Asked by Joe Klowski, 48706 • Thu Feb 19, 2009
I am about to close on some property that I inherited from my father. My probate lawyer didn't do a title search before the property went into my name and it turns out there were several judgement leins against it from a previous lawyer. I found a buyer and when the title company did a title search these leins came up. I worked out deals with the leinholders to be paid off at the closing. The sale aount is $30,000 after the liens title company and back taxes are paid I'll be getting about $7000 to $8000. My question is this...
Next year am I paying income to the IRS for $7000 (Which is the actual income I'd be getting) or $30000? Mind you, those original liens didn't belong to me.
Real Estate in Bay City
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