With Sub2 Deals, How Do I Explain Sales Tax To Seller Guys?
Since the seller and i initially sign a purchase agreement, when they ask about capital gains tax etc - what do i tell them?
That they shouldn't worry about it until their loan is paid off may cause them to say "but i'm selling to you now?"
Please help with this question if you can
Verbatim
The safest answer is to tell them that you are not an accountant. Hence, you are not permitted to give financial/tax advice. They should consult an accountant. There's all sorts of issues here.
verbatim,
What to say to a motived seller who may behind in payments, can't make the next house payment, needs out immediately or various an other problems the house seller may be encountering.
I would send them to this link:
http://www.pwcglobal.com/us/eng/main/home/index.html
I sure this question would be utmost on their mind. Since you are not a tax pro, you would not offer any advice except advise them to see their tax constultant.
This question should go in my "What If" list of questions that is asked by someone who is looking for another reason not to go out and meet the sellers face to face.
Verbatim, you can do this. After you talk with enough sellers then make a list of questions, or just maybe all the "what if "questions won't be asked and you will get a deal.
John $Cash$ Locke