QUESTION
What can I use as my cost basis for the IRS, when I sell the property again?
Asked on Jan 21st, 2014 on Taxation - Michigan
More details to this question:
I am the Mortgagee, I have agreed to take a "deed in lieu" from the borrower, pay all back taxes, and recording stamps. The mortgage amount owed to me when I accepted the deed in lieu was $710K.
2 ANSWERS
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
See an attorney or accountant, basis can be a tricky question.
Answered on Jan 24th, 2014 at 7:42 AM
From the information you provided, it looks like your tax basis is $710K plus the back taxes and transfer taxes you've paid.
Answered on Jan 24th, 2014 at 7:16 AM