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If personal property is deeded to you do you still have to pay income tax on it when it is sold?
Wiki User
∙ 15y ago
As I am not a lawyer, or a legal or tax professional, this answer must be considered subject to error until it is corrected/improved by a professional. To my understanding, IRS regulations require that anytime you sell anything, it should be reported as income [but not as "earned income"] on your tax return. Whether you have to pay any tax on it depends on several factors on which I am unable to discuss intelligently. I suggest that you discuss this with an income tax preparer, or call the IRS for an explanation of how it is handled.
Wiki User
∙ 15y ago
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Can a home be sold by one while the other is still living there?
It depends on how the property is deeded.
Can a lien be placed on a home deeded with lifetime rights?
Yes, they can place a lien. The property still has value and the life estate doesn't effect that.
Does depreciation reduce the personal property tax?
Depreciation can reduce the assessed value of personal property and thereby reduce the personal property tax, if the tax rate stays the same. Most states have a minimum rate in their depreciation tables where the depreciated value of the personal property will remain as long as you still own the property. Ask your local personal property assessor about depreciation tables as they also vary by type of personal property.
If you legally buy your husband out of your mortgage and change your will can he still be entitled to claim anything before your divorce?
This depends what other assets you may have.Added: You say that you bought him out of the mortgage - but you don't mention anything about how the property is TITLED or DEEDED. If you die while he is still married to you and is still on the title and/or deed, he may be entitled to the property depending on how it is titled in your state.
Can you be evicted from a house that is still deeded in your name at the county tax office and you have paid the taxes?
An eviction is the expulsion of a tenant by the landlord or the owner of the property. If you are the owner of the property no one else has the legal capacity to evict you from your property.However, if you're referring to a foreclosure proceeding, the bank can take possession of your property if you're in default of the mortgage.
if a person passes and doesn't own any property, do you still have to go to probate court. also, if they owned property and signed it over to a relative, is there a time frame before you die this this should take place?
If there are any assets and debts, the estate will be probated. The assets do not have to include real property. If the individual deeded the property to another prior to his passing, the property belongs to the deed hold.
Can you still get child support if the father doesn't work but owns property?
This suggests that the father has some income from that property and therefore some ability to support the child[ren].
Is North Carolina considered to be a Community Property state?
No. My husband owned a house in North Carolina before we got married, he refinanced it after we got married the deed is in my name but the loan is not. Do I still have a legal right to the house when we divorce? Once the property is deeded in your name it is considered a gift to the marriage and you now have legal rights.
What is a trust property?
Generally, a trust is a legal relationship that is set up whereby one person holds the legal title to the property, the trustee, and another has the benefit of the use, enjoyment and income from the property, the beneficiary. Trust law is extremely complex. Very briefly stated, the person who sets up the trust and conveys or transfers their property to the trustee is called the trustor. Once set up properly the trust allows the grantor to remove her property from her own estate, thereby protecting it from creditors and heirs, and still enjoy the use of and income derived from it. The trust property is any personal or real property transferred to the trust such as real estate, stocks, bank accounts, etc. That property is "held in trust" by the trustee.
How temporary were Borden's new taxes after all?
Not temporary at all. Canada still has the business tax and the personal income tax,
Why pay personal property tax for a vehicle?
In many, if not most areas, you don't. Generally, personal property taxes are not that major a part of a States revenue policy. Someplaces they are though...like in Connecticut..personal property tax is State law but really the method that was used for Towns/Cities to raise funds....cars, boats, even the trailer for the boat (heck even the winch on the trailer), were all taxable and paid to the town. However, until recently, CT had no State income tax, and even now, it is a rather restricted one. Most "normal" household type property is exempt and on the other ahnd, virtually all Business personal property is taxable...so it still acts to shift tax obligation to business in an area and to individuals that may have lost of expensive toys. Fact is, if they didn't have you pay this tax, then you would pay more of another - Real Estate, sales, income, taxes, etc.
Do you pay taxes in Washington State on lottery winnings?
Washington State does not have a personal income tax, so you will not pay any state income tax. You will still pay Federal income tax on lottery winnings, though.
