If you were left with debt after the death of a spouse, gather bills, check credit, talk to the IRS and consider contacting an attorney. Q: My home is underwater, I’m at risk of foreclosure, and I have a deceased …
If you’re looking to file taxes for previous years, the good news is that you may still get refunds from the IRS. Q: I’m trying to get pointed in the right direction. I was in a motorcycle accident back in …
Buying a foreclosed property might include taking ownership of unpaid back taxes. If you buy a foreclosed house with liens or back taxes, you could be held responsible for paying the liens and back taxes upon purchase of the home or property. Buying a short sale should not make a buyer subject to liens or back taxes. Know the difference between a short sale, foreclosed property and an REO property and make sure you research the property to see if the home has any unpaid real estate taxes or liens.
How long are you required to keep your tax records? The IRS only requires you to hold onto your tax records for seven years. A lender might want to see your tax records from the last few years, but they should not require anything further back than that. If a lender wants to see older tax records than the IRS requires, find out what they are looking for, or consider working with another lender.
A buyer of a vacant lot learned that the sellers owe three years of back taxes on the property. If the back taxes are not paid before, or at, the closing, the buyer will become responsible for them. A real estate attorney can help this buyer ensure he is protected from having to pay the back taxes on this property.
The county assessor’s office incorrectly classified a single-family home as a three-family building. With the mistake corrected, the homeowner wants to know if she can receive a refund for the overpayment of back taxes.
What can you do when you own commercial real estate and your tenant doesn’t pay rent? How can you evict the commercial real estate tenant? Eviction laws vary by state and some attorneys specialize in evictions for commercial real estate.
You cannot quit claim the deed to your house instead of paying back taxes. You must sell your property, then the IRS will take what it is owed on your taxes.
If homeowners don’t pay your real estate taxes, the tax collector can seize your house and sell it for the back taxes that are owed. In most places, the taxes have to have been unpaid for at least a year or two and the homeowner has the right to catch up on the taxes by paying the interest that has accumulated plus any penalties or fees. The catch is, there is a period of time where the homeowner has the right to catch up with the back taxes payments and pay you back your investment plus interest.
When a federal tax lien gets filed against you, your credit score will fall. What can you do to rebuild your credit score after you’ve paid off the tax lien? Paying your bills on time, not carrying a credit card balance and not closing old lines of credit all help boost your credit score.