Your tax liability for the unit that you own depends on the locale. You can review tax liability issues with the county assessor, the city assessor and any state entities that tax real estate.
You may also be responsible for taxes that are paid by the association through your assessments. These might include taxes on utility and other services billed to the association.
Specifically, your board of directors or property manager can answer this question for you with more precision.
Yes.Your county or provincial property tax assessor can tell you how much tax you owe.
Yes.Like on any home, you will pay a property tax. You can discover the amount by inquiring of your county or provincial property tax assessor where the condominium is situated.
tax liability
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
Yes. You can quitclaim your interest in the condo to your son and he would become the sole owner. Especially if the equity is over @ $13,000...get some tax advice on gifts to children and the effect on eventual estate tax. It may be better to do it in steps over a few years ro not incur tax.
You can estimate your Tax Liability online on Virginia.gov. Tax Liability online helps you to determine your estimated tax liability and how many payments you should make.
is income tax estimated liability
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tax liability
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
Property taxes are generally the responsibility of the owner. They are paid for by the owner from the rent he or she receives. If the business owns a property and rents it to others, they must pay tax, but if the business rents the property, they do not.
Usually an owner pays property taxes on real estate property s/he owns. Depending on the tax, there may be another answer.