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Real Estate Tax Law

What are Real Estate Taxes?

Real Estate taxes are 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 tax payments.

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 income taxes the property taxes can be deducted if the person fills out Schedule A for itemized deductions. 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 tax returns. 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 Deduction? What is Real Estate Tax Assessment? 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.
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