Posted by Brian Jasper co. Ia on March 21, 2013 at 11:55:22 from (108.178.209.250):
In Reply to: Real Estate taxes posted by Fritz Maurer on March 20, 2013 at 18:28:15:
OK, so just for the sake of discussion you sell some real property that has outstanding taxes on it. You make the deal for say $10K above the tax bill. The buyer hands you $10K, and you go your separate ways. You potentially have a capital gains issue, if the buyer doesn"t pay the taxes on the land, the taxing authority eventually has a tax lein sale on the property. That was how it was explained to me when I sold a mobile home on a piece of land in Decatur co Ia. The buyer in my case didn"t pay the taxes, never even recorded the transaction as far as I could tell. When Decatur co tracked me down and asked me to pay the taxes I said have a tax sale, I have no interest in the property anymore. I never heard anything out of them after that...
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