Quote:
Originally Posted by look 171
What happens to all those depress / destroy properties people buy at a fraction of market value and fixes them for profit, rent, or live in themselves. The IRS or who ever can get at them for back taxes?
BTY, thanks for the quick answers.
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It's sort of double (income) taxed. Bank might issue a 1099 to the prior owner for a forgiven/renegotiated dept, and new owner has a low basis, so will pay more if sold for a profit.
Property taxes almost always get paid eventually.