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What's the cheapest way to buy out a sibling's share of our parents house if I have no cash and want to pay less than the appraised value?

You need to negotiate the price with your sister. Until she agrees, you each own the share you each own, and can not unilaterally force the other to sell. She has told you what she thinks her share is ...
keshlam's user avatar
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58 votes

What's the cheapest way to buy out a sibling's share of our parents house if I have no cash and want to pay less than the appraised value?

You ask about the cheapest way. Agreeing with your sister on a price you both find fair is cheaper than trying to force a lower buyout price on her. Hiring a lawyer now to do the deal correctly is ...
stannius's user avatar
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11 votes

Sales tax on Food

The Texas state sales and use tax rate is 6.25 percent, but local taxing jurisdictions (cities, counties, special-purpose districts and transit authorities) also may impose sales and use tax up to ...
ChrisInEdmonton's user avatar
10 votes

In Chicago, would it be possible to get a receipt totalling $20.17?

According to Wikipedia, the Illinois state sales tax (which is one component of the Chicago rate) can be different on different types of goods (e.g., groceries vs prepared food). It is left as an ...
BrenBarn's user avatar
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9 votes

Walmart wrongfully collecting taxes, what can I do?

The apples on your receipt are EBT eligible, per the Walmart online website. You should not have been charged sales tax, as per the Florida dept. of Revenue guidance. I don't think it's "fraud&...
littleadv's user avatar
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8 votes
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Why would an error in sales tax not affect IRS tax due?

The state income/sales tax deduction is an itemized deduction, located on Schedule A. If this taxpayer didn't have enough deductions, the software would have chosen the standard deduction instead. If ...
Ben Miller's user avatar
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8 votes
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Is it correct to charge sales tax on fee imposed by car-rental company?

The second one is that the concept of having to pay taxes on a fee seems a rather absurd one, even though I guess one could possibly construe the fee as the payment for an additional service that I ...
mhoran_psprep's user avatar
7 votes
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Tax on online shopping vs shopping from physical store

In the United States the sales tax regulations are done by the state (though some sates do allow cities or counties to piggy back on those taxes). Regarding online sales, a vendor like Amazon maybe ...
mhoran_psprep's user avatar
7 votes
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Am I paying taxes on my electricity unnecessarily?

As it turns out, Talgov has a convoluted way it bills taxes which it doesn't explain on its bills or website. Its website claims to bill electricity at a rate of $7.59/month + $0.10522/kWh but, with ...
partyphysics's user avatar
7 votes

Couldn't I ship my own package for the seller to avoid sales tax?

Your understanding is incorrect. Unless you live in a state that does not have sales tax, you are obligated to pay tax on that purchase. Whether you are paying origin-based tax or destination-based ...
BobbyScon's user avatar
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7 votes
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Does credit card cash back count taxes?

Generally, you will get cash back for the entire amount (so $1.06 in your case). The credit card issuer usually doesn't event know the tax amount, since it is charged as a single transaction.
Nosjack's user avatar
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7 votes

What's the cheapest way to buy out a sibling's share of our parents house if I have no cash and want to pay less than the appraised value?

I am assuming that you live in the United States. I am assuming that nobody has been living in it, and that it isn't being used as rental property. If you were to sell the house today to a unrelated ...
mhoran_psprep's user avatar
7 votes

Who gets fractional sales tax?

The tax is usually calculated per receipt, and rounded to the nearest cent. The business remits all the taxes collected. Rounding up and down averages out over multiple purchases, so in the long term ...
littleadv's user avatar
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6 votes

Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200?

Don't worry about it. The State doesn't care about rounding error. All you need to do is say "We charge our prices with tax included" - you know, like carnivals and movie theaters. Then follow ...
Harper - Reinstate Monica's user avatar
6 votes

Auto Lease Payment Increase after moving to another state

From state.nj.us: Property Leased in New Jersey Transferred Out of State If a lessee transfers property leased in New Jersey out of State, and the lessee paid New Jersey all the Sales Tax ...
CactusCake's user avatar
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6 votes

Can a retailer charge me sales tax after being charged?

