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Partition of Real Estate – One owner wants to sell; the other doesn’t

  • July 15th, 2010
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What happens when two or more people own real property and one wants to sell but the others do not?  The law does provide a way out of this dilemma.  It is called a Partition Action.  One must file a suit in Circuit Court to partition the property, naming the other owners as defendant(s).  A hearing will be held, usually before the Master In Equity.  It is a non-jury proceeding.

Non-Deductible Business Losses – the Hobby Loss

  • July 15th, 2010
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As you know, business losses are deductible on a corporate tax return or on schedule C of a personal tax return.  However the IRS looks closely at losses, especially on Schedule C, and may determine them to be “hobby losses” under certain conditions thereby denying the losses as a deduction.

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