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Buying or Selling a Home/Taxation- Re: Lease/Purchase

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Question
"I own a home that is paid in full. I have been offered a sales agreement where the party agrees to a 20 year lease purchase agreement.

Due to the new sale of home taxes for 2013, will I be charged any of the 2013 Surcharge tax on this transaction or would I be charged this surcharge on each month lease payments... or is there another scenario as to the taxes.

Thank you.

Russ"

Answer
Hi Russ;
Your question is one that should probably be answered by your accountant.  However, I would like to say; since you have an lease to own agreement it is like a deferred closing which means that you do not have a sale yet.  I don't know what the individual tax laws are on leases (which is why you have to check with an accountant on that).

Best wishes,
Jessica Bryan

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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