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what happens to the surplus funds paid at a tax deed sale over the back taxes and fees tha

t have been unpaid....
what happens to the surplus funds paid at a tax deed sale over the back taxes and fees tha t have been unpaid. for example, the min. bid is $6k and the sale price is bid in at $20k. how does thw original property owner claim this money ($14k).
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7/10/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

In the state of Texas, your claim for excess proceeds would be directed to the court system where the property is located

MyVirtualCPA :

You will petition the court not more than two years after the sale of the property.

MyVirtualCPA :

This is handled in TX Code 34.04 and you can read about the procedures, here: http://law.onecle.com/texas/tax/34.04.00.html

MyVirtualCPA :

Please let me know if you need anything else. If not, please rate as "excellent" so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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