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Do you have a tax liability if given a condo?

Updated: 8/17/2019
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14y ago

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Yes.

Like on any home, you will pay a property tax. You can discover the amount by inquiring of your county or provincial property tax assessor where the condominium is situated.

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14y ago
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Q: Do you have a tax liability if given a condo?
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Related questions

Do you have a tax liability if your mother gives you her condo?

Yes.Your county or provincial property tax assessor can tell you how much tax you owe.


What is Zero Tax Liability?

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What tax liability is a condo owner responsibility for?

Your tax liability for the unit that you own depends on the locale. You can review tax liability issues with the county assessor, the city assessor and any state entities that tax real estate.You may also be responsible for taxes that are paid by the association through your assessments. These might include taxes on utility and other services billed to the association.Specifically, your board of directors or property manager can answer this question for you with more precision.


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Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.


Where can someone estimate their Tax Liability online?

You can estimate your Tax Liability online on Virginia.gov. Tax Liability online helps you to determine your estimated tax liability and how many payments you should make.


Is income tax an estimated liability?

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Why tax is liability?

If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.


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What is the annual property tax on a condo in new orleans, la that is priced at $280K?

The property tax on a condo in new orleans, la would be 4% of the value of the properrty


What does exempt status mean on the W4 form?

Exempt status may be claimed on a 2010 W-4 if two conditions exist:1. You did not have a tax liability in the prior year and therefore received a refund of everything that was withheld, and2. You expect to have not tax liability this year.Caution: Having no tax liability is not the same as owing no tax. If your tax withholding was $1,000 last year and your tax liability was $400 then you owed no additional tax. You received a $600 refund. But your tax liability was $400.


Who is responsible for costs when a toilet backs up and leaks to unit downstairs in condo?

Your personal condo insurance should cover it under the liability section. It will not be a penalty to you.