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Tax, SDIRAs & Cost Segregation

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Austin Hall
  • Athens, GA
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First Deal - Tax ID Question

Austin Hall
  • Athens, GA
Posted Feb 10 2017, 13:11

I am buying a piece of property located in Georgia from a seller in Florida who inherited the property from her ex-husband. The property is held under the name of a legal entity called "CCC Associates." However, she did not have a Tax ID for this corporation. My attorney said that legally we are not able to close the deal because of this. She was unwilling to get a tax ID for the corporation which troubled me a little. It seems strange that she would be unwilling to get a tax ID. So to resolve the issue she decided to quit claim the deed to herself and then sell it to me.

So I have three questions:
1. Why do you need a Tax ID to close the deal?

2. Would you have any hesitancy in buying this property knowing that there may be tax problems? Should I worry about having to pay for evaded taxes? From the research I did with the county she is behind on paying property taxes but it is not much.

3. Is there anything else I should worry about that I am not aware of?

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