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Tax, SDIRAs & Cost Segregation

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Rick Fonseca
  • Chandler, AZ
5
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33
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Partner has past due child support

Rick Fonseca
  • Chandler, AZ
Posted Sep 20 2014, 10:10

Advice me on how to handle this issue please.

My partner and I have under contract a residential property for a fix and flip. The issue that has come up is that we submitted everything under his name only and now he tells me that his paycheck from his job is being garnished. He has told me that whenever he had started a new job the state immediately initiated garnishment on all his payroll checks.

My concern is that when it comes time to sell the property will the state have access to the profit from the property?

We are set to close on the 26th of this month and I am getting worried about the possible profits being taken away at that time..

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