Real Estate Property Renevation and Conversion, I have
Real EstateProperty Renevation and Conversion,I have started looking into Renevationg properties in California.I was wondering if there is any website which can help my to do some studies about it in terms of the location, financing, expected profit, capital requirement etcI look forward to hearing from you.
My friend owned a condo that he took out and unsecured loan
My friend owned a condo that he took out and unsecured loan ($17K) for the deposit on. He paid on it for 3 years (basically interest), but then ran into financial problems. His condo forclosed, sold for the amount owed, but he still owes on the unsecured loan. He then became unemployed, and that debt is still out there. The Bank it was out of said he could write a letter of hardship. He put it on the back burner, became employed again, and now pays rent + other things. He reapproached the bank and they offered for him to write the hardship letter, include his taxes from last year, and 3 recent months of bank statements.He is wanting to address this, but is also engaged to be married (she wasn't a cosigner, wasn't with him when he bought it), and paying for the wedding himself (large family, catholic).I know he can afford to pay about $75 a month until August of 2017, then increase it. Are there any tips you can offer for the letter, or is there a better option than the hardship letter?Also, The fiance may be wanting to look at purchasing a home, how will this affect her/both of them after marriage?
Real Estate Question: I owe more money on my house than it
Real Estate Question: I owe more money on my house than it is worth. I have also experienced certain hardships via medical expenses and loss of job/income. I would like to know how to negotiate the principle on my home down. Currently I owe approximately $470k. The appraised value is approximatley $360. I would like to reduce the principle to $350 and then pay it off in cash. How do I go about doing this?
A property owner has a commercial building he bought in 2001
A property owner has a commercial building he bought in 2001 that he rented to another business owner. Several years later the tenant goes out of business and vacates the building. The landlord finds the occasional tenant but nothing permanent and finally stops paying the mortgage and the property taxes. In about 2012, both the city and lender bring legal actions against the owner for what is owed them. In 2014, the city seizes the property for the back taxes and promptly sells it, leaving no money for the property owner or the lender. In 2015, the lender agrees to a $75,000 settlement of its debt. At the end of all this, nobody issues any tax documents to the property owner, who is left to decide the tax consequence. The owner has lost about $200,000 in total. So, for 2014 and 2015, how is the loss figured and is it ordinary or capital? The property is in Chicago and the owner resides in Connecticut.
I listed my property with an agent who has done nothing to
I listed my property with an agent who has done nothing to sell my house. I had to suggest an open house. She does not give me any feedback on showing. I had to reach out to her after house was under contract for 2 months and it fell through. The price has been lowered three times. I am very upset at the lack of communication and neglect so I asked for listing to be terminated. We r in a very difficult situation since house is up for foreclosure. The agent is giving me a conditional listing temporary removal of listing. Somehow I signed for 9 months and 4 and half months have passed. I want out and try to sell house myself. It has been a night mare
We sold our mother's house in 2015, and I had a condo bought
We sold our mother's house in 2015, and I had a condo bought for me(with my brother on title since he is the estate trustee, and holder of the money), and no money has gone thru my account(s) to make that purchase. Of course, as well, I have no mortgage.. any tax liabilities for me?
Bachelor's Degree Equivalent
My husband, a retired District of Columbia police officer,
My husband, a retired District of Columbia police officer, has been receiving a pension check since 1995. The US Treasury Dept. Office of DC Pensions (ODCP) has found that, in its benefits to to police officers and firefighters, DC has not been compliant with Federal law in the calculation of pensions. It used final pay as the basis of the calculation, as opposed to average pay, as required by Federal law, resuting in overpayment of pensions, including my husband's pension from 1995 to 2014. During these years, my husband has paid taxes on the full amount of the pension he has been receiving, including the overpayments.ODCP has waived the collection of past overpayments, but has, as required by law, reported the overpayment to the IRS, labeling it as “discharged indebtedness.” My husband has now received a Form 1099C “Cancellation of Debt”, for the full cumulative overpayment amount, described a “Overpayment of pension benefits,” with reference to event code G.My questions: Does he owe taxes on the reported amount? If so, how are the taxes already paid taken into account?
Sr Financial & Tax Consultant