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Tax Exempt Property Questions

What is Exempt Property?

Exempt property is property that can’t be taken by creditor of a person that has died and has left the property over to a surviving spouse or family members. In some states, the list of exempt property includes can be a person’s clothing, it can be a person’s car(one driver per car), it can be a person’s house, accounts that come from a person’s retirement funds, and policies left from life insurance of the person that is deceased.

Is a 501C3 corporation exempt from property taxes in Texas if not is there a different corporation that is exempt?

Automatic exemption will not be granted. If a religious or organization that deals with charity wants to purchase qualifying property; a tax exemption that is focused on property has to be obtained for that particular year. In order for an organization to receive exemption for that particular year; paperwork has to be filed within a year that the property is bought. Non-profit organizations can’t be exempted from having to pay property taxes.

Are seniors exempt from property taxes in Louisiana?

When it comes to property tax; senior citizens are not exempt. There is an Special Assessment that is added to the homes of individuals that are 65 years old and older; that is only if the person’s earnings in the household is under a level that is required. In 2006 due to taxes, $58,531 was the level that was set. The level varies every year, so the person would have to check with their local tax assessor to see if the person meets the qualifications.

Can the IRS freeze your bank accounts if you claim bankruptcy?

The Internal Revenue Service will freeze a person’s accounts; if money is owed to the company. When the person files for bankruptcy; the lawyer will inform clients on details of the case. The person that is filing for the bankruptcy can remove funds from savings account but, keep the minimum that is required to keep the account. The funds should be kept until the bankruptcy is over. The Internal Revenue Service is deciding actions to for fill depending on the debt and what type of bankruptcy that the person has.

How firm are the 3 year & 2 year rules for discharging federal tax debts in a Bankruptcy and are these periods suspended if the person requests an Internal Revenue Service Collection-Due-Process hearing?

The periods are very firm and strict about the ruling but it will only be applied to discharges; bankruptcy that comes from inclusion will not apply. The collection due process doesn’t have statues that apply to this particular case. Exempt property pertains to having items that the Internal Revenue or other Creditors can’t obtain from a person that is deceased. Often time people leave things in a will or give as a gift to another person before they die. There are many that don’t understand Exempt property or understand how it operates. What is Exempt Property? What is Exempt property in bankruptcy? Get all your questions involving Exempt Property answered by the Experts.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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8 Tax Professionals are Online Now

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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Tax Exempt Property Questions

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