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You can have a taxable gain on the sale of personal property however you obtain the property. Individuals do no have to pay estate taxes, the estate of a deceased person would have to pay any inheritance taxes due before property was dispersed to the heirs. As to the sale of property by someone who inherited property, you would owe taxes on any gain on have from the sale of such property. You basis (value) of the property is the fair market value of such property on the date of death of the previous owner. This is called a stepped up basis and a benefit of inherited property.
What else can I help you with?
How do you find personal property tax bills in Clarence Center New York?
To find personal property tax bills in Clarence Center, New York, you can visit the official website of the Town of Clarence or the Erie County Department of Real Property Tax Services. These sites typically provide access to tax information, property assessments, and payment options. Additionally, you can contact the local tax assessor’s office directly for specific inquiries or assistance in locating your tax bill. Remember to have your property details handy for more efficient assistance.
You just inherited money from a relative who died in New York you live in Rhode Island which has an inheritance tax transfer tax Are you responsible for the RI tax?
First, Rhode Island doesn't have an inheritance tax, it has an estate tax - there is a difference but unless you are going to be handling interstate estate matters, don't worry about it. Regardless of whether Rhode Island has inheritance tax or an estate tax, if the deceased was a New York resident and the property was in New York, only the New York taxes would be levied. New York would collect the taxes from the estate, however, if the executor somehow paid you and didn't pay the New York taxes then New York could collect the taxes, penalties and interest from you. Tax attorney/CPA
What is NYNYCRS tax?
NYNYCRS tax refers to the New York City Real Property Transfer Tax, a tax imposed on the transfer of real estate property within New York City. It applies to both residential and commercial properties and is calculated based on the sale price of the property. The tax rate varies depending on the property's value and whether the buyer is an individual or a corporation. Additionally, the NYC Department of Finance administers this tax, collecting it at the time of the property transfer.
Do you pay sales tax when buying property in New York?
In New York, sales tax does not apply to the purchase of real property. However, buyers may be responsible for paying a transfer tax when the property is transferred, which is based on the sale price. Additionally, local jurisdictions may impose their own taxes or fees. It's important to consult with a real estate professional or attorney for specifics related to any transaction.
Do I pay sales tax to a subcontractor for labor in New York?
In New York, sales tax generally does not apply to labor charges for services, including those provided by subcontractors. However, if the subcontractor is providing tangible personal property along with their labor, the total charge may be subject to sales tax. It's important to verify the specific nature of the services and materials involved, as this can affect tax obligations. Always consult with a tax professional for the most accurate guidance based on your situation.
What has the author George A Slater written?
George A. Slater has written: 'Reforms in the New York law of property' -- subject(s): Inheritance and succession, Personal property, Real property
If your spouse inherits money during your marriage in New York state and he files for divorce are you entitled to any of the inherited money?
Wisconsin is a community property state. That means whatever individual property you bring to the marriage, or acquire by an individual gift or inheritance, remains your individual property.
Do New York State residents have to pay New York State capital gains tax on sale of an out of state property inherited 30 years ago?
Yes. Federal tax is due on the gain also.
Is it legal in the state of New York to be charged a fee to collect your personal belongings from a repossessed vehicle you don't plan to get back?
Yes. It is your personal property. It is taking up space on the property of the repossession agency. They may charge you for using that space.
Can a lien be placed on a house to allow personal property to be recovered from the residence in New York?
The usual method for recovering property left in a residence that the present tenant or landlord refuses to release is through small claims court. The owner of the personal property must file a claim in court and win a judgment. The court would issue an order for the recovery of the property or money damages, not a lien. In most cases in is illegal for someone to hold personal property unless the holder has a court order allowing the action or a judgment for debt owed.
What cities have the property brothers worked in?
The Property Brothers show has been filmed in Toronto, Austin, Vancouver, Atlanta, New York, and Nashville. The "Property Brothers at Home on the Ranch" special was filmed in Calgary, Canada, and the renovation of their personal home was filmed in Las Vegas, Nevada (USA).
What does New York sell?
everything
Who sell New York?
the indians
Is New York marital property state?
No
Where can I find a complete commercial property listing for the new york area online?
Commercial property listing for the new york area can be found at www.ProspectNow.com
What does Christie's sell in New York?
Art
What do Tiffany Stores offer customers?
Tiffany Stores sell jewellery, sterling silver, fragrances, and personal accessories to customers. Tiffany & Co. is a multinational jewellery store, with headquarters in New York City.
