Deed of Trust

Archive for February, 2010

Question: How would proceeds from real estate, reported on 1099S, be reported on Federal Income Tax Return?

My sister and I aquired a liability in the form of a Deed of Trust in May 2005 from a parent in ill health. In Dec. 2005, we started forclosure proceedings. Early 2006, a Quit Claim Deed (In Lieu of Foreclosure) was conveyed to myself and my sister, making us full owners. We sold property under market because of deteriorating physical condition. We split proceeds. How should these proceeds be reported on Federal Income Tax Return?

Answer: The answer to this question is something that needs to be reviewed by an accountant. Check out this blog entry on the topic... What are the tax implications of a Foreclosure? http://www.afscanhelp.com/blog/2007/4/what-tax-implications-foreclosure.cfm

The Norris Group Real Estate Headline Roundup in 2 - June 4

Question: For a revocable living trust in NY City, what are reappraisal rules, transfer taxes and other fees?

In a revocable living trust for a resident of Queens County in New York City, what are the rules for transferring a house and property into the living trust? Specifically:
1- What reappraisal rules apply for transfers of real estate to a living trust where the grantor is the trustee?
2- Will transfer taxes be imposed when a person transfers real estate to a living trust?
3- Where does the Quit Claim deed need to be recorded? Are there any fees that apply?

Answer: The lawyer who handled the will can do all of this for you and it should not cost much. There will be fees, but if you do some of the steps yourself it will cut the costs down!

Good Luck!

Learn how New York's foreclosure laws could impact your home and family

Question: I need a copy of Deed of Trust in HINDI or GUJARATI?

I am searching for the model copy of the Deed of Trust in Hindi or Gujarati. I tried to search on google and yahoo but didnt find any proper source.

Answer: I'd contact the Indian embassy. Nothing seems to be available on the web

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