could be a very good day....

Avatar for aerandel
iVillage Member
Registered: 03-25-2003
could be a very good day....
2
Mon, 01-16-2006 - 10:29am

Ok everyone, cross your fingers for us! My dbf works in real estate and has been doing this for about 6 months or so. He has had a few sales but nothing really large, however today he has 2 different properties in negotiations that are rather expensive. Each one would land him about 6-7 thousand dollars which would be absolutely amazing. Even one would be great, so cross your fingers that something happens today! It could also turn out be very bad if the offers do not get accepted...And of course it's not over until the closing and even if offers are accepted it could still go down the tubes but we won't worry about that yet, first things first.

Does anyone know anytyhing about what happens if you do not pay your taxes and you owe money to taxes? Dbf had his taxes done last year by a professional but I don't think they were ever actually sent in and filed. He was told he owed around 2K and never was able to come up with the money. If even one of these properties goes though he wants to settle his tax debt from last year before filing this year's taxes. We are worried about getting slammed with tons of fees from not paying, fines, etc. This has been a big source of worry for a long time but since we had no means to pay it we just kind of let it go since nobody from the IRS was calling us or anthing...actually we haven't heard anything about it at all, just dbf knows it needs to be paid. Anyone ever have this problem? Very nervous about it...

Anyway, cross your fingers...if all goes well I may have some big snowballs to report! lol

                          

             

iVillage Member
Registered: 05-09-2005
Mon, 01-16-2006 - 11:06am
Hi,
I doubt that anything really bad will happen with the taxes unless it goes without being filed for 3 years. (At least that's what happened to us!). They can charge a penalty and for sure they will file for interest for each month that the payment of taxes is late. But your BF is not really that late. If he can file, even without paying, he'll be better off. If he has the forms for last year, he should send them in right away I think -- they'll send a bill with penalty and interest. There is probably no really easy way to avoid the penalty for late filing and the interest. The only thing that would avoid that would be if he didn't owe anything -- like if he had overpaid. Our State (Calif) is more mean about taxes than the feds -- in Calif, even if you had overpaid, they will still charge a penalty for late filing.
Good luck. He is really not in such bad shape.
Megan
iVillage Member
Registered: 12-05-2004
Mon, 01-16-2006 - 11:14am

Congrats on these two real estate deals! I hope they work out for him.

On the taxes, I would wait until you actually have the money in the bank from his commission checks, and then contact the tax professional you used, and inquire about the debt owed. They may be able to point you in the right direction to finding out what fees are owed, etc.

Crossing my fingers for some big real estate checks to come your way!

Pat :-D