Is there a real estate guru out there? if the assessed property value of a house is 150k and i purchase it for 80k, how much would my property tax be? How do I calculate the property tax?
the answere are grat, but, how does this applyies to my case.
can someone explain.
the answere are grat, but, how does this applyies to my case.
can someone explain.

I like to know if in any State of the U.S.A. there are any taxes that have to be paid on real estate property that is detoriated or more than a year for sale or to rent ?
I live in Belgium and I suppose this is the only country in the world where authorities are giving high fines under the mask of a tax to owners of properties that aren’t used for more than a year or that aren’t anymore nice enough for these authorities ! And with high fines I mean f.ex. 5.000$ the first year (which is doubled each following year !) for a small 5 meter broad 3-floor house. Can you imagine a bigger agression on the fundamental right of property by authorities ?

A.It is less than the investor’s actual tax rate.
B.It is more than the investor’s actual tax rate.
C.It is not affected by the investor’s actual tax rate.
D.It must be equal to the investor’s actual tax rate.

Here’s the details – - real estate agent buys a residence. He/she pays for repairs and improves the property. Then he/she sells it for a gain/profit.

Tax implications? Isn’t there a rule out there regarding an real estate professional conducting a “business” in which he/she flips houses. Hope my details are not confusing.

I’m a first -time home owner, and I’m going to sell my primary residence less than 1 year from when I bought it. How do I know how much my property gains tax will be? When do I pay the tax? At closing when I sell or at a certain time of the year?

We placed my parent’s property (personal home) into a irrevocable trust. The instructions was to sell the property upon the death of one of the parents with the proceeds going into trust account at a bank of our choosing. We are to distribute money from the proceeds to my surviving parent for living expenses, etc. As far as I know, the trust was not given a tax id (still checking with lawyer who drew up the trust for us).

So now that the bank trust account has the funds, can I as the trustee distrbute the money without any tax liabilities? Who owns, if any, the tax responsibilities here?

The property is in California and proceeds from the sale was less than $500,000.

in states such as FL where property values have greatly decreased in a range of 50K-100K, how come the property taxes haven’t? Would we see a decrease in this year’s tax bills at the end of the year?

I have a retail commercial property. It has 3 store fronts and all three are rented out. I was wondering if I can make extra payments from my personal income toward the property’s mortgage and use the interest paid toward lowering my taxable income on my personal income?

Hi. I received a 1098 substitute form in the amount of $2000 for interest on an investment property loan. Funny thing is, I sold that property on Dec 30, 2005. So for my 2005 tax return, I submitted a form 4797 for the sale of the property. So maybe the loan wasn’t paid off right away and interest accumulated in 2006. The 2006 interest must have been paid from the closing costs… after the closing on Dec 30, I did not personally pay for any additional expenses on the property. So how do I report what would normally be a business expense of $2000 for a property that I never owned in 2006? Or maybe I should not include the 1098 in my 2006 return since I did not pay anything on that loan in 2006???

Thanks for any good advice.

What should you do if the personal property tax office for a state you no longer reside in is seeking you for payment on personal property for real estate that was sold several years ago? Is there a statute of limitations on the sale of real estate? If the proper papers were never recorded, does this mean the property is still owned by the original owners? Can the property be taken back by the seller, if all owed back taxes were paid up? Where can I get information on this?