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Selling a rental property is more complicated than selling your personal home. If you're not using the proceeds to buy another property, it's going to cost you. The tax consequences of selling a ...
You can also take advantage of a 1031 exchange. Known as a like-kind exchange, it only works if you sell the investment property and use the proceeds to buy another similar property. If you keep ...
Taxes come into play almost any time you make money. So, if you make a profit off the sale of your property, you’ll probably run into capital gains tax.For example, if you purchased a property ...
The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. [ 1 ] On the closing day, ownership of the property is transferred from the seller to the buyer.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
An executor will make sure estate taxes are calculated, necessary forms are filed, and the corresponding payments are made. They will also assist the attorney with the estate. Additionally, the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests, whether they be sent to ...