Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: Donna405 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Need All Experts - Part II Date: 5/28/2013 9:47 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
OK, here we go. Thanks for spotting the incorrect year. I received the house back in February 2012.

I sold the house in 2007, taking back a mortgage (SP $82K, Mtg $77K, the new owners were to have replaced the roof, but did not). They stopped paying the mortgage in May, 2011, except for a partial payment in June of that year. In November, 2011, I hired an attorney and we were able to obtain a Deed in Lieu of Foreclosure (had a title check first), rather than institute foreclosure proceedings, which is a very expensive venture in the State of FL. The Deed in Lieu was recorded in February, 2012.

The basis as of February 24, 2012, is $48,838.00 (house lost 1/2 value) in the interim years. The real estate company appraised the house in January, 2013 for $60K.

I was planning to continue to rent the house; however, she never came through except for the $200.00. Then when I went down there in November, 2012, I was still planning to rent out the house. It was not until January, 2013, that I changed my mind and decided to place it on the market. The house was a great rental house from 1996 until 2007, and still is. In fact, the new owner will be renting it out (good neighborhood, 1 block from top high school in the county). My contractor is now separating the rehab costs by year. The roof was replaced in 2012.

What to do?

Thank you all so much for your help. I prepare my taxes using Tax Act, and this year (for the year 2012) will be a you know what.

Donna
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement