8 SIBLINGS
I AM 1 OF 9 CHILDREN. PARENTS DIED 2 YEARS AGO IN PHILLY. THEY OWNED A PROPERTY. O LIVE IN A DIFFERENT STATE. THEY HAD NO WILL OR INSURANCE. OTHER SIBLINGS HAVE NOT BEEN TO PROBATE COURT. I FOUND OUT YESTEDAY THE TAXES HAS NOT BEEN PAID SINCE. I CALLED PROBATE THEY TOLD ME SINCE I DO NOT LIVE IN THE STATE I CANNOT BE EXECUTOR! WHAT CAN I DO BEFORE THEY SELL THE HOUSE AT TAX SALE?
Call your attorney
Laurie
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thanks for the advise Laurie, I am gonna do that tommorrow!! You seem like you know what you are talking about. I am completely clueless, never had this experience before. Laura
Better yet, call an attorney in Texas so that they can operate within state statute
You can go online but I would suggest calling a friend there or contacting a member of one of the REIA groups and asking them for a referral.
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WHy not just make up the arrearages on the home? Or at least the most delinquent year? Someone is going to have to pay those taxed and a lawyer will not be able to do more than possibly obtain a stay that will be temporary in nature....
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THANK YOU,
THE PROPERTY IS IN PHILA, PA. I WAS TOLD BY A FRIEND A FEW MONTHS AGO SOMEWHAT THE SAME THING. THAT I COULD PAY AROUND 400.00 TO PROBATE TO GET THE PAPER WORK. BUT, WHEN I CALLED THEY SAID SINCE I DID NOT LIVE THERE I COULD NOT. I DID NOT WANT TO GET AN ATTORNEY BECAUSE I DID NOT WANT MY SIBLINGS TO THINK I WAS TRYING TO TAKE THE HOUSE FORM THEM! BUT, IT IS STILL SITTING. IS IT ALSO TRUE IN PHILA. THAT SINCE MY PARENTS DIED WITHOUT A WILL OR INSURANCE THEY WILL FORGIVE THE TAXES FOR 10 YEARS? I NEED TO TAKE A TRIP HOME.
SORRY, ONE MORE THING ON TOP OF ALL THAT DO I HAVE TO WORRY ABOUT SQUATTERS RIGHTS INCASE SOMEONE DECIDE TO MOVE IN. HERE IN OHIO WE DO NOT HAVE SQUATTERS RIGHTS.
What was the outcome of your situation?
On 2006-01-25 17:58, lmgreen wrote:
I AM 1 OF 9 CHILDREN. PARENTS DIED 2 YEARS AGO IN PHILLY. THEY OWNED A PROPERTY. O LIVE IN A DIFFERENT STATE. THEY HAD NO WILL OR INSURANCE. OTHER SIBLINGS HAVE NOT BEEN TO PROBATE COURT. I FOUND OUT YESTEDAY THE TAXES HAS NOT BEEN PAID SINCE. I CALLED PROBATE THEY TOLD ME SINCE I DO NOT LIVE IN THE STATE I CANNOT BE EXECUTOR! WHAT CAN I DO BEFORE THEY SELL THE HOUSE AT TAX SALE?
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As of today, I have backed completely off! One of my sisters hit the other and got a restraining order against the other and court barred her from coming to house for 3 years. The crooked sister is a paralegal. Now, the situation has turned very ugly. I just want the house sold and be done with it all!
Thank You,
Not a CPA, but it seem reasonable that the fines you pay to get clear title, would be an adjustment to your basis.
maximum amount I can subtract from my gross income for the year is $3,000
But you can take a deduction against other capital gains.
w/ taking out the loan, you might end-up having to pay the loan and still be limited to 3K/yr if you take a loss.
Sorry to learn about your loss.
You can carry forward your losses (over $3,000) for as long as you want and offset any gains (short or long term) against that loss up to a $3000/year.
Another option is to sell the property to a corp you own for what you paid for it (no loss, no gain). Then, the corp can donate it to the City (or village) and write off the full amount from the corp. This is helpful if your corp has gains. But ask a CPA (I am not one).
Good luck and let us know what you did and why.
Quote:
On 2008-09-03 18:58, lyubomira2 wrote:
You can carry forward your losses (over $3,000) for as long as you want and offset any gains (short or long term) against that loss up to a $3000/year.This is not quite right.
If you have a $10K NET capital loss, you can only use $3K of your net loss to offset other income. The $7K balance of your net capital loss is carried forward to the next tax year when the full $7K can be used to offset $7K in Schedule D capital gains.
If you still have a net capital loss in the next tax year, then you are still limited to using only $3K of your net capital loss to offset other income on your 1040.