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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
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
I misplace my envelope with my real estate tax in in it. Where
I misplace my envelope with my real estate tax in in it. Where Can I look to see what I owe?
I need advice on my 2010 tax. I am married and has 2 kids.
I need advice on my 2010 tax. I am married and has 2 kids. I own a home in NY. In August I left a Job with a company in NY and got a took up a job with a company in Boston, MA. I did not receive any relocation assistance. I rented a place in MA and lived there while my wife and kids continued to live in NY. Used to visit them every weekend travelling 360 miles a week. Do I get any consideration for any tax deductions for 2010 that will make it easy on me.
Hi. Im looking for some help resolving an IRS issue with my
Hi. I'm looking for some help resolving an IRS issue with my personal filing for 2008.
I will try to briefly summarize:
I own a residence with my ex-wife, who now resides in Canada. I maintain the property, reside there and pay the mortgage. Because of the costs and time involved, we have not yet sold or refinanced the house, but I am paying the mortgage in whole. We are both on the primary and 2nd mortgages. She does not claim any deductions related to the house.
I received a CP2000 notification from the IRS stating that my mortgage interest deduction was invalid. Apparently they had not received a 1098 from my financial institution. I was provided with a "Substitute Form 1098" from the bank, which is apparently what they use for this sort of reporting, which I supplied to the IRS- it has both our names, and details of the interest paid. The IRS didn't seem satisfied with this- they just sent a new letter basically telling me they need a 1098 form, without acknowledging the "substitute form" I sent.
I haven't been able to get confirmation, but I suspect that the bank is submitting the mortgage information to the IRS under my ex-wife's Social Security number, which would explain why the IRS doesn't think I'm entitled to claim the deduction.
I am on the deed and mortgage and have paid all the mortgage payments for the last couple years, and I believe I am entitled to this deduction based on that. I just can't seem to get the IRS or the Lender to come together and understand this.
Do you have any advice on the best approach to sorting this issue out?
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