Tax Deed Property
Hello My Husband and I just bought our first Tax Deed Property in Florida and we wanted to know where can we find investors that are interested in purchasing Handyman special Tax Deed Property without a Quiet Title action.
We want to sell the Property a.s.a.p without any or little expenses.
[ Edited by sprosta on Date 01/10/2011 ]
Post on craigslist and see what happens...
A quiet title will solve your problem even though as part of the case you may have to serve parties that may decide to oppose your action. It will also allow you to sell with title insurance.
Currently I hold 51 Liens and have yet to redeem one, but should this year. I understand it to be a capital gain when sold and short term if under 1 year or long term if over 1 year. If rented, normal rental income, but little to nothing to depreciate, but can offset with repairs or depreciate replacing flooring, roof, etc. So, example would be sales price 60k - 1.5k taxes and transfer expenses - selling costs 3k = capital gain of 54.5k and if held over 1 year tax is 15% = $8,175. Bottom line 1.5k taxes, results in $46,325 in pocket. Short term is 10-35% tax, so many different outcomes. If held and passed to heirs, no taxes under current laws (under $5M) as it would be stepped up to current value at time of death. However, if purchased in self-directed roth ira, would have no taxes that way either!
I am not an accountant, but read up on IRS and tax rules...[ Edited by ddstew on Date 01/03/2011 ]