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REMICs are subject to federal income taxes at the highest corporate rate for foreclosure income and must file returns through Form 1066. The foreclosure income that is taxable is the same as that for a real estate investment trust (REIT) and may include rents contingent on making a profit, rents paid by a related party, rents from property to ...
The same principle holds true for tax-deferred exchanges or real estate investments. As long as the money continues to be re-invested in other real estate, the capital gains taxes can be deferred. Unlike the aforementioned retirement accounts, rental income on real estate investments will continue to be taxed as net income is realized.
If the reaffirmation agreement involves real estate and/or a credit union, no further action will be taken. The January 2007 Reaffirmation Agreement is divided into various parts: Parts A-E - consisting of the Debtor's Disclosures, Reaffirmation Agreement, Attorney Certification, Debtor's Statement in Support of Reaffirmation, and Motion for ...
Certain real and personal property can be exempted on "Schedule C" [42] of a debtor's bankruptcy forms, and effectively be taken outside the debtor's bankruptcy estate. Bankruptcy exemptions are available only to individuals filing bankruptcy. [43] There are two alternative systems that can be used to exempt property from a bankruptcy estate ...
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Typical forms included in a form book are a model complaint, answer, motion to compel discovery, motion for summary judgment, and request for permission to appeal. Other types of forms include: Transactional forms used to draft wills, contracts, and documents [9] Procedural Forms used to draft pleadings, motions, and complaints; Real estate
For federal income tax purposes, the bankruptcy estate of an individual in a Chapter 7 or 11 case is a separate taxable entity from the debtor. [14] The bankruptcy estate of a corporation, partnership, or other collective entity, or the estate of an individual in Chapters 12 or 13, is not a separate taxable entity from the debtor. [15]
Key takeaways. To get student loans discharged, you'll need to prove that they cause you "undue hardship." Borrowers can choose between Chapter 7 and Chapter 13 bankruptcy, but they must file a ...