Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-20-2015, 02:20 PM
Junior Member
 
Join Date: Nov 2015
Posts: 2
Certificate of real estate value tax implications

I bought my parents house. Appraisal came in at 350000 which we used for the sale price. They gifted me 40000 in equity and I paid in 30000 as down payment putting the amount financed at 280000. When I received the certificate of real estate value, the down payment value was 40000. I emailed my closer to see if this was correct and without an explanation it was edited to show the down payment at 30000 and added a seller paid line showing 40000. My question is are there any advantages or disadvantages to having the certificate of real estate value written one way or the other? Have I made a mistake by questioning? Thank you



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 11-21-2015, 04:25 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,803
Quote:
Originally Posted by Extlmm View Post
I bought my parents house. Appraisal came in at 350000 which we used for the sale price. They gifted me 40000 in equity and I paid in 30000 as down payment putting the amount financed at 280000. When I received the certificate of real estate value, the down payment value was 40000. I emailed my closer to see if this was correct and without an explanation it was edited to show the down payment at 30000 and added a seller paid line showing 40000. My question is are there any advantages or disadvantages to having the certificate of real estate value written one way or the other? Have I made a mistake by questioning? Thank you
I guess you need some professional advice from a real estate agent on your issue.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Real Estate HSmiley Income 3 08-18-2013 12:10 PM
foreign real estate maju Rental Real-Estate 4 07-25-2011 07:27 AM
Is the Real Estate Withholding Tax an additional tax on sale of Oregon Real Property? TaxGuru Oregon 0 11-04-2010 12:03 PM
Real estate professional offsetting Real Este losses against spouse's W-2 income MRAMANNA Rental Real-Estate 2 03-08-2009 01:49 PM
Real Estate Commissions InTheWindyCity Miscellaneous 1 01-18-2007 12:29 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning