04. November 2013 · Comments Off · Categories: Tax News · Tags: , ,

SHORT SALE TAX

Half-cent research sales tax would hurt Jackson County, fall short on cures

However, no matter how strong my support for UMKC, there is an overriding obligation to share with the people of Jackson County the truth on this particular sales tax — this tax is detrimental to the county and negatively affects the cause for finding …
Read more on Kansas City Star

What more do you owe to your bank worth more than your house is? You are not alone. Are, in fact, sell falling prices and the need to push many into foreclosure, with banks taking over the properties. If you have this hard situation they face, you can use the idea of a “short sale approached.” A short sale involves negotiating with your bank to reduce the amount owed prior to completing the sale.

- Tax Problem

Before you take this possibility into account, you must be sure that you do not openup to a tax trap. One problem is that achieving a reduction in your debt than income, that is all by itself. You often have to report as a separate transaction and will be a 1099-C form, you will remember this.

The “C” refers to “cancellation”. If you meet certain exemptions, such as debt relief is treated as ordinary taxable income.

- Tax Problem

One exception, which allows you to avoid a tax hit, which comes from a short sale into play whenYou are “insolvent” or in bankruptcy at the time of the sale. The IRS defines insolvency as being the sum of liabilities, total assets after the debt paid.

Another exception is a more technical nature. It depends on whether the claim will not be stopped “recourse”. Nonrecourse debt in California generally refers to debt used to buy your house. Once part of these debts are not canceled will result in the tax problem. On the other hand, if you refinance andborrow funds against your house, which will be used for other purposes, could change in the nature of guilt, so that there will be recourse debt.

It’s pretty rare that a lender trying this claim by finding enforced after the other assets of the debtor to, especially if it is a short sale. However, debt cancellation of recourse indebtedness may result in taxable income.

A short sale transaction can engage with you to exclude a gain from the sale of your residence. Like otherYou have refinanced your home over the years, with the debt on a car or other personal expenses. The resulting debt may, as a result, much of the basis used to make a profit to be calculated. When going through foreclosure generally means that you sell the house for the total owed against the property. This could result in a capital gain, even if you do not have funds. If your property at home and lived there for two of the last five years, you should be able to exclude such aa taxable income of up to $ 250,000 for singles and $ 500,000 for married couples.

In contrast, when there is a short sale, that cancellation of recourse indebtedness relates, the notice addressed separately as part of the transaction and usually not for profit on the sale of a home, exclusions related to qualify. To make matters in question, where is a second trust deed, since these loans in the secondary rule, without that, as part of the sale extinguished.

http://www.taxproblem.pannipa.com/2009/11/07/income-tax-problems-relating-to-short-sales/

SHORT SALE TAX

Tampa, Florida (PRWEB) November 01, 2014

Kopernik Global Investors, LLC (Kopernik), today announced the launch and availability of its flagship mutual fund, the Kopernik Global All-Cap Fund (Fund)(Class A: KGGAX; Class I: KGGIX). The Fund focuses primarily on global equities across all market capitalizations and is managed by David B. Iben, CFA, who has been recognized by nationally known publications such as Bloomberg Markets and won several awards by nationally known rating agencies such as Lipper over his 32 year career. The Fund is available on November 1 on several platforms including Merrill Lynch, where the I-share is available on Merrill Lynchs discretionary and non-discretionary platforms.

The Funds investment objective is to provide long-term capital appreciation. Kopernik views itself as business owners and appraises those businesses by employing rigorous, bottom up, fundamental research. Value is considered a prerequisite and sustainability of value is paramount. As such, Koperniks bottom up models emphasize risk, key drivers, industry supply demand fundamentals, geopolitical factors and independent, unconventional thought.

Philosophically, we believe that the markets are not always efficient, thus presenting opportunities for us to generate substantial value to the investment portfolios, said Iben. We believe that larger opportunity sets optimize our ability to find mispriced securities. Therefore, our Fund is structured to take advantage of prospects across most geographies, market caps, and security types. We are pleased to launch the Fund at a time when undisciplined fiscal and monetary policy has led to an unusually bifurcated marketplace. We believe that this bodes well for active management.

About the Portfolio Manager, David B. Iben, CFA

David Iben, CFA, is Founder, Managing Member, Chief Investment Officer and Lead Portfolio Manager of Kopernik Global Investors, LLC. Prior to founding Kopernik, David managed the $ 2.7 billion Global Value Long-Short equity portfolio at Vinik Asset Management, where he was a director and head of the Global Value team from July 2014 through March 2014. Before Vinik, David was Co-Founder, Chief Investment Officer, Co-President and Lead Portfolio Manager of Tradewinds Global Investors, LLC, a $ 38 billion (at February 2014) investment firm. He directly managed more than $ 20 billion in global value investment funds and separately managed account assets at the time of his departure in June 2014. As the Co-Founder and CIO of Tradewinds Global Investors, he has been recognized by nationally known publications from Bloomberg and won several awards by nationally known rating agencies such as Lipper. In addition, over his 32 year career David oversaw portfolio and research functions for firms including Nuveen NWQ, Palladian Capital, Cramblit & Carney, and Farmers Group.

About Kopernik Global Investors, LLC

Kopernik Global Investors, LLC, a registered investment adviser under the Investment Advisers Act of 1940, was launched by David Iben on July 1, 2014. Kopernik provides investment management services for investment funds, institutions and separate accounts. Kopernik is a client-centric, 100% employee-owned firm. Many employees are invested in Koperniks strategies alongside other investors. For more information about the Fund, please visit the Kopernik Funds website at http://www.kopernikglobal.com, call 1-855-887-4KGI (4544) or email funds(at)kopernikglobal.com.

