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Real Estate Tax Law
What are Real Estate Taxes?
that are paid on property that has to be paid by the person that owns the property. The tax is paid to the government that the property resides in; the taxes can be paid to different forms of the government such as the national, state, or at a county government level. Many areas that are around the property will accept the
If a person adds someone to the property deed and it is the principal residence; is there an associated tax of any kind in the Virginia?
It may be a
Federal gift tax
that may have been established depending on what interest has gained from the property of the receiver. When the person owns some property and then gives over ownership to another person then that makes it a gift that is taxable under to the United States. If a gift goes over the value of $12,000; the person must file out the Form 709.
If a person had to pay Real Estate tax on a second property and then had to demolish the house; how can a person claim these on Income Tax Returns?
If a person plans on filing
the property taxes can be deducted if the person fills out Schedule A for itemized
. Also the person can report the real estates by going to filling out line 6 of the income tax return. The cost for demolishing the house can be deducted and added to the income taxes; although, the home owner can add the value of the land or how much it cost to rebuild the house.
If a person has bought a condominium out of the country and plans to make property available for rent for eleven out of twelve months, are they entitled to the normal deductions for upkeep, maintenance and improvements as a person would in the United States?
Just because the property was purchased out of the country; taxes will be applied just as if it were in the United States. If the owner of the condo only plans on having the property available for 11 months then for the additional month; the owner will have to divide the expenses correctly
When a person sells a primary residency that the person has lived in for 6 years; do the person pay capital gains tax on the money?
If a person owns property and have resided there for at least 2 year out of a 5 year time span after the date that the house is sold. If a married couple is filing for the taxes then the first $500,000 of gain is exempt from the
. Also, if the person is filing alone the exempt amount is $250,000.
All around the world, there are people that own property and wonder if there are taxes that have to be paid on the property that is owned. What is Real Estate Taxes? What is the Real Estate Tax
? What is Real Estate Tax
? There are property owners that are concerned about taxes and how much to be paid. Experts are here to assist with questions people may have.
Recent Real Estate Tax Questions
This is a question about real estate tax law; Scenario 1:
This is a question about real estate tax law;
Scenario 1: A owns property he bought at $300,000 in year 1, with $20,000 down and a $280,000.00 mortgage. Bad times hit and in year 5 A pays off the $280,000 loan for only $200,000. Thereby creating (according to cockeyed Federal income tax rules) a phantom "taxable earned income" for year 5 of $80,000.00.
To avoid this nonsensical scenario, in year 5 A sell the property for the $200,000 owed to an arm's length third party.
Question: Can he write off the loss against the earned income in year 5 or would the loss be deemed a "capital loss"?
Scenario 2. Same as Scenario # ***** except that A buys back the property in year 2 at the same $280,000 he sold it for.
Question: Will the 2 transactions be "deemed" a sham to avoid taxes on the phantom profit?
Scenario 3: Instead of only one year or less separating the sale and repurchase by A of the property, the space between the two transactions is extended to 2 or 3 years or more.
Question: Does that change the tax consequences?
Scenario 4:Does anything change if the sale in any of the above scenarios is made to an independent but related party
We recently purchase a home in South Carolina (Greenville County)
We recently purchase a home in South Carolina (Greenville County) as a second residence. After retirement, it will become our primary residence. Can you tell me the difference in real estate tax between the two categories, and if the transition needs to occur prior to a specific date on the calendar. Also, who do we contact to make that change.
My daughter and son in law bought a home. My daughter is on
My daughter and son in law bought a home. My daughter is on the deed as joint owner with husband but not on mortgage.
Son in law and daughter each earn about 50,000 and want to have less withholding from their pay checks. Formerly they each just took a standard deduction - they file married with separate returns.
How do they do this with their employers (what forms and how did they fill them out) and are there any further issues?
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