Comments on: I have unpaid property taxes since 2005 and im about to give back the property. who pays the taxes? http://pixseo.com/blog/i-have-unpaid-property-taxes-since-2005-and-im-about-to-give-back-the-property-who-pays-the-taxes/ SEO dedicated for realtors to generate a storm of inquiries Fri, 03 Sep 2010 11:01:21 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: DeeDee http://pixseo.com/blog/i-have-unpaid-property-taxes-since-2005-and-im-about-to-give-back-the-property-who-pays-the-taxes/comment-page-1/#comment-396 DeeDee Wed, 23 Dec 2009 17:28:19 +0000 http://pixseo.com/blog/i-have-unpaid-property-taxes-since-2005-and-im-about-to-give-back-the-property-who-pays-the-taxes/#comment-396 first two answers are correct; however, if your state has personal property tax along with property tax, unpaid amounts will follow the person too and affix against any other real property you own or purchase. first two answers are correct; however, if your state has personal property tax along with property tax, unpaid amounts will follow the person too and affix against any other real property you own or purchase.

]]> By: wartz http://pixseo.com/blog/i-have-unpaid-property-taxes-since-2005-and-im-about-to-give-back-the-property-who-pays-the-taxes/comment-page-1/#comment-395 wartz Mon, 21 Dec 2009 06:41:33 +0000 http://pixseo.com/blog/i-have-unpaid-property-taxes-since-2005-and-im-about-to-give-back-the-property-who-pays-the-taxes/#comment-395 The property tax follows the property not the owner so it will become the bank's problem. The property tax follows the property not the owner so it will become the bank’s problem.

]]> By: ninasgramma http://pixseo.com/blog/i-have-unpaid-property-taxes-since-2005-and-im-about-to-give-back-the-property-who-pays-the-taxes/comment-page-1/#comment-394 ninasgramma Fri, 18 Dec 2009 22:37:28 +0000 http://pixseo.com/blog/i-have-unpaid-property-taxes-since-2005-and-im-about-to-give-back-the-property-who-pays-the-taxes/#comment-394 Once the banks accepts the property in lieu of foreclosure, the property is no longer yours and you would not pay the back taxes. The proceeds of the sale of the house would be used to pay back the debt on the house, including back taxes. If the sale of the house does not cover the debt, you may receive a 1099C from your bank for cancellation of debt in the amount of the shortfall. This will be included in your taxable income for the year of cancellation, unless an exception applies. The cancellation of debt will adversely affect your credit rating. The information will stay on your credit report generally seven years. Once the banks accepts the property in lieu of foreclosure, the property is no longer yours and you would not pay the back taxes. The proceeds of the sale of the house would be used to pay back the debt on the house, including back taxes.

If the sale of the house does not cover the debt, you may receive a 1099C from your bank for cancellation of debt in the amount of the shortfall. This will be included in your taxable income for the year of cancellation, unless an exception applies.

The cancellation of debt will adversely affect your credit rating. The information will stay on your credit report generally seven years.

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