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Taxes after a deed in lieu

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donnamlucas_2002 Joined: 02 Sep 2007 Posts: 2 1.61 Dollars($)	Posted: Mon Sep 03, 2007 4:34 am    Post subject: Taxes after a deed in lieu Like 0 Dislike 0 how do you figue the taxes on 247.900
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Mon Sep 03, 2007 5:32 am    Post subject: Like 0 Dislike 0 Hi Donnamlucas, I will not be able to tell you the exact figure at this moment. If you want to know now, you can take the help of a tax advisor. He will be able to tel you the exact rate. You can also know it from the county recorder's office.
Ryan Guest	Posted: Mon Sep 03, 2007 5:48 am    Post subject: Like 0 Dislike 0 Realty conveyance tax for Rhode island is $2 per $500 and the transfer fee rate is 0.4%
carnahandavid Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)	Posted: Mon Sep 03, 2007 3:17 pm    Post subject: Like 0 Dislike 0 Quote: Taxes after a deed in lieu Quote: how do you figue the taxes on 247.900 Let me give one example; If fair market value of your house is $80,000 & the balance on the mortgage is $110,000 then COD income (or cancellation of debt income) will be $30,000. This amount you will have to include on your tax returns while calculating taxable income.

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