If this is joint account with your father, all income earned (such as interest) from the joint account will be shared equally between the account holder. For example, if you earn $1000 interest, then both of you need to report interest income $500 each on your return.
If your father only has access to the account but not account holder, then you don't have to worry about tax implication.
In the purchase agreement the buyer promised a closing date. You will receive the money that day if you want a wire. Otherwise they will overnight you a check to be received the next day.
Read your purchase agreement to see what date they promised to close.
You will get it when they close. Since there is no loan involved, it should be whenever you can set up an appointment.
Ask your realtor. ))) It depends on too many unknown things )))
The buyer will be signing a sales contract, that calls for a closing date, and any contingencies.
Ask you realtor when you will have a signed sales contract from the buyer. Normally, closing dates are discussed before the contract is drawn up, so it sounds like you have a poor realtor.
these arrangements are controlled by local law where the house is and your contract [mortgage] with the bank.
some banks and localities do not permit these deals, so people who do them anyway keep it quietly under wraps.
others are ok with it and won't interfere as long as you don't damage their interests.
my guess is that taxes and insurance are being handled now via escrow with the bank, this will continue.
as to who pays 'em, if your intent is to create an equitable interest in the property for the buyer, he pays you for them and it is added to his P&I just like it is for you.
you need to check your local laws for sure though ... i've heard rumors that some places banned either or both wraps and L/Cs -- despite that L/Cs have been around since forever.
google is your friend. findlaw.com might work too.
GL
I would chalk this up as "Probably not". To get that couple of feet, it will cost a few grand to have the property surveyed, recorded and deeded, and that's not including the cost to pay the bank for the land.
The reason the bank will say no is simple: Until the recordation is complete, they're stuck with the house they're trying to sell, because they need the clear deed from the courthouse, and it takes time for things to get recorded fully. Wait for the new owner, and go from there
No the banks will not sell that off. It will take an application to the city to redo the property lines and a deal with the new owners. Call you city building department or assessors office to see what would need to be done - and it won't be cheap.
City Hall is you answer, not that bank, you city would have to first of all let you know if it could be rezoned then you need to speak to the other parties.
they may negoiate with you on this but it will require a purchase slaes agreement and a new survey and still the city or county must approve it
I doubt you could actually purchase that strip of land. Maybe you could work out something with the new owners. If you lived next to me and the couple of feet didn't affect what I wanted to do with the property, I would probably work out some kind of lease with you for some token amount of money each month to cover the encroachment.
You’d have to have to pay for a land survey and both owners would have to agree to change the property lines. I can see how this helps you, but you’d have to show the other party what they’d gain to make this happen.
*I am paying $800/month in a southern city of WV w/a population of 60,000. The house I have been in love w/is listed @ $60k.
"Motivated sellers" could cover a lot of things.
You have to ask questions to determine their motivations.
Their motivation could be genuine, or it could be a tease by the real estate broker to make it seem so.
They might be more flexible on pricing, and eager to drop the price if an offer is 'clean' with few contigencies. Or they might want a fast escrow time frame. They might have already purchased another property and need to sell this one fast, to avoid paying a bridge loan on two properties. You and your agent have to ask questions to understand the seller's real motivations.
You should be pre-approved with your loan committed by a lender of some kind, unless you have the $60K cash or private funds. If not, then it's possible that the seller will be willing to finance you - but only if they don't need a cash sale.
One idea is to consider a lease-purchase option, where you agree to a 1 year lease on the property. You & the seller agree to a purchase price now for a sale to you in 12 months' time. You make monthly rental payments to the seller, with a substantial amount (50-80%) of your rent going towards a down-payment. The seller gets a motivated buyer, and locks-in a price today for a sale in 2007. See a tax adviser or lawyer for help.
US citizens and US residents are requried to report worldwide income on their tax returns, so you need to report the sale.
If you put the money in a non-US bank account and then transfer it to the US, you must also file a form TD F 90-22.1 to document the account.
Just like most states here want their cut if you have a capital gain for property in their state, each country in europe likely does the same for property in their country. That depends how much more the property is worth when you sell it than when you bought it (factoring in any allowable expenses). Recording the deed would alert them to the transfer.
The good news is we have tax treaties with many countries, so tax paid to the foreign country would be deducted as foreign tax credit from any US capital gains tax you would otherwise owe.
Note that you may need to file something with both that other country and the US if it is a wash or a loss to account for cost basis, or it may look to somebody like 100% profit.
Palestinians should just accept that they are now Israeli. Israeli's should accept them as their own.
Look up Greater Israel. People should at least know what it is they are supporting when they blather on about peace in the Middle East.
Israel is a Zionist State and has no intentions at all of accepting non jews as full citizens.
Only American Idiots believe that Zionists will be controlled, and that is only so because the USA needs an excuse to be in the Middle East, and can only justify it to themselves by supporting the Israeli invasion occupation and genocide in palestine.
No; they shouldn't.
Israel should not be stupid enough to divide land for peace. Just ask the Indians if this is a good idea.
It's all according to God's Devinne plan and is exactly what the Bible says is going to happen.....Praise God!!!
at least there spirit isn't dead......... they will keep fighting.......
WOW! This has all happened already? I took a sabbatical from all news for a while and now I hear this. Praise be to God!
Nobody is welcome except those that profess orthodox Judaism. This is a rejection of the Lord God Jesus Christ.
There is no freedom of religion in Israel.
Walls are the only sure way to cut down on the amount of humans killing each other. Iraq will probably soon be rampant with walls.
Don't forget that far worse things are going on in places like Iraq and Darfur.
Its a pity about the walls, but they do seem to have reduced the suicide bombings a lot.
It would be wonderful if they could all settle down together and live peacefully - but is that a realistic expectation?
If they give lots of land for peace, it may be the old camel-in-the-tent scenario:
Camel wants a foot inside tent, its so reasonable.
Camel wants a leg.
Surely it makes sense to have both legs in tent?
Shouldnt we both be in there?
-kick-
ouch, bbrrr, its cold out here
Who are the Palestinians anyway? The descendants of semantic people who moved into the area during the time of the Ottoman Empire? How do they differ in any way from Syrians. Jordanians or Saudis? If an Egyptian girl and a Palestinian girl were standing naked in front of you could tell which nationality they were? Why can't they assimilate into those countries. I can understand objecting to being thrown out of your home but why can't they settle as individuals in other countries and save up to buy homes in their old towns as just a person or family?
