Join the 9 million people who found a smarter way to get Expert help

Recent Assessor questions

Which uses are 'exempt uses'? In Albuquerque New Mexico, my

Which uses are 'exempt uses'?In Albuquerque New Mexico, my IRS 501C3 (religious organization--25+ years good standing) has a 'property tax exemption [ad valorem] on our 'parsonage', (where, as pastor of a small church, I live with my family). The property remains exempt from these real estate taxes as long as the house is:1) Exempt owned (NM Non Profit Corporation owns the property)2) Exempt use (parsonage)We own another house which is now being used as a (NM Department of Health) licensed Elder Care/Hospice [for up to 8 clients, currently 3-4]Can an Elder Care/Hospice qualify as Exempt Use? Would it need to be 'religious' also? or denominational (Baptist, Methodist, ...or simply Christian? etc.)What types of uses might be 'exempt use' for NM property tax exemption???

Read more

Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
Well, it is kinda like this. Single woman bought house from

Well, it is kinda like this. Single woman bought house from mom for $1.00. Have firm offer from buyer for $350,000.00. I have lived in house for over 10 years. Will I have to pay cap gains on just $100000.00 or $349999. 00. W tried to death. Can you email me answer to***@******.***.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No, but if my cap gains is $45000.00 I will not sell.

Read more

DanielleCPA

Certified Public Accountant

Bachelor's Degree

964 satisfied customers
I have a question about real estate and retirement account.

I have a question about real estate and retirement account. First of all , I am 1 month from 60 yrs old. I own a 10 acre piece of undeveloped rural property adjoining a river. I have owned it for several years. I have been trying for over 2 years to sell it, via a realtor, at the price I paid, without any luck. I also work, and have a 403b and 457 with considerable amount of money. Would it be possible to sell the property at some loss I can live with , (maybe to a realtor)and use the capital loss to offset taking a fairly large distribution from the 403 and/or 457 now , which is taxed as ordinary income ?? I will likely have an increase in salary next year of $20-30k ? If so, would it just require the sch D to add to the 1040 ?

Read more

Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
I have an investment property which I purchased above the

I have an investment property which I purchased above the appraised value. I am trying to find out what the depreciable value is. However, different methods yield very different values. If I use the land as % of total assessed value and apply it to the purchase value I get $150,000 as the depreciable value. However, my insurer has suggested that I insure the property for $200,000 as the insured value. My insurer said that that was the value that the insurance company suggested.Am I able to use the $200,000 as the depreciable value for tax purposes if that is the value I am paying my insurance premiums on? Or do I have to use the lower value of $150,000? Thank you.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
FL law form DR-405- Tangible Personal Property Tax return.

FL law form DR-405- Tangible Personal Property Tax return. Who must file this? Only sole proprietor, who use personal stuff like furniture etc? What about S-Corp and LLC?

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
This is ***** *****. Here is my question. I sold my rental

Hi, this is ***** *****. Here is my question.JA: Thanks. Can you give me any more details about your issue?Customer: I sold my rental property last year. Turbo tax add $41k into 6251 line 19. I checked it . This amount from the the loss 2006-2013. Can I reduce it?JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
Dear, My Grandmother transferred a property in my name as

Dear,My Grandmother transferred a property in my name as part of inheritance on 01/2015, I started collecting rent from it and have expenses. The property was in a name of my Grandmother's trust.My question for income tax purposes, what is the basis of the land and building for depreciation purposes if the assessor shows the following values:Land value @ $42,000.00Building value @ $236,000.00She bought the building back on 01/2004 for $130,000.00

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I inherited the land in 1997. The Hand County assessor says

I inherited the land in 1997. The Hand County assessor says the land in question was valued at $230/acre at that time. The The land is now worth $1,736/acre. I remain concerned about tax consequences. Will it be better to receive full payment for land sale now or spread out the income over several years?

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
We received a 1099 c rental property that taken in

We received a 1099 c for a rental property that taken in forclosure. We are not sure of what we can doJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We first started receiveing forclosure paperwork back in 2010. It was forclosed on until 2015, there have not been any renters in it since 2009.JA: Is there anything else the Accountant should be aware of?Customer: We hadn't made a payment on the property since 2008. We are wondering if there are any exclusions that we would qualify for or reductions or just because we got a 1099-c does that mean we actiually have to pay. If that makes any sense at all.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

Read more

Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
View more tax questions
In The News