30 Day Late - Credit Cards Fault - What Now?
Just pulled credit, I have a 30 day late in December for credit card, Cap 1. I have two accounts with them, they misapplied payment of one card to different card. I have statements from both accounts stating their error.
Should I call Cap 1 and have them deal with this with my report, or send copies of letters to 3 credit reporting agencies, or both?
Addresses to credit bureaus- where should I send them?
Sounds like this is totally their fault. Call them, ask for a supervisor (including name and employee number and write them down), explain the situation in a very level headed way. Be politely firm but insistent that this has caused you considerable inconvenience, you have other cards but have been happy with this one up til now (if true). Though s/he should offer to fix it without you needing to do anything, you are certainly justified in suggesting that this is what you need to have happen. Be sure to ask the supervisor, "What would you do in my shoes, if this had happened to you?"
Yes, you can sell your house to her.
What do you mean... what can I do without drawing the attention of the IRS?
Have her get prequalified by a mortgage broker, it will be considered an arms length transaction. Your broker will know and will have lenders that are ok with that. It simply means that you are selling to a relative.
Maybe find a broker who is really good and have him treat purchase as a refi through a lease option.
Think 1031. Research 1031 and how it can help your family.
No B.S. here, find a way to make a 1031 work for you.
Learn the six rules!
My opinion.
You may want to post this in the tax law section.
Rubycat33:
Maybe I DID NOT CLARIFY!
1031. 1031. Oh, and let me see...um, uh, 1031!
Learn the 6 rules. Maybe EVEN pay an account...A GOOD one.
Ask SOMEONE about a 1031 and how it applies to you, then please share your newfound knowledge with the rest of us.
I will research the 1031 exchange rules, however I am not "selling" with the intent to invest in another "similar" property.
Here is specifically what I would like to do: This property has the original loan on it almost half way through the 30 yr length. The lender will allow the loan to be assumed. I would like to quit claim the house to my daughter. She would continue making the payments on the loan (which over 50% goes to princ) and I would carry ,a, say $100,000 second. That payent would be covered under yearly gifting laws. By selling at the $300,000 price instead of current value, that has run up over the last couple of years, her California property taxes will be lower, let alone not doing a new recalculation of the loan.
But going back to my original question...would this proposal draw the attention of IRS and tax implications of ducking capital gains or her having to pay gift tax on difference.
And I do appreciate the replys
One more question: Can this thread be transferred to another forum, or should I need to do so, do I resubmit the topic?
Thanks flacorps,
Where do I "study up" on this. Is it a real estate issue or tax issue. Real estate book, accountant, attorney? Need a starting place, please.
This search should lead you to more resources:
http://www.google.com/search?hl=en&lr=&q=%22part+sale+part+gift%22+house+tax+rules
The direction to look up Part Gift/Part Sale and Bargain Sale may yield some info. My quick search looks promising. I will just have to keep digging. Probably a who different search to figure out how to keep the Prop 13 ( CA) taxes the same.