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I believe that could go either way and should be part of the contract.
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∙ 17y ago
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Who pay tax on income property?
The owner of the property pays the tax on the income generated by the property. This is known as the "fruit of the tree doctrine."
When you place your home in an irrevocable trust who pays the property tax?
The Trust does and it becomes a deduction on the Trust's tax return.
How can you find out how much property tax an owner pays for their property?
In the United States of America, county level tax assessors keep track of the assessed value of the property and the amount of taxes due and amount paid. These are public records.
Who pays property tax on a rental home?
Property taxes are the responsibility of the owner. Unless there is a clause in the lease saying otherwise, the renter/leasor is not obligated to pay them. The government will place a lien on the property.
Do you pay sales tax on labor in Massachusetts?
The Massachusetts sales tax is 5 percent of the sales price or rental charge of tangible personal property or certain telecommunications services sold or rented in the Commonwealth. (For a detailed definition of "sales price," please see M.G.L. Chapter.64H, Section 1). The sales tax generally is paid to the vendor as an addition to the purchase price. The buyer pays the sales tax to the vendor at the time of purchase; the vendor then remits the tax to the Commonwealth. Hence, the tax is on personal property and rental charges only, not labor. However if labor is a component part of making the personal property, it is then part of the sales price.
Who pays the property tax if the property is used as commercial?
The state pays the property tax.
If the property in the irrevocable trust is sold who pays the federal and state income tax?
The trustee or the administrator of the trust or the beneficiaries would be responsible for paying the taxes that may be due when the property is sold.
Do you have to pay the car tax if you sold your car?
Buyer pays tax.
Who pay tax on income property?
The owner of the property pays the tax on the income generated by the property. This is known as the "fruit of the tree doctrine."
If property is being sold for back taxes in a couple days and someone else finds out goes to courthouse pays all the back taxes due on the property because owners did not want the property. who owns?
Typically, if the back taxes are paid by anyone before the tax sale, ownership of the property does not change. If there was a written agreement between the owners and the person who paid the taxes that stated that the owners agreed to deed the property to the tax-payer after the tax-payer paid the taxes, then the agreement could be enforced as a legally binding contract and the owners could be forced to deed the property to the tax-payer. However, the owners remain the owners until they deed the property to someone else or until the property is sold at a tax sale or other type of foreclosure.
What are the average property taxes in San Joaquin county California?
The property tax is determined by the value of the land and house so it can vary. Another factor is when the house and land was bought or sold. The date can determine the property tax. In the 1970's a tax plan was put into place that determine what a homeowner pays.
Is there a tax on the ownership of land or buildings?
In most areas there is at least one and, legally it isn't on the ownership exactly, but a tax the property itself pays...it is due from the property not the owner...but the owner pays it to keep the property from being taken because it owes taxes.
When you place your home in an irrevocable trust who pays the property tax?
The Trust does and it becomes a deduction on the Trust's tax return.
John pays 650 in property tax What is the assessed value of his property if property taxes are 1.2 percent of assessed value?
650
Who pays for property tax?
Usually the owner of the property is the one that pays the property taxes on the owners property. Some time the mortgage company will pay them from a escrow account but the money that is in the escrow account comes from the property owners monthly payments.
Who pays taxes on a condo in Staten Island ny?
Usually an owner pays property taxes on real estate property s/he owns. Depending on the tax, there may be another answer.
Why are gifts of property not income to the person receiving the gift?
Because the person paying it pays the gift tax.
