I am a Canadian residing in the US planning to sell my real state property in the Philippines.
I currently operate as a sole proprietorship in the state of Minnesota. I’m filing with the state to become an LLC. Do I need to pay sales tax on the property that I sell from myself (sole proprietorship) to the LLC?
Reading the rules it seems you get half the value of the property if you sell it to the bank but you have no title. If you mortgage, you get the same amount, but still have the title. You could then sell the property to another player or unmortgage the property at some later point. Selling to the bank seems like a pointless option. Am I missing something?
LOOKING FOR PEOPLE WHO HAVE CREATED A REALESTAE LOAN FOR THERE PROPERTY
I would like to sell the main house and live in the coach house. Can I form an association between myself and the potential new owner without subdividing the property? It may be impossible to subdivide. thanks
My mother sold me a piece of property in FL last November for $1.00. She bought the property back in the mid 70′s for about $7K and at last assessment the property could be sold for about $55K. I want to sell it in November (a year after she “sold” it to me). I am a school teacher in CA. I have no idea how to figure capital gains on something like this and was wondering if anyone could help me, or point me in a direction for help. Anyone have a ballpark figure on what the CG might be?
5 acres, has a current home on it, outstanding 700k, value 430k. Can we sell 1.5 acres of it without having to give the profit to the mortgage company or a bank?