State & Fed. Tax On Sale Of Property
If seller has no records on original purchase of property can the state or fed gov have this information going back 20 years or more?
If seller has no records on original purchase of property can the state or fed gov have this information going back 20 years or more?
If his basis is declared as $0.00 (Nada, Zip, Zilch) I bet he comes up with some sort of proof of value when acquired, when he attempts to sell it!
20 years is not that long ago, if the town has no record of the property( improvement on land) they do have a record of the land. If there is a stracture and the town has no record of it then they did what they did without permits. If you are looking to buy this property I would go to the Town to have them evaluate it. There is also a possibility the Town may ask to clear all, especially if not to code. Has the owner been paying property tax? Go to the Town if interested to purchase so you know where you stand.
Based on figures provided, a deal, a couple of variable come to mind. What are the market conditions in the area for rentals and overall economics in this part of the world? In addition, I see vacancy concessions, are vacant units ready to rent or does any work need be done? Those four acres are a plus/will zoning allow for you to build more units? What is the GRM in the area?