A recent infomercial tells of a way to but houses for back taxes without having a mortgage overhead.?
89802
No municipality in mind is dumb enough to sell a house (if paid off) to simply satisfy a tax lien.  In CA it takes five years of back taxes for the county to take title from you and begin foreclocure proceedings.  \n\nIf the home goes to auction the county and bank if one was involved would first appraise the home to figure out fiar market value.  \n\nRemember whoever sells the box is making millions all they need to do in an infomarcial is sucker you into buying the box.  \n\nThere are numerous cases of marketeers saying outlandish things to sell their garbage on TV.  Once the government finally files a lawsuit and wins the marketer just stops selling that garbage and moves on to a different type of garbage to sell.\n\nDon't be a sucker.
857497
You may minus mortgage interest and any other expense (except for cost for major improvement) form your total rental income and report it as either gain/loss. Unless you have a tax program it is rather time consuming to calculate. Also to take advantage of tax deduction, you may depreciate your house, which takes another form. I have my HR block tax professional do the form and it saves time and definitely worth it. The loss from my rental house offset my adjusted gross income by thousands of dollars every year.
275177
don't use a real estate agent. That's 6% of the cost of the house you'll save.
483854
Let me tell you the minus part-\n\nBought my grandmas home valued at $595K, took out a loan for 436,000.  Plumbing was $6000 off the bat, interior painting, wall paper removal $1500.  Tons of homes in her area have come up for sale 495K-630K, and a few closed after 3+ months for sale.  Decided to rent the place for $2200, loan is $1750, insurance $90, and property tax is a mess right now.  Rent not covering the PITI ( even on neg am loan).  Gardner's raised fee due to gas, I pay water and trash. \n\nIf I sell, I am subject to capital gains on any money I make.  Based on price I paid, that was never disclosed cause there was no contract I am in a bit of a mess.  They can actually base my capital gains off the price my grandma paid on the home $19,000.\n\nUnless your related to Donald Trump, I would stay away from the real estate investing until you get a grasp on the entire picture.  I am finding it incredibly hard to remember what the basis was for deciding to take on another property.  Even with my own personal income 10K month, & rent for the home I am finding it necessary to balance my checkbook for the first time in my life.  It may turn out great down the road.  To date, its taken entire days away from my regular job, required more up front money then budgeted, caused a potential tax mess, and the worse time to try and sell in a historically desirable neighborhood of custom homes.
1020640
I am a mortgage banker and filling out a non-filed 1040 will get you into deep trouble in the area of fraud.  At closing you sign a form which is called a 4506 that gives the mortgage holder authorization to pull for filed taxes.  So that being said, file the back taxes and keep your copy.  I do several VA mortgage loans and have found that being up front with your banker will get you an approval a lot quicker.  Your problem is not unusual
1030558
I think they just call it "sale of back taxes"\n\nor delinquent
685125
Then you have to bring a check to the closing to pay off the difference.  You are what is called "upside down" which is a risk of declining prices, risky mortgages, or making a tiny (or no) downpayment.  On my current home, the seller had to do the same thing, because he had a huge unpaid line of credit open against the house.  There is no free lunch- you will have to pay that money to leave your home.  And if you have accepted an offer at this point, you are likely to be sued if you try to back out.  Its always possible to try to convince the Realtor to take a smaller %, they might agree, especially if you can convince them that the deal could go to hell because you dont have enough to pay the difference.
336291
Going through old files.  Interest rates were much higher a few years ago and a lot of the people with 10% interest rates may be interested in refinancing considering they wouldn't have to add that many more years to their mortgage.  Assuming you're in the mortgage business, that is.\nAnd I know that it's difficult, but cold calling works as well.  Sending out inexpensive flyers works, too.
990834
It's called a bridge loan.  Most lenders can help you.  The risk is obvious if your current house doesn't sell in a timely manner at a price close to what you expect
1167263
Here's the catch. When you sell a home, the transaction never goes beyond the county level. The only records the IRS will ever see are those provided by the bank, and what YOU tell them on your tax return. There is no space on the tax return that requires you to document how much PROFIT you made. You can buy a home for $100k, and sell lit 6 months later for $150k, but who's to say you didn't put $45k into repairs and remodeling, costs of selling, etc.? That means that you only have to declare $5k profit, IF you don't put it into another house. Don't volunteer any information, wait until they ask for it. They have to prove that you owe them money, you don't have to prove that you don't.