To determine if this Fund is an appropriate investment for you, carefully consider the Funds investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Funds prospectus, which may be obtained by contacting your investment professional or calling Kopernik Funds at 1-855-887-4KGI (4544). Read the prospectus carefully before investing or sending money. Check with your investment professional to determine if the Fund is available for sale within their firm. Not all funds are available for sale at all firms.

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Portfolio will achieve its stated objectives. Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the funds prospectus. Investments in foreign securities may underperform and may be more volatile than comparable U.S. securities because of the risks involving foreign economies and markets, foreign political systems, foreign regulatory standards, foreign currencies and taxes. Investments in foreign and emerging markets present additional risks, such as increased volatility and lower trading volume.

For more information on the Kopernik Global All-Cap Fund please call our toll free number at 1-855-887-4KGI (4544) or email funds(at)kopernikglobal(dot)com. The Kopernik Global All-Cap Fund is distributed by SEI Investments Distribution Co., which is not affiliated with Kopernik Global Investors, LLC.

Contact

Kassim Gaffar

Principal, Head of Distribution and Client Service

Kopernik Global Investors, LLC

813-314-6128

http://www.kopernikglobal.com







I’m trying to write a short paper on sales tax differences across states, and the reasoning behind it; but, I am having great difficulty finding per capita data on sales tax collected per state, and sales tax % per state. I have checked the Statistical Abstract of the US, and the IRS websites; yet, I can’t seem to find the information there even though I feel it should be there. Can anyone assist? Thanks in advance.

Answer by ckngbbbls
Have you considered getting in touch with the state tax department of each state? IRS deals with FEDERAL taxes, not state taxes which is probably why you had not luck with the IRS.

http://www.taxadmin.org/fta/rate/tax_stru.html

this link has TONS of information on each states taxes.
I just googled state tax information by state.

What more do you owe to your bank worth more than your house is? You are not alone. Are, in fact, sell falling prices and the need to push many into foreclosure, with banks taking over the properties. If you have this hard situation they face, you can use the idea of a “short sale approached.” A short sale involves negotiating with your bank to reduce the amount owed prior to completing the sale.

- Tax Problem

Before you take this possibility into account, you must be sure that you do not openup to a tax trap. One problem is that achieving a reduction in your debt than income, that is all by itself. You often have to report as a separate transaction and will be a 1099-C form, you will remember this.

The “C” refers to “cancellation”. If you meet certain exemptions, such as debt relief is treated as ordinary taxable income.

- Tax Problem

One exception, which allows you to avoid a tax hit, which comes from a short sale into play whenYou are “insolvent” or in bankruptcy at the time of the sale. The IRS defines insolvency as being the sum of liabilities, total assets after the debt paid.

Another exception is a more technical nature. It depends on whether the claim will not be stopped “recourse”. Nonrecourse debt in California generally refers to debt used to buy your house. Once part of these debts are not canceled will result in the tax problem. On the other hand, if you refinance andborrow funds against your house, which will be used for other purposes, could change in the nature of guilt, so that there will be recourse debt.

It’s pretty rare that a lender trying this claim by finding enforced after the other assets of the debtor to, especially if it is a short sale. However, debt cancellation of recourse indebtedness may result in taxable income.

A short sale transaction can engage with you to exclude a gain from the sale of your residence. Like otherYou have refinanced your home over the years, with the debt on a car or other personal expenses. The resulting debt may, as a result, much of the basis used to make a profit to be calculated. When going through foreclosure generally means that you sell the house for the total owed against the property. This could result in a capital gain, even if you do not have funds. If your property at home and lived there for two of the last five years, you should be able to exclude such aa taxable income of up to $ 250,000 for singles and $ 500,000 for married couples.

In contrast, when there is a short sale, that cancellation of recourse indebtedness relates, the notice addressed separately as part of the transaction and usually not for profit on the sale of a home, exclusions related to qualify. To make matters in question, where is a second trust deed, since these loans in the secondary rule, without that, as part of the sale extinguished.

http://www.taxproblem.pannipa.com/2009/11/07/income-tax-problems-relating-to-short-sales/

Short sales are the gross revenues business deal in which seller’s loaner agrees the conditional conveyance of property as security for the repayment of a loan to accept a final payment of a debt to a lesser extent than the balance owing on the loan. It happens whenever the economic value of possessed property is more than a house. This condition usually occurs when the prices of home in a particular area decreasing quickly.

For most of the householders, this kind of sale is an ultimate approach to get rid off from the legal proceeding or insolvent. To proceed with this sale, first of all find out the current value of your house. For this you can consult a certified and expert real estate agent who will make you aware about the some important facts like current value, probable selling price based on similar home in that location.

Be cautions while procuring information via internet as they might be not updated regularly. After that, do not disregard to acknowledge about your final monetary value. The skilled real estate agents will bear in mind the fixed charge including entitle account, assessment, written agreement, land tax, and commission of the agents to figure out the approximate concluding monetary value upon ending.

Albeit, all short sales in real estate business doesn’t proved to be a pleasurable business deal. Whenever the loaners have a full consent in short sale, it shows the loaner is ready to accept the property whose economic value is less than the total amount owed. Not all properties fall under these deals. Moreover not all the loaners will agree to accept these deals or economical redeems. Before having a short sales there are few points that should be kept in mind just to avoid some complications:

• Receive some legal advice from expertise and certified real estate lawyer.

• Consult a comptroller auditor to confer all the taxations incorporated with short selling

Most of the short sales are legal but scurrilous sale agreements are not legal. Some of the customers who are seeking home short sales without gaining much information about the short selling can’t work properly which will cost them either in time or money or both. The more knowledgeable you are the transaction will become easier for you and you will be able to generate the good impression on the loaner.

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