- quote -

Very professionally stated.

--
To reply to me directly, remove the XXX characters from my email address.

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gindie[at]aol.com (Gindie) wrote:

- quote -

have a raffle and raffle off a percentage of ownership. or
ah er duh how about a duh er ah MORTGAGE.

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"Gindie" <gindie[at]aol.com> wrote

- quote -

On a house you "win", yes, you will owe income tax on that
prize income. In most cases, you'll have to pay the tax
before title is transferred to you.

As far as where to get the money from, wouldn't a bank be
willing to mortgage a few thousand on the house for your
taxes? There should still be plenty of equity available.

Other than that, family, friends, maybe a loan from your
pension plan, etc and so on.

--
Paul A. Thomas, CPA
taxman at negia.net

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"Gindie" <gindie[at]aol.com> wrote:

- quote -

Good luck. If you win, take out a mortgage.

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Gindie wrote:

- quote -

Take out a mortgage against the house?

This doesn't exactly strike me as a question in which
this group would have expertise, although it is clearly
tax-related.

--
This account is subject to a persistent MS Blaster and SWEN attack.
I think I've got the problem resolved, but, if you E-mail me
and it bounces, a second try might work.
However, please reply in newsgroup.

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Gindie wrote:

- quote -

Take out a mortgage with the house as security. That way the
interest would be deductible if you itemize.

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Gindie wrote:

- quote -

Get a mortgage from a bank on the property, preferably one
of those lines of credit which won't tie you down to fixed
payments, except of course for minimum payments.

Cheer$,
Harlan Lunsford, EA n LA

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gindie[at]aol.com (Gindie) wrote:

- quote -

Get a Short term Mortage on the property after you win.

The income on (FMV) would be reported on line 21 (other
Income) of the 1040 and the income tax would be due in full
by April 15th 2004; if you take posession (title or deed)
prior to Jan 1 2004. Posession after Dec 31st 2003 would
make the tax due April 15th 2005.

Do not overborrow on this if you intend to use it as a
Residence.

JAD E.A.

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"Gindie" <gindie[at]aol.com> wrote:

- quote -

Get a mortgage on the house.

Jo

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Gindie wrote:

- quote -

Earn it; borrow it; steal it; sell the asset.
P.S. Item 3 has consequences.

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gindie[at]aol.com (Gindie) writes:

- quote -

Try for a low interest mortgage!!

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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Gindie <gindie[at]aol.com> wrote:

- quote -

A Home Equity Loan comes to mind -- could be deductible too.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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gindie[at]aol.com (Gindie) writes:

- quote -

FIRST: Do not take title to the house until 2004. Also I
have been told the title process for these houses is
exceptionally burdensome due to all the potential mechanic
liens.

After that:
1) Sell your principle residence or
2) Sell the new house or
3) Get a mortgage to pay the taxes.

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A charity is raffling a new house in my area and announcing
the winner on Sunday. If I were to win, what are some ways
I could raise the money (which I don't currently have) to
pay the federal and state income taxes (which I assume would
be due this year)?

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