What would you like to do?
If you have a co-op unit in Manhattan you want to rent out or sell what sort of taxes would you have to pay?
[From Publication 527 at the IRS' website] If you have a cooperative apartment that you rent to others, you can usually deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation. However, you cannot deduct a payment earmarked for a capital asset or improvement, or otherwise charged to the corporation's capital account.
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The taxes will be payed with the new owner because it is now hisresponsibility. In virtually all states, the laws governing sales tax on vehiclesis different than those on ot…her items of personal property. Forexample, only sales from one registered auto dealer to another areexempt - and the normal exemption forms used between licensed salestax vendors are not able to be used.The government does not everwant anyone to collect sales tax that isn't licensed to do so. Itis highly illegal. If it is not a registered auto dealer in the sale, the tax iscollected by the authorities as part of the registration/titlingfees paid by the new owner, to the MVD or MVC. The govt. would like for you to but probably NO ONE DOES in aprivate sale. You can't charge sales tax unless you have a business license.Don't know about other states, but in Kansas the new owner will paythe sales tax to the county treasurer when they register a carpurchased from a private party. If you are selling cars as a professional or a business owner/cardealer, then you are of course required to pay tax for thatbusiness. If you are a private seller, the tax that you would haveto pay for is concerned with the legal process of turning theownership rights.
US$ 1000 PER YEAR . Ex... US$ 50,000 located . with a mill rate of 20 mills. would have a property tax bill of US$ 1,000.00 per year.. Aman kaushik
Answer . The term taxes is frequently applied a bit broadly here. Many of the things that some consider taxes are actually probably better classed as fee's. Certainly yo…u have the taxes on the gain or loss of a capital asset income tax purposes, on the Federal & State levels as applicable. All Property taxes need to be up to date, to the time of transfer. (This can result in either a payment or a refund, depending on if taxes in that particular jurisdiction are paid in advance or arrears). And any local transfer/recording taxes - again more like fees', although certainly some locales may have a fee, even a substantial one (a part of a percent), based on the total transfer price.
No, not for Federal taxes.
not if you are renting free from the home owner the home owner has to pay taxes
If it is income, yes, you will pay taxes on it. Depending on the laws of your state, county or city, you may have to pay a sales tax to the state, county or city.
In most states, you will not have to pay taxes on apartment rent.You simply pay the required monthly rent to your landlord and youwill never have to record those amounts when …you file your yearlytaxes.
Not directly. The owner of the property is responsible for paying the property taxes . However, you should understand that how much rent you pay is determined, in part, by ho…w much property tax the owner pays. In other words, the owner needs to charge enough rent to cover his costs (taxes, maintenance, insurance, mortgage payments, etc.). Otherwise, he is losing money on the property.
A good rental agreement will say that you do. If not, you do still have an obligation to let them show the place. They have an obligation to give you reasonable notice. Genera…lly, 24-hour notice is considered sufficient, but 48 is better. It should also be at a reasonable time, and not too frequent. You have the right to be there, so you have the right to say that a certain time doesn't work, but then you need to suggest a time that does. Mature adults can come to an agreement. Some people like to set up prescribed times each week, like 1-3 on Sunday and 5-7 Wednesday. If you don't grant access, their only recourse is to evict. You might want to avoid that.
Yes as collectibles. These are capital assets except when they are held for sale by a dealer 9in which case they are inventory). Any gain or loss you have from their sale or t…rade generally is a capital gain or loss, like any other investment. If you had a collectibles gain on the sale the amount will be taxed at the 28% rate, unless your ordinary tax bracket is less, in which case you get a special lower gains rate. Almost everything owned and used for personal or investment purposes is a capital asset. Examples are a home, household furnishings, and stocks or bonds held in a personal account. When a capital asset is sold, the difference between the basis in the asset and the amount it is sold for is a capital gain or a capital loss. If you received the asset as a gift or inheritance, refer to Topic 703 for information about your basis. You have a capital gain if you sell the asset for more than your basis. You have a capital loss if you sell the asset for less than your basis. Losses from the sale of personal-use property, such as your home or car, are not deductible. Capital gains and losses are classified as long-term or short-term. If you hold the asset for more than one year before you dispose of it, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term. Capital gains and deductible capital losses are reported on Form 1040, Schedule D (PDF). If you have a net capital gain, that gain may be taxed at a lower tax rate than the ordinary income tax rates. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than the sum of your net short-term capital loss and any long-term capital loss carried over from the previous year. Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2008 through 2010, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates. There are three exceptions: . The taxable part of a gain from selling Section 1202 qualified small business stock is taxed at a maximum 28% rate. . Net capital gain from selling collectibles (such as coins or art) is taxed at a maximum 28% rate. . The part of any net capital gain from selling Section 1250 real property that is required to be recaptured in excess of straight-line depreciation is taxed at a maximum 25% rate. If you have a taxable capital gain, you may be required to make estimated tax payments. Refer to Publication 505 , Tax Withholding and Estimated Tax , for additional information. If your capital losses exceed your capital gains, the amount of the excess loss that can be claimed is the lesser of $3,000, ($1,500 if you are married filing separately) or your total net loss as shown on line 16 of the Form 1040 Schedule D, Capital Gains and Loses . If your net capital loss is more than this limit, you can carry the loss forward to later years. Use the Capital Loss Carryover Worksheet in Publication 550, to figure the amount carried forward. Additional information on capital gains and losses is available in Publication 550 , Investment Income and Expenses , and Publication 544 , Sales and Other Dispositions of Assets . If you sell your main home, refer to Topics 701 and 703 , or to Publication 523 , Selling Your Home .
Real estate taxes are charged to the owner of real estate not the renter. Indirectly the renter is paying for a portion of the real estate tax in the rental rate being charged… by the owner. If your question concerns the renting of property that you own as a retired person, contact the local assessor in your city or county, as the tax laws vary by state within the United States.
In California there well be new laws coming out April first,,,,,so look for them after that time!
If you're the one renting it... indirectly, in that the owner will charge rent sufficient to cover expenses, including the property tax. If you're the owner... yes, directly….
Someone may want to sell and then rent back their house for a short period of time. An example would be if they needed transition time before moving into their new home. They …may also want to relocate or simply not want the maintenance trouble. It could be smarter for them financially.
It is because the colonists were taxed without having a representation in parliment.So they think it is not fair.