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The business seller's responsibility is to pay off all of the liabilities at closing.
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∙ 14y ago
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Where do I go to find out what houses in my town are for sale for the back taxes owed?
Where do I go to find out what houses in my town are for sale for the back taxes owed?
Is the buyer of a foreclosure home responsible for any back taxes still owed?
As a technical legal rule, the answer is that the buyer of a foreclosure home is not personally liable for back taxes that remain owed. However, the back taxes may well still serve as a lien on the property that can be foreclosed by the taxing authority. In other words, the government cannot make you pay the taxes, but they can take the property from you if the taxes are not paid. As a result, the real world answer is that the buyer of a foreclosed home is responsible for any back taxes still owed. Before you purchase foreclosed property, it is always a good idea to check the tax records to see if any back taxes are still owed. If they are, plan on paying them off as soon as possible. Unfortunately the new owner will still be responsible for the taxes. My friend got what she thought was a great deal on a split level until she got a bill for six thousand dollars back taxes. She was unable to pay so she lost the house.
How many years can MD state go back to get unpaid sales and use taxes?
how many years can the state of maryland collect owed unpaid sales and use taxes from a business
Can the executor of estate be held liable for taxes owed if estate is solvent?
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
Who pays an inheritance tax?
Inheritance Tax is paid by the deceased individual's estate. To the degree that an estate's assets are reduced by the payment of inheritance taxes it can be said that heirs "pay" the tax but they are not liable for payment of the tax. An executor/executrix is responsible for determining if taxes are owed, for filing the appropriate tax returns and for making the necessary tax payments. An executor/executix is personally liable should taxes that are owed fail to be paid.
If you owe taxes do you still get a rebate?
No. If you owe back taxes, the government will automatically take out what you owed last year from what you get refunded this year.
What happens to my owed back taxes when I retire?
You still owe them. In the US, the IRS has 10 years to collect taxes.
Can IRS garnish child support received if back taxes are owed?
yes
Can IRS levy IRA of deceased individual for back taxes owed?
NO! NO! NO! YES! NO!
where can I get help with back property taxes owed.?
help paying property in ar
How do people working for the IRS know if one has back taxes owed?
People that work for the IRS have a wide variety of financial and tax information available to them, so it's easy for them to know if a person has back taxes owed.
If you have small business expenses but no income will you get a tax return?
You can get a tax refund (I think that's what you meant) if you paid more taxes in than you owed. So, if you had no income, you would owe no taxes and should get anything back you paid in. Of course, if you had no income, how did you pay taxes?
