. Turbo Tax walks your through it. I've attached some links that you should print out and read. Regardless of who does your taxes, you should understand what's going on. :)
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I think you may have confused the Tax Collecor with the Property Appraiser Rob Turner.  \n\nYou can find who owns the property by entering the address at the Property Appraiser Web Site I've included below.
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Usually, but it depends on how property taxes are billed in your area. Are you being billed by your town, village and county?  Also is the tax abatement for school and property taxes or just property taxes.  Contact your lender to find out if they know something about your abatement and who your property taxes will be paid to that that you don't.  Chances are they miscalculated and you will see the $600 removed by the time you get your HUD 1 settlement.  Congrats on your purchase
259251
I found this online - may be helpful - it's from 2 years ago but should still be generally applicable.  You should talk to a realtor.  \n\nHardship Can Reduce Capital Gains Tax Liability\nby M. Anthony Carr\n\n\nIf you sold your home last year you may owe capital gains taxes if you didn't meet certain criteria. The basics of exempting home sale capital gain from taxes is two fold: \n\n\nYou owned the house for at least two years, and \n\nYou lived in the home as your principal residence for two years out of the last five. \nIf a home seller doesn't meet this ownership and use criteria, then he or she may owe taxes. Frankly, the floor of the gain when taxes begin is so high that most homeowners will never owe capital gains taxes if they meet the two above exemptions. When you consider that the average home sale in 2003 was about $170,000 across the country, then that means most gain from houses sold in the U.S. will never be taxed. For single home sellers, the gain exclusion is $250,000 and for married tax payers, it's $500,000. \n\nHowever, you could owe taxes on less than that amount of gain if you don't meet the two-year exclusion test stated above. Thus, if you bought a house in 2002 and sold it in 2003, you may owe capital gains taxes. The issue of how much you could owe, depending on when you sold the property and for what price, is a book in and of itself. Especially when you consider that the capital gains tax rates changed last year with the new rates going into effect May 6, 2003 (any taxes on gains realized before that date are based on the older, higher rates). \n\nThis column is going to deal with the exemption rules above and how you may be able to bend them or waive them altogether. \n\nThe IRS is not heartless and for some homeowners who had to sell a house in less than two years, it may be possible to claim an exclusion but at a reduced amount, if certain criteria are met. This should answer the question from many of my readers who just can't believe that they might owe taxes on the sale of their home that they lived in for just a year. Well -- you might not owe those pesky taxes, if any of the following reasons are true. \n\nIf you did not meet the ownership and use tests, but the primary reason you sold the home was: \n\n\nA change in place of employment; \n\nHealth; or \n\nUnforeseen circumstances. \nYou may be able to avoid taxes, but you'll not get the full exclusion of $250,000/$500,000. The reduced exclusion is based on a calculation that you can find in IRS Publication 523, which takes into account how long you lived in the house and how long you owned the property to come up with a reduced exclusion amount. So instead of $250,000, it might allow you to exclude $100,000, for instance. \n\nFor those wanting a reduced exclusion because of change of employment, you'll need to at least substantiate that: \n\n\nThe change occurred during the period you owned and used the property as your main home, and \n\nThe new place of employment is at least 50 miles farther from your home than the former place of employment was. \nThe IRS will accept your call for a reduced exclusion for health reasons "if your primary reason for the sale is to obtain, provide, or facilitate the diagnosis, cure, mitigation, or treatment of disease, illness, or injury of a qualified individual," according to Publication 523. Now a qualified individual doesn't have to be the head of household or spouse, it could also include any of the family members listed below: \n\n\nParent, grandparent, stepmother, stepfather; \n\nChild, grandchild, stepchild, adopted child; \n\nBrother, sister, stepbrother, stepsister, half brother, half sister; \n\nMother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law; \n\nUncle, aunt, nephew, or niece. \nHowever, the health card cannot be used if the sale of the house merely benefits a qualified individual's general health or we
915304
Unless you are an expert on and have extensive experience in the landlord/tenant laws of your state and town/county, I would not recommend that you do this.\n\nWeek after week, our office sees people who did this in order to save a few bucks, and are now emeshed in a freaking legal or financial nightmare.\n\nFor example, in my county if you rent a condo out, you must inform your tenant in writing in the lease that they are renting a condo and as such their tenancy can be terminated with 60 days notice if the unit is sold.  This is a law that is unique to the county I am in and is not statewide.   Every week or so we get someone in our office who either gave their condo tenant no lease or used a lease from Staples or some free form online when they rented the place and they now want to sell their condo.  The look of disbelief on their faces when they find out that  the earliest they can get their tenant out is  2 & 1/2 YEARS from the day they come into our office and that it is going to cost them big bucks in legal fees because this all-important clause was not included in the lease is priceless. But hey, they saved $75.00!  \n\nDon't cost yourself hundreds or even thousands of dollars tomorrow because you want to save a few bucks today.  Go to a lawyer who specializes (not just does it sometimes) in landlord/tenant and real estate law in your area.  Pay them to draw up a lease that fits your exact situation and does not have any unenforceable clauses in it, and that it conforms to all applicable state and local laws.
851696
I know I am not answering your question, but I do not know a place to send you for the information you are looking for.  I am a Landlord of 23 properties in Florida and I can answer specific questions you may have, to a limit.  Insurance you need to have homeowners Insurance and tell your agent that the house will be a rental, that way you are not paying for all items in the house, unless of course you are renting a furnished unit.  I have no special account, all the monies go into my personal account and all repairs come out of my personal account.  You will pay tax on the profit you make, I am not an accountant so I don't know what your tax implications would be, an accountant can answer that for you.  If you have any other questions please feel free to add details post another question or you can email me through Yahoo Answers.  Good Luck KG