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Do you have to pay any additional taxes at the end of the year if a sold a home?
Wiki User
∙ 14y ago
Yes this is possible.
Go to the IRS gov web site and use the search box for SALE OF HOME
Or you can click on the below related link.
Wiki User
∙ 14y ago
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Can you file your home insurance on taxes this year?
No
When do you pay capital gain tax on house you sold?
In Canada you pay the capital gains only on investment properties that are sold and it's paid with your income taxes (so you may have a income tax balance due when you file your taxes, for the year the property was sold).
Can you still REPAY MY PROPERTY TAXES EVEN IF IT HAS BEEN SOLD AT TAX SALE?
Check to see what the period of redemption is in your state. You may have a year to redeem the property by paying the taxes and associated costs and interest.
Who pays property taxes when buying a home?
Typically the seller will, however in real estate anything is negotiable. The real estate broker or other person responsible for the closing estimates the annual real estate taxes for the subject property being sold. The seller is responsible for the real estate taxes from January 1 through the day before closing. The buyer is responsible for real estate taxes as of the day of closing through the end of the year. Real estate taxes are generally estimated and prorated on a calendar year basis. At closing both the buyer and the seller receive a copy of the settlement sheet that, among other things, shows debts and credits for real estate taxes. If, at the end of the tax year, the estimated taxes were substantially inaccurate, the party that underpaid for their portion of the prorated year can be asked to contribute to the party that overpaid.
When a home is foreclosed and the mortgage has been sold by the bank who is responsible for the property tax?
The answer will vary according to the tax laws of each state within the United States. In most state, however, the legal responsibility for real estate taxes is with the owner of the property on tax day. Responsibility can be contractually assigned to other parties, typically when a property is sold, but through foreclosure proceedings as well.For example, if tax day for your state is January 1, 2010, whoever was the owner on that day would be legally responsible for the real estate taxes for the entire tax year (the tax year can be a calendar year or fiscal year). If the property was sold or involved in foreclosure proceedings after January 1, 2010, the responsibility for real estate taxes can be contractually assigned to the new owner as a result of the foreclosure, but the contract may specific a date that places partial responsibility on the former owner.The taxing authority in your community should be contacted with specific questions.
Can you file your home insurance on taxes this year?
No
Can additional federal taxes paid in 2007 for tax year 2006 modify your state taxes for 2007 taxes?
No. While State taxes are a deduction to Federal income and hence may change your tax due to the Feds, your Federal tax does not effect your State taxes in any year.
Do you pay taxes on a home every year?
Unfortunately, yes.
Home day care not filing taxes?
All home daycare providers must file taxes each year. If they do not, they are breaking the law.
When do you pay capital gain tax on house you sold?
In Canada you pay the capital gains only on investment properties that are sold and it's paid with your income taxes (so you may have a income tax balance due when you file your taxes, for the year the property was sold).
How much do i make in a year after taxes?
i will make 30,000 a year at a new job in texas..how much do I bring home a month after taxes and social security
How much will you take home making 41000 a year after taxes?
33000
What is the last deadline for paying taxes from 2010?
The last deadline to pay your taxes is April 18th of this year. Please view the following to obtain additional information: www.efile.com/tax-day-deadlines/.
You purchased land 20 years ago for 20000 and this year sold it for 17000 so do you have to pay taxes on the 17000 this year?
No. This should be treated as a capital gain/loss. If you bought the land for $20,000 and sold it for $17,000 you do not have any income or a gain. On the contrary, you have a $3,000 capital loss which can be used to offset some of your income and decrease your taxes.
Can you still REPAY MY PROPERTY TAXES EVEN IF IT HAS BEEN SOLD AT TAX SALE?
Check to see what the period of redemption is in your state. You may have a year to redeem the property by paying the taxes and associated costs and interest.
What is the teachers salary per year?
teachers make 51,000 dollars a year, but when taxes are taken off they take home 32,000
How many red pandas have died since last year?
There are an estimated 10,000 pandas that are killed each year. There are at least an additional 50 red pandas sold every year.
