down payment receipt Understand The Background Of Down Payment Receipt Now
Q: Thirty years ago, we bought a abode that we lived in until 2-1/2 years ago, aback we bought addition abode and moved. Our neighbor’s son and wife basal the abode but didn’t acquire the money for a bottomward payment, so we active it to them for 18 months until they could save abundant for a bottomward payment. Then we awash it to them on acreage contract. Now our tax man says we acquire to pay basal assets on the abode aback we active it out.
If that is the case, can’t we address off all the improvements we put into the house? Unfortunately we don’t acquire the receipts activity aback 30 years. But there was siding, boiler and air conditioning, two accumulator sheds, concrete, rewiring the house, and the account goes on.
A: You can abstract any home improvements that you can prove. You don’t necessarily charge receipts; photos, contracts, statements from contractors, or affidavits from neighbors, may be abundant to argue the IRS that you absolutely did work.
Remember the archetypal song “Give my commendations to Broadway”? That was accounting by George M. Cohan. George was too active autograph songs, and aback he was audited by the IRS, they disallowed abounding of his deductions (for business biking and entertainment) because he did not acquire any receipts.
George appealed and the cloister accustomed what is now referred to as the Cohan rule. Oversimplified, the IRS charge acquire your estimates if they are reasonable and credible. You may not get all of your deductions but you may be able to deliver some of them.
Q: I acquire been a homeowner for 10 years. We filed defalcation in 2013 and kept our house. We are in a homeowners association, and now they are charging us a antic bulk of assessments and interest. I appetite to get aback on my payment, but the affiliation wants $8,600. I offered $860 as a bottomward acquittal and $250 per month.
My affiliation fee is $98, but they appetite $545 for 24 months, which is over $13,000. I don’t apperceive what to do at this point. I acquire two kids in academy and this big monkey on my aback is growing. I’m accepted with my mortgage and my bills, but $8,600 bucks is a lot. What should I do?
A: Over the years that I acquire accomplished law — and acquire dealt with affiliation associations — I acquire consistently preached that a lath of admiral has to be absolutely boxy but with a heart. Unfortunately, not all lath associates acquire followed my advice.
First, you adumbrated you were in bankruptcy. Acquire you anxiously advised the bulk the homeowner affiliation is claiming? I am not a defalcation attorney, but it may be that some of the debt claimed by the affiliation may acquire been wiped out aback you filed for defalcation relief. I would anon allocution with the advocate who represented you in that proceeding.
I do know, however, that already a being files for defalcation relief, although pre-filing debt may be erased, post-filing obligations are not. In added words, the affiliation had the appropriate to aggregate the assessments from you afterwards the time you filed for bankruptcy.
Have you talked with the absolute lath of directors? If not, amuse appeal that appropriate — and the affair should be in controlling affair — in added words, captivated in clandestine to assure your privacy.
You owe the money, but the lath should be accommodating to assignment with you. If not, you may aloof acquire to sell.
I ambition I could accommodate a bigger answer, but the affiliation does charge to aggregate all outstanding obligations. In abounding states, the law will not alter a accommodation by the lath in best instances. This is a abstraction alleged the business acumen rule. The courts in best states acquire declared that unless the lath is accomplishing article illegal, or absolutely unethical, “we will not annul a accommodation of a lath of directors, alike if that accommodation was wrong.”
Rate checker. Readers who are planning to buy or refinance a home can acquisition a advantageous apparatus on the Consumer Financial Aegis Bureau’s website at consumerfinance.gov. It is alleged a bulk checker. You ample in some basal advice — such as acclaim account range, accompaniment area acreage is located, and projected accommodation bulk — and you will acquisition the ambit of absorption ante accessible in your state.
In fact, there is a lot of admired advice for all consumers on the website, including such capacity as advantageous for college, aegis adjoin acclaim bigotry or aloof agitation advantageous your bills.
Benny L. Kass is a practicing advocate in Washington and Maryland. No acknowledged accord is created by this column; email@example.com.
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