We have investment property as a partnership. The building is situated along a river with a bank roughly 50 feet high. Hurricane Irma caused significant damage to the land and requires $250,000 of dirt to be certain the building doesn't fall into the river.
They will register the truck in their name with the Florida DMV and the truck will use their plates and stickers. The title of the truck will be in Lone Mountains name with their bank as lien holder. I will have power of attorney until the truck is paid off in 5 years. The problem is that Lone... Read more »
Unfortunately there are many variables here. The general rule is that if the vehicle will not be operated in Florida, they should not have to add sales tax. Call me for a free evaluation www.lawyercpa.com.
The revocable trust is in my and my spouse's name which the current deed is in our name also. We do carry a mortgage on the property and was told by county clerk that we may have to pay the tax when we file the quit claim deed. But have also heard that me may not have to. Not sure I want to... Read more »
In most cases if you lived in the property 2 of the last 5 years you exclude between 250K - 500K of gains regardless of what you do with the money. If you want to postpone capital gain you can do a 1031 exchange. www.lawyercpa.com.
He owns a business but didn’t put in his name. He owns vehicles but tells the court he doesn’t to either question when asked. How can he get away with owing over 60,000 in support. Can a civil suit be filed?
My wife and I are in the 15 percent tax bracket. We made a good investment in 10 acres of land near The Villages, FL. We bought it in 2006 for $170,000 and am in the process of selling it for $2.5 million. Since we are presently in the 15% tax bracket, do we have to pay Capital Gains Tax on our... Read more »
We live in Florida. We filed for bankruptcy in Florida in 2014 and had an empty building lot in Georgia. The debt for that mortgage was discharged but the property was never reclaimed by the bank and we still receive tax bills for the land. We have not paid the tax bills. We now want to buy... Read more »
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