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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.
What else can I help you with?
Do you have a tax liability if your mother gives you her condo?
Yes.Your county or provincial property tax assessor can tell you how much tax you owe.
Do you have a tax liability if given a condo?
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.
What is Zero Tax Liability?
tax liability
How is deferred tax liability different from current 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.
Can you give the equity in a condo you own with your son to your son?
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.
Where can someone estimate their Tax Liability online?
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 an estimated liability?
is income tax estimated liability
What is an antonym for imposition?
problem, drain, encumbrance, affliction, liability, weight, worry, tax, inconvenience, millstone, responsibility, duty, onus, obligation
What is zero tax?
tax liability
Why tax is 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.
Which reduces your tax liability more, a deduction or a credit?
A tax credit reduces your tax liability more than a deduction.
Is deffered tax liability your current liability?
yes
