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Who is the individual responsible for determining the value or property for tax purposes?
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∙ 11y ago
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Wiki User
∙ 11y ago
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What type of property is not classified for accounting purposes?
For the Army, real property is not classified for accounting purposes. All Army property, except real property, is classified as expendable, nonexpendable, or durable
A person who assigns value to property for tax purposes?
tax assessor
Is a sole proprietoship separate legal entity for tax purposes?
A sole proprietorship is not a separate legal entity for tax purposes. An individual who operates a sole proprietorship claims all his revenues and expenses on a schedule C on his personal tax return.
Advantages and disadvantages the retail inventory method?
It is cost effective and simple for companies to implement since it reduces the number of physical inventory counts. It is also accepted as a method of determining cost of goods sold for income tax purposes by the IRS.
Do you have to pay taxes on money inherited from parents estate?
Inheritance is not taxed for income tax purposes. However, if you acquire property through inheritance like a house or stock, and sell it later, you may have an income tax situation. There is a tax called estate tax, which must be filed and paid by the parents estate. This would depend on the entire value of the parents estate to determine if an estate tax return is necessary.
What is a county assessor?
A county assessor is responsible for tracking property ownership and the location of land partials. They also handle determination of property values for taxation purposes.
What type of property is not classified for accounting purposes?
For the Army, real property is not classified for accounting purposes. All Army property, except real property, is classified as expendable, nonexpendable, or durable
What is a real estate appraiser?
Real estate appraisal is the process of establishing a fair market value for real property. A real estate appraiser is a professional whose job it is to give an Opinion of Value of real property. An appraiser can appraise property for mortgage purposes, insurance purposes, tax purposes, for setting a price for a seller or for determining the value of an estate. An appraiser examines the property, takes pictures, notes any improvements or upgrades, damages or problems, studies the area, determines a rating for the general condition, uses the MLS and other databases to see what other similar homes have sold for recently, and then gives his opinion of the market value of the property.
Value property from income basis?
Your basis is the amount of your investment in property for tax purposes.
Example of investment?
Any residential property acquired for the purposes of making a profit, not for the purposes of residence/living in such as a dwelling.
How is a game's console used by an Individual?
An individual uses a games console for entertainment purposes (to play on)
Personal property such as furniture or appliances are called?
These objects are considered personal property and are usually called personal property, especially for insurance purposes.
You lived in the property for seven years and been your mothers caregiver for three years. The property was gifted to you and your mother has to go into full time care. Will the property be affected?
If the property has already been gifted to you, it has been conveyed into your name The status of your mother is irrelevant for the purposes of determining ownership of the property. You should consult with an attorney who specializes in elder law. The look-back period for property transfers by elders who then receive medical assistance is five years in the US. That means the state can place a lien in the property for up to five years after the transfer has been recorded in the land records.
For medicaid purposes can a life estate property be transferred to another property without having to start all over?
No.
A person who assigns value to property for tax purposes?
tax assessor
Is husband financially responsible for car registered owned and insured by wife?
If you reside in a community property state both parties are responsible for such matters until the court rules otherwise. If you do not reside in a CP state the person to whom the vehicle is registered to is considered for all intents and purposes to be the owner. The deciding factor of who is responsible for the debt if any on the vehicle is determined by the loan agreement.
Who is responsible for a ticket for expired registration if you are driving an employers vehicle?
The employer would be responsible especially if you were driving for work purposes.