988697
'm sorry but there are many misconceptions out there about reverse mortgages. Many of them are listed by some of these replies. Yes they are real.\n\nThey were set up by FHA and heavily lobbied by AARP in order to help Senior citizens because they know that social security and pensions do not cut it for a lot of people.\n\nI recommend going to aarp to find some really helpful information.\n\nhttp://www.aarp.org/money/revmort/...\n\nor here for the most frequently asked questions..\n\nhttp://www.griffinloans.com/faqs.html...\n\nThere really is only one downside to taking out a reverse mortgage. The children are not left with 100% of the value of the home for an inheritance. From my experience and my own personal view, most children would want their parents to live their life to the fullest and don't care if part of their inheritance is reduced. It is YOUR home and you worked hard to pay for it. You should enjoy the benefits of it.\n\nThe house is still in your name it just shows that there is a mortgage on the home like any other conventional mortgage. You can take the full amount in a lump sum, split it up in monthly payments or leave it in a line of credit which right now has a growth rate of about 7%. With the line of credit you are only charged interest on what you pull out of the line of credit and that interest rate right now is right around 6.5%. The rest of the money sits there untouched until you need it. These loans are set up so that there should always be equity in the home to pass along to your heirs. Also, you can repay the loan at anytime with no prepayment penalty.\n\nAll of this money is tax free and there are no monthly payments to make. You CAN make a payment if you want and are concerned about keeping the balance down. You even get a tax break if you pay back the interest you are being charged.\n\nThis is a much better option than a home equity loan which you have to make high monthly payments and if something happens and they get behind could lose their home. With an FHA reverse mortgage there is NO way to ever lose your home or be foreclosed on.\n\nSo really the only downside to reverse mortgages is that the heirs wouldn't get 100% of the home value for your inheritance.\n\nI'd be happy to send you some more information if you would like. This is what I specialize in and our company can do reverses almost anywhere in the country. If you would like some more information please email me at bburns@griffinloans.com
773834
What would you gain by selling it just to lose money and end up with a higher interest rate and no vehicle? Keep it and get a second job closer to home, or at least midway to the first one.  That way you can deduct on your income taxes the commuting expense from the first job to the second.  leastaways, you used to be able to do that... better check; the tax Nazis change these rules all the time.
846281
It is deductible:  I love this article that was posted on the bankrate.com site.\n\nHome sweet homeownership tax breaks \nBy Kay Bell • Bankrate.com   \n \n\nCongratulations, you've just taken another step up the American-dream ladder and are a homeowner. Along with the joy of painting, plumbing and yard work, you now have some new tax considerations.\n\nThe good news is that you can deduct many home-related expenses. These tax breaks are available for any abode -- mobile home, single-family residence, townhouse, condominium or cooperative apartment. \n\nThe bad news is that to take full tax advantage of your home, your taxes will likely get more complicated. You're not living on "EZ" Street anymore; you've moved to the 1040 long form and Schedule A, where you'll have to itemize deductions. \n\nFor many homeowners, the effort of itemizing is well worth it at tax time. Some, however, might find that claiming the standard deduction remains their best move. How do you decide? First, find your standard deduction amount, based on your filing status: $5,000 for single or married filing separately taxpayers; $7,300 for heads of households; and $10,000 for married couples who file joint returns. Then compare it to the total expenses you can itemize and file using the method that gives you the larger deduction.\n\nTo help you figure your possible Schedule A tax breaks, here's a look at homeowner expenses you can deduct, ones you can't and some tips to get the most tax advantages out of your new property owning status.\n\nMortgage interest\nYour biggest tax break is reflected in the house payment you make each month since, for most homeowners, the bulk of that check goes toward interest. And all that interest is deductible, unless your loan is more than $1 million. If you're the proud owner of a multimillion-dollar mortgaged mansion, the Internal Revenue Service will limit your deductible interest.\n\nInterest tax breaks don't end with your home's first mortgage. Did you take advantage of low rates and your real estate's growing value to pull out extra cash through refinancing? Or did you decide instead to get a home equity loan or line of credit? Either way, that interest also is deductible, again within IRS guidelines. \n\nGenerally, equity debts of $100,000 or less are fully deductible. But even then, the remaining amount of your first mortgage could restrict your tax break. This could be a concern if you excessively leverage your house. \n\nWhen a homeowner takes out an equity loan that, when combined with his first mortgage amount, increases the debt on the house to an amount more than the property's actual value, the homeowner faces additional deductibility limits. In these cases, the IRS says you can deduct the smaller of interest on a $100,000 loan or your home's value less the amount of your existing mortgage.\n\nFor example, you bought your home three years ago with a minimal down payment. Your mortgage balance is $95,000 and the house is now worth $110,000. Your bank says you qualify for a 125 percent loan-to-value equity line, or $42,500 ($110,000 x 125 percent = $137,000 - $95,000 left on your first mortgage). To pay for your daughter's college tuition and buy her a car to get to school, you take the bank up on the offer, thinking the interest deduction on the loan would be icing on the tax-break cake\n\nHowever, you're not going to get to deduct all that interest. Instead, your deduction is limited to interest on just $15,000 of the loan; that's the amount your home's value exceeds your first mortgage. Interest payments on the other $27,500 are not deductible, even though the equity line is secured by your home. So don't automatically assume you can deduct all interest on home equity debts.\n\n- advertisement - \n \n \nWhat if your real estate circumstances are a bit brighter? Say, for instance, you're able to swing a vacation home on the l
444746
I believe the government is allowed to access information from the landlord, and the person's bank account in this instance. There are no legal ways to evade tax. If you invest the money, you may be able to minimise your tax, but as I am from Australia and our tax laws are different to yours, I can't say for certain. \n\nThe American tax laws take up 1.2 million pages, so I'm sure they have covered everything.
647174
The city and county government make lots of promises, then raise your property taxes. It's like rent. But, if you don't pay it, they take your house. Fun stuff.
205110
Thank you! I have been trying to make this same point! They cannot apply for tax returns so they lose all that money! Where do most of the people on this website get their info from?
945726
Yeah unless the money Is delt under the table. Youll have to pay a tax on it, the ammount really depends on how much youll be reiciving