Yes this could be very possible depending on the amount of the gain that you had on the sale of your primary residence. And if you have a 1099 in your hand it would be a good idea to report the transaction on your 1040 federal income tax return for the year of the sale.
They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
Property taxes
Yes, you qualify for the widow exemption on your taxes.
Property Taxes are taxes paid on property owned. In the state of Oregon Property taxes pay for schools and many other public services. The tax is based on an apraised value of the property. Oregon has a high property tax rate but are still one of the few states without a sales tax.
yes
If you had the home as your primary residence within the past 2 years, you will not have the pay the taxes. This is as long as you did not gain more than $250,000 from the sale.Ê
Property tax and Hotel Occupancy tax
yes....
The primary source of income for local governments are real estate taxes. Some cities also impose their own wage taxes and sales taxes ( such as New York City and Yonkers).
Yes, it could be worthwhile (assuming the home is your primary residence) you can qualify for a "homestead exemption" allowable by state law. This will reduce your property taxes considerably. In addition, Florida is one of few states which protects your primary residence from being seized in bankruptcy proceedings. In the event that you must declare bankruptcy Florida law prevents your home from being seized as an asset, thus putting you in danger of losing it.
Paying property taxes on a home in a district does not automatically qualify you for residency. Residency requirements typically involve factors such as the amount of time spent living in a location and intentions to make it a permanent residence. Property ownership is just one component of establishing residency.