Video Summary

The answer to that is you possibly might have to pay, but there’s any number of reasons why you would not have to pay. A 1099-C indicates that your Lender has forgiven a portion of the debt that you owe and that is considered income. So I get many calls concerning this and people are panicked that they are gonna have to pay a lot of income tax. However, there are, first off, you have to go to the analysis to see if you also have an offsetting loss when you sold the property. So if you purchased the property for a whole lot more than what you sold it for, you have a loss which would offset any gain. There’s also an exclusion in the Internal Revenue Code that says if you have lived in the property two and resided there two out of the past five years, then you can exempt up to $250,000.00 of gain. So there are some other exemptions. There’s also, if this is not your homestead property, if you were insolvent and can show that, you’d have to consult with your CPA, you also do not have to pay any tax on the 1099-C. So the answer is, it’s a reporting form that I would suggest you take to a Certified Public Accountant to address the situation and if you have any questions give me a call at 727-847-2288.

Video Summary

Well, the answer to that is, try and negotiate it and work it all out. However, if all else fails, you’re going to have to call a lawyer and if you call this lawyer he’ll explain to you that you can file an action called a Partition Action. A Partition is just like a partition wall and it says that you can file a lawsuit suing the co-owner and asking the court to appoint a third party, which is called a Special Magistrate. The Special Magistrate’s appointed to then sell the property for all the owners of the property and then deposit the money in the registry of the court and then the parties can then ask that it be divided. If either party has invested more, paid the taxes, or have what they call special equities, they can assert those against the purchase price and whenever the money is divided equally. The cost involving these type of proceedings usually runs in the neighborhood of $2500.00 to $3500.00. However, if they’re highly contested they can be a whole lot more than that.  The time period usually take about nine months and unfortunately it involves usually family members or prior domestic relationship between two parties that  may not have been married, but had resided together and purchased a house jointly. So if you need to get some property sold and you need a Partition Action filed, well give me a call at 727-847-2288.

Video Summary

Well this usually, involves a family member or even a friend who has worn out their welcome and are staying in your property and you let them take possession of the property. You’re not charging them any rent, and however now want them to leave the premises for whatever reason and there are any number of reasons I get these calls. The action is not an eviction action. It is called a Unlawful Detainer Action, although it is handled the same as an eviction is handled, in that you give the party who refuses to leave the premises a notice advising that they have a certain number of days to vacate and if they don’t vacate, well then you file an action called an Unlawful Detainer stating that they entered the property lawfully, however they refuse to surrender the property after you’ve made demand upon them. So if you have this type of problem and you need to have someone to get rid of an unwanted guest or a family member that’s outlived their welcome, give me a call at 727-847-2288.