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Tractor Talk Discussion Forum

Re: Real Estate taxes

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03-21-2013 06:19:18

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I agree with what John T posted below about the taxes being paid as part of the process of transfering a clear title - similar to selling a house that has a mortage on it - the mortgage holder gets paid before (or at the same time as) the seller.

The trust's gain on the property has nothing to do with how the funds are distributed from the sale. If the sales price is more than your basis you owe capital gains taxes.

If I buy a land for $100,000 and then borrow another $50,000 against it and later sell it for $140,000 I owe capital gains on the $40,000. The fact that I have am $10,000 short in paying off the loans means nothing.

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03-21-2013 06:27:34

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 Re: Real Estate taxes in reply to dhermesc, 03-21-2013 06:19:18  
Rereading your post I am assuming that the delinquent taxes that the trust is paying will also be on property that is not being sold?

If that is the case it still doesn't matter how the proceeds from the sale are paid. If the sales price is more than the basis you owe capital gains. The fact that the money went directly from the buyer to creditors instead of from the buyer to the seller then to the creditors doesn't matter. The only way you beat the capital gains is through a like kind exchange.

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