Posted by John T on March 21, 2013 at 05:21:44 from (71.54.162.130):
In Reply to: Real Estate taxes posted by Fritz Maurer on March 20, 2013 at 18:28:15:
As an Attorney and past Realtor I can ONLY speak as to how its handled in our state. Here the real estate taxes are "typically" handled/paid at closing of the transaction, at least all current and possibly those due in the immediate future. A "Warranty Deed" guarantees the title to be free and clear of liens and encumbrances, so if Title Insurance is involved you can be sure all bills and taxes (unless exempted) are likely current. Regarding which party pays which portion, that depends upon the purchase agreement and they may be pro rated (to actual date of transfer) or depending on when last paid and when due again, the sales contract may state something like Seller is responsible for the Spring/Fall installment of 2012 taxes due and payable in May/November of 2013 and Buyer is responsible for all afterwards.. With that information (and other such as fees and closing costs and title insurance etc etc) in hand the closing agent can pay all bills and distribute funds. The capital gains is a function of the "base" versus the net sales price AFTER expenses.
As to most legal or tax related questions I must advise in good faith that you consult a local competent trained professional (Real Estate Attorney or CPA) experienced in the laws of your state before you act. Bad advice could cost you big bucks when the IRS audits grrrrrrrrrrrr lol its not worth it to take a chance in my opinion but its your money and your decision as to how to handle the tax issue...
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.