You didn't indicate where this took place (U.S. or elsewhere), but at the end of the day, if they're supposed to charge you tax and it was legitimately a systems issue that prevented collection at the ...
RiverNet's user avatar
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6 votes

What's the cheapest way to buy out a sibling's share of our parents house if I have no cash and want to pay less than the appraised value?

You probably can't purchase the house. If you wanted to, step 0, 1, and 2 would be to start talking to a lawyer that deals with trusts. Attempting to do this is a minefield of potential legal ...
Justin Cave's user avatar
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5 votes
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Is VAT applied when a tradesman charges for materials?

The plumber will apply for and receive a refund of the amount of VAT he paid on the purchase amount. That's the cornerstone of how VAT works, as opposed to a sales tax. So for example: Pipe cost £...
Joe's user avatar
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5 votes
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Do businesses pay taxes in addition to sales taxes from customers or do they use sales taxes to pay their taxes?

The mechanism for paying income tax varies by business type, in general it's paid quarterly. Sales tax is separate regardless of business type. They collect sales tax from purchases and then send ...
Hart CO's user avatar
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5 votes
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Do I have to collect sales tax when reselling used personal items?

Yard sales and the occasional Craigslist sale are considered "casual sales" so generally are not taxable. There are, of course, exceptions, and laws vary by state. Source: https://www.avalara.com/...
stannius's user avatar
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5 votes
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Who gets fractional sales tax?

In my experience, back when I had to look up the sales tax at the pizza place I worked at, the tax was rounded up. Back then the sales tax was 5% so it was possible to also calculate it in your head. ...
mhoran_psprep's user avatar
4 votes
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Freemium Model In-App Purchases Sales Tax

It seems to me that an in app upgrade to ad free is a prewritten change to the software license and would effectively constitute an upgrade of prewritten software. Below is what seem to be the ...
quid's user avatar
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4 votes
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Why charge gross receipts taxes to the customer?

the state of New Mexico provides guidance in this exact situation. On page 4: Gross receipts DOES NOT include: Tax billed to the buyer (i.e., gross receipts tax, governmental gross ...
mhoran_psprep's user avatar
4 votes
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Do I have to pay Sales Tax on my leased car twice when moving from VA to FL?

The problem is that the tax paid in Virginia was actually paid by the lessor and the lessor required that I pay it back to them. So I never actually paid any tax directly to the state of Virginia for ...
Luke's user avatar
  • 201
4 votes

Why was Kittery a shopping destination in the 1980s?

I had the same experience as a kid in the 80's. I think there are three reasons, and none of them relate to taxes: Kittery Trading Post was (is?) an awesome store. LL Bean was close by so trips to ...
minou's user avatar
  • 7,536
4 votes

Do I still pay internet taxes

Washington state, where I assume you are located, looks to be a destination-based sales tax state. From the page, emphasis added by me. Destination-based sales tax means that if a retailer delivers ...
ender.qa's user avatar
  • 468
4 votes
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I am an IL resident and will move to MA next month. I need to buy a new car in IL for the moving. How do I pay lower sales tax?

I would be very cautious here. I would tend to go with the first dealer making sure I kept the paper work showing that they collected the sales tax for MA. The last thing you want is to report to MA, ...
Pete B.'s user avatar
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4 votes
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Can I get sales tax refunded after shipping my vessel abroad from Florida?

We have had a similar question, with a differnt sate, in the past. Remeber sales and use taxes are run by the states. I went looking an found: Sales and Use Tax on Boats: Information for Owners and ...
mhoran_psprep's user avatar
4 votes

What's the cheapest way to buy out a sibling's share of our parents house if I have no cash and want to pay less than the appraised value?

If you and your sister agree on the fair market value of the house, there is no problem. You can pay her 25% of that agreed value. If you and your sister do not agree on the fair market value of the ...
David Schwartz's user avatar

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