We sold and financed home to son and now he can’t pay for it
15 months ago my husband and I sold our primary residence to our son and we purchased a new home. We financed the property to and we recorded a contract for deed. We claimed capital gains on our 2006 tax return. Now son can’t pay for the house and is giving it back to us. How do we record the return of the property and how does this effect our capital gains. We still have an outstanding mortgage on the property as well. Now our plan is to try to sell the property or lease it. What is the best way to record the return of the property? How do we figure the basis for capital gains purposes when we sell it?
Tag Archives: Colorado
general power of attorney Is there any form in Colorado for revocations of the…
general power of attorney
Is there any form in Colorado for revocations of the general power of attorney, is a copy of a general power of attorney a valid document?
Power of Attorney I have a General Power of Attorney form from a Publishing Co.
Power of Attorney
I have a General Power of Attorney form from a Publishing Co. that is brief and general. However, I will be using this Power of Attorney in order for my father to act on my behalf in my native country (where he still resides). Will this Power of Attorney be effective in any country/anywhere? Should I specifically designate a Power of Attorney for the U.S. and one for my native country, or is that even possible?
Finally,
There is a section on the back of the form which addresses Colorado revised Statute 15-14-502. This is where the ”undersigned” (which I assume would be my father) affirms that he had no knowledge of the ”revocation or termination of the Power of Attorney by death, etc…” Obviously, my father cannot sign this as he is not here. Will this pose any problems?
Please be as specific as possible with your reply.
Thank you very much for you time!
Duration of Power of Attorney How long is a General Power of Attorney valid in…
Duration of Power of Attorney
How long is a General Power of Attorney valid in the State of Colorado. I was told that one filed six years ago is ”too old”. Isn’t it valid until a revocation is filed?
Power of Attoney – with medical POA I would like to obtain an on-line Power of…
Power of Attoney – with medical POA
I would like to obtain an on-line Power of Attoney form. I want to know if a ”General Power of Attorney” form will
allow me to deal with financial situations – signing
pension checks as well as making medical decisions.
Do I need two separate forms? My mother is not well and
I need to know if I can sign for her or if it needs to be
notorized in the state of Colorado. Can you advise me on the correct form that would take care of both financial and medical POA.