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Want Out Of Sailboat Partnership
Yes, I was signing off :) Even though sometimes I feel like I have artificial or minimal intelligence!- allanb
- Post #11
- Forum: Consumer Contracts, Guarantees and Warranties
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Want Out Of Sailboat Partnership
I appreciate the advice given here. Time to move on. Thank you, Al- allanb
- Post #7
- Forum: Consumer Contracts, Guarantees and Warranties
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Want Out Of Sailboat Partnership
He doesn't want to sell the boat or his share of the partnership. Why does this not protect my money? Not trying to be argumentative, just don't understand why the below doesn't. Is it the word transfer instead of using the word sell? If either partners chooses to transfer his/her interest to...- allanb
- Post #4
- Forum: Consumer Contracts, Guarantees and Warranties
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Want Out Of Sailboat Partnership
California, I entered into an agreement with a contract on a 27 ft sailboat in California. I now want out as of 1-1-2025. The important terms regarding a partnership termination are are below: item #1 and #14. He says he doesn't owe me a dime and if I want out I get nothing. I am on Title, he...- allanb
- Thread
- Replies: 13
- Forum: Consumer Contracts, Guarantees and Warranties
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Confused About Depreciation Recapture Tax
Yeah, got that on the tax professional, I usually start on this forum because the advice helps me formulate questions for a tax professional. Right now it doesn't look really good for selling the property. May have to look at a 1031 tax exchange.- allanb
- Post #3
- Forum: Other Real Estate Law Questions
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Confused About Depreciation Recapture Tax
California, my wife inherited an office building in 2008. She had it appraised a month after her father's death, It appraised for $800,000 and had a mortgage on it for $450,000. 5 years ago she paid the mortgage off. She would like to sell it, possibly to the current Tenant. It's valued at about...- allanb
- Thread
- Replies: 6
- Forum: Other Real Estate Law Questions
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What Can The IRS Do If My Mother-In-Law Hasn't Filed A Tax Return In Over 20 Years
California, I have posted other questions on this forum in regard to my mother-in-law, and here is another one. My Mother-In-Law has not filed any tax returns in the last, at least, 20 years, the only income that she had was Social Security and some Vanguard accounts that paid her monthly. She... -
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Mom's Trust Rental Income After Her Death
Thanks for all of the advice, I am going to tell my Sister that she should talk to a tax attorney and have the final return done by a reputable person familiar with this type of situation. Just as a follow-up. What I meant by all of her affairs, I meant all of my Mom's decisions about everything... -
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Mom's Trust Rental Income After Her Death
California, Good morning. My Mom passed away on 2-18-2022 (96 years old). My sister was the Trustee of all her affairs. I was a Realtor at the time and we sold both residential real estate properties she had. One closed on 6-1-2022 and the other closed on 6-15-2022. The Trust was and still is in... -
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Question About 1031 Tax Exchange
Thank you for all your responses!! I really appreciate it, it was all good advice!- allanb
- Post #8
- Forum: Other Real Estate Law Questions
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Question About 1031 Tax Exchange
Well, page 3 of Publication 523 is referencing, I believe the capital gains exclusion of the sale of your home that you have lived in for the past 2 out of 5 years. For my Mother-in-Law that would be a $250k exclusion, the problem is that I failed to mention is the home has a basis of about...- allanb
- Post #5
- Forum: Other Real Estate Law Questions
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Question About 1031 Tax Exchange
The intent was to sell the subject property and buy another of equal value for rental purposes. However, the info that I had was that the subject property must have been rented out for at least 2 weeks or it wouldn't qualify for a 1031 tax exchange. As it had NOT been rented out for 2 weeks...- allanb
- Post #4
- Forum: Other Real Estate Law Questions
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Question About 1031 Tax Exchange
State Of California: Mother-In-Law was a hoarder. Got her out of the house and into assisted living about 5 years ago. It has taken 5 years for the trustee, my Brother-In-Law, to renovate the property, it was a disaster but he has also been negligent in his duties. The house is 90% finished and...- allanb
- Thread
- Replies: 7
- Forum: Other Real Estate Law Questions
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Federal Tax On Social Security Income
State Of California: Married currently filing jointly. I made $16,240 in Social Security Income last year, I made an additional $6,000 in Real Estate Commissions. So without calculating the figures yet, I believe my SS will not be taxed. However, my wife has various sources of income, totaling... -
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Obligations To Other Agent Offers After An Offer Has Been Accepted
Quincy, I have no idea why I put Realtor/Broker ??? It definitely wasn't the case and still isn't. Too much liability being a Broker in my opinion. I haven't had too many issues with CAR Legal. I always just take the pill and wait on hold for a Lawyer, most of the time it has been about a 5-15...- allanb
- Post #15
- Forum: Other Real Estate Law Questions
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Obligations To Other Agent Offers After An Offer Has Been Accepted
Problem resolved, after talking to my Broker & CAR Legal, they suggested I talk to his Broker, which I did, in a nice manner, told him that I hold no hard feelings against the agent but was tired of being harassed by an Agent that in my opinion was a loose cannon, didn't know the MLS rules and...- allanb
- Post #12
- Forum: Other Real Estate Law Questions
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Obligations To Other Agent Offers After An Offer Has Been Accepted
Ughh!! you got that right sir!- allanb
- Post #8
- Forum: Other Real Estate Law Questions
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Obligations To Other Agent Offers After An Offer Has Been Accepted
If I had posted that I was a Broker, it was not intentional as I am not a Broker??? All good advice, thank you, the reason I sometimes post here is that I often get advice that leads me in directions that I didn't think about before I go to an Attorney.- allanb
- Post #7
- Forum: Other Real Estate Law Questions
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Obligations To Other Agent Offers After An Offer Has Been Accepted
What is the name of your state? What is the name of your state? California. I am a Realtor, I inherited a property with my Sister (trustee) in California from my Moms Living Trust when she passed. I am the listing Agent. We received an offer & we fully executed it outright on May 7th, 2022 I...- allanb
- Thread
- Replies: 15
- Forum: Other Real Estate Law Questions
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