United States

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Is there a real estate guru out there? would my property tax drop if i pay less than the assesed value?

Posted by admin on 17 Sep 2009 2:52 am. Filed under United States.
supermoren02130


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.

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Will buying from the estate of a dead relative make me ineligible for the 1st-time homebuyer tax credit?

Posted by admin on 21 Mar 2009 5:39 am. Filed under United States.
Brian113


The federal guidelines state that the tax credit is not available for those who buy from a relative. However, they don’t address the issue of buying from the estate of a deceased relative, which is a slightly different scenario. Does anyone know for certain if this purchase would be ineligible for the tax incentive?

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How/where to deduct real estate training fees on taxes?

Posted by admin on 16 Oct 2008 5:13 am. Filed under United States.
real estate
DJP


I plan on getting a real estate license for the education and qualification when managing my private real estate investment career.

Where/how do I deduct these costs on my taxes? Eventually I’ll set up a real estate company where I could deduct them, but that won’t be set up for a while.

Thanks.

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How do you know if you can claim Real Estate Professional?

Posted by admin on 1 Aug 2008 11:09 am. Filed under United States.
real estate
Jenga asked:


I don’t want to get audited by the IRS but I hear that Real Estate Professional – non passive activity is a big issue – can you tell me what the IRS will question and look for if I claim Real Estate Professional, do they require anything when you are audited? Please advise. Any help will be great!

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How do you calculate real estate tax savings?

Posted by admin on 29 Jul 2008 10:05 pm. Filed under United States.
real estate
kurt_belisle asked:


My goal is to find the impact of my real estate interest deduction against my federal income tax return in real dollars?

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Is foreclosure debt relief still taxed or not?

Posted by admin on 12 Jul 2008 12:11 pm. Filed under United States.
foreclosure
Chuck Z asked:


Recently, there was talk that the IRS was changing its rules so that debt relief experienced by persons who lost their homes to foreclosure would no longer be taxed. What’s the status on this rule change?

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I have a IRS lien filed against my Real Estate. How long do I have before the property is placed for auction?

Posted by admin on 20 Jun 2008 12:48 pm. Filed under United States.
real estate
FineArt1983 asked:


A lien was recently [July, 2007] placed by the IRS against a piece of Real Estate in New York that is owned by an Estate that I am the Executor of.

How long do I have from the time the lien was placed by the IRS to the time that the IRS forces the property for sale or auction? If the property is forced for sale or auction by the IRS is there some type of redemption period that I have?

The Estate does not want me to sell the Real Estate.
The estate will be able to pay the IRS what it owes within three months. Do I have that much time before the property is placed to auction or sale?

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If I claim to be a real estate professional for tax purposes, is my income subject to FICA?

Posted by admin on 15 May 2008 2:55 pm. Filed under United States.
real estate
capn bob asked:


I qualify as a real estate professional for tax purposes. I own and manage over 25 rental properties. I have not claimed that status in the past. I have recently married and my husband has retirement and investment income in excess of the maximum income amount allowed under the passive activity rules. If I make a profit from my investments, am I subject to FICA taxes on that income? Is there a downside to claiming real estate professional status?

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I’m a 2nd year real estate agent, how much is a reasonable amount in business expense write offs?

Posted by admin on 29 Apr 2008 5:04 pm. Filed under United States.
real estate
mcurry81 asked:


I’ve made less this year than last in my real estate business because the market is really bad right now. I have much more in business expenses though. I don’t want to be audited, just wondering if anyone out there with experience knows what a reasonable amount in expenses for just having one sell.

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What are the IRS tax implications of a short sale and a foreclosure?

Posted by admin on 20 Apr 2008 10:12 am. Filed under United States.
foreclosure
sdmike asked:


If you get $50,000 of debt relief from a short sale (lender accepts $20k on a $70k note) is there a tax implication? How is that different from just forfitting the property through foreclosure?

Please don’t answer if you are just guessing – I can do that on my own ;-)

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