Partition of Real Estate – One owner wants to sell; the other doesn’t
- July 15th, 2010
- Administrator
- Comments Off on Partition of Real Estate – One owner wants to sell; the other doesn’t
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
- Administrator
- Comments Off on Non-Deductible Business Losses – the Hobby Loss
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